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Social media can affect your credit card balance

Published

5 years ago

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Q:

My wife and I moved into our new place a year ago and ever since then, we spend nearly every weekend buying something for the house. At first it made sense to buy new furniture and give some of the bedrooms a fresh coat of paint. But now it seems like she spends all week looking at home decorating sites, watching home reno shows, noticing what our friends have, and checking out Pinterest, to come up with ideas for what we need to do next. And her tastes have gotten more expensive, which is starting to worry me. I already know that this weekend I’ll be shopping for new bathroom faucets with her. Nothing in our house is more than about 18 months old. We’re both proud of the work we’ve put into it, but how can I convince her to be happy with what we have? ~Neil


A:

Owning a home and spending time and money making it look the way we want is an investment many of us enjoy making. For some, however, the lure of something newer, nicer or better is irresistible. The rise of social media has brought this allure to dizzying new heights, even influencing us to buy and spend more than we can reasonably afford.

Whether we like it or not, what we see on social media has a significant impact on the way we live our lives – what we buy, how much we spend, where we go on vacation, who we spend time with, our recreation and entertainment, activities for the kids, how we react to current events — all of it. Seeing our friends’ highlights reels on Instagram makes us wonder if what we have and do is good enough; is our life ’Gram-worthy?


How We Use Social Media Can Contribute to Our Debt

We are our own worst critic, and when continually comparing ourselves to others it can be easy to feel dissatisfied with what we have, or that we don’t measure up. This is obviously an uncomfortable feeling and one that we want to remedy, which is where the difficulties begin, especially if we have access to credit.

Social media stirs up negative emotions

On the whole, social media doesn’t make us feel better about ourselves, which affects our spending choices. It gives us an unrealistic glimpse into the lives of influencers and celebrities, and lifestyles we just can’t compete with. Friends share the best parts of their lives which, when all strung together in our feeds, creates a fictional narrative we all too eagerly consume. We chase “likes” and upvotes and collect friends and followers as if they are points we need to score. However, we always fall short because there is always something or someone better than us.

Pursuing the life we think we need to live can lead to depression, anxiety and feelings of loneliness, discontent and even isolation. To alleviate the negative feelings, we may end up spending beyond our means, chasing an idealized life we have no hope of attaining or affording.


How to Reduce Financial Stress and Cope Better

Social channels make impulsive buying convenient

Making it easy and convenient to shop is another way social media contributes to our use of credit cards. Baked right into each social channel is the newest kind of targeted marketing consumers are being subjected to. It is advertising, often in the form of promoted posts, that looks like a friend’s post and it makes shopping with one or two clicks easier than ever.

As social media companies, and even Amazon and the loyalty cards you have saved through apps on your phone, collect unprecedented amounts of demographic information about you and your habits, the data allows them to target the ads even more specifically. Then to top it off, you no longer need to go home and think about what you want to buy, do your research online and go back to buy it if you still want it. Most of us have our most powerful computer always close at hand. Our smartphone is all we need and our fingers instantly do the shopping for us no matter where we are.


Tips to Curb Impulsive Spending

Keeping up with all the Joneses everywhere

When we see what others are buying, this subtly motivates us to do the same. What our friends or neighbours share about their purchases promotes a tendency within us to compare ourselves to them, and the thoughts that we should do the same — to fit in, to keep up or to get ahead — aren’t far behind. It can be hard to be happy for a friend’s new car, enjoy a colleague’s exotic honeymoon pictures, or appreciate a sibling’s purchases without a twinge of jealousy. And in the heat of the moment, we don’t always remember that just because someone shares what they bought or did and what works for them, that doesn’t mean we need to buy it right now, or ever. It may not be right for us — and that’s just fine.

There was a time when keeping up with the Joneses was cheaper and almost affordable. That changed with the proliferation of social sharing. Now it’s not just the Joneses in our neighbourhood we want to keep up with, it’s all of the Joneses in every neighbourhood anywhere. Stopping ourselves from becoming overly envious and going on a spending spree takes a lot of self-control; some days we’re up to the challenge, and other days, that’s when we may resort to retail therapy at the expense of our long-term well-being.


The Best Budgeting Tips to Pay Debt Off Quickly

Friending to spending, each platform’s influence on your wallet is different

How you use different social media platforms affects your spending, but not only in the ways you may expect. It boils down to how they make you feel, because feeling terrific means spending to keep that feeling, and feeling down means spending to shake that feeling.

If you use Twitter or Reddit to catch up on current events or newsworthy items, you may be neither overly happy nor overly down. Using Facebook to chat with friends or to reach out to a company for customer service, or Instagram to see what others are up to, can make you feel pretty good about yourself which, in turn, can spur spending. The underlying mindset with Pinterest is feeling positive, even planning more projects than you can reasonably take on, and the reality is that gathering supplies is motivation to spend.

Think about your go-to platforms for information, connection and shopping to determine how they make you feel and influence your spending; your credit card balance depends on it.

What can you do to fend off the influences of social media on your spending?

If you’re worried about how much social media is causing you to spend, you might be tempted to give it up. However, giving up social media is pretty drastic and can cause you to miss out on the good parts too. Rather than give it up entirely, start by evaluating your habits — kind of like

tracking your spending

, track your social media use to identify your habits.

At the same time, take a look at your budget and goals. Determine if, with your current spending habits, debts, obligations and savings, you are on track to meet your goals. If you’re not, set some concrete goals so that you know what to do with your money when temptation strikes, and work towards creating a realistic budget.


Common Financial Goals and How to Make Them SMART

Remove all credit card and bank account information from PayPal, Amazon and all other websites, apps, merchants and platforms so that you can’t use one-click ordering. Make it as cumbersome as possible for yourself to buy online to reduce how often you do it.

Unsubscribe from email marketing campaigns that you really don’t want to see and filter the few subscriptions for your favourite stores into a separate folder. Only look at the emails when you’re shopping for something you need.

You may want to aim to decrease how much time you spend on social media, or on certain platforms. Rather than peeking at your feed for a few minutes as often as you can, plan 15-minute blocks a few times a day into your schedule for social media. Unfollow anyone who isn’t in line with your goals or who isn’t enriching your life in any way. Log out of accounts on your phone if you have to, logging in only during set times. Focus on living in the moment and appreciating real life as it happens.


4 Money Management Tips We Can Learn from Social Media Trends

The bottom line on how social media influences our spending

It’s easy to blame social media for our spending habits or credit card balance. However, making purchases because we want to keep up, show off or get ahead has been around much longer than the first social accounts we could open. There are many ways social media can enrich our lives. It helps us keep in touch with friends, see photos of family abroad, educate ourselves, build communities around specific interests, disseminate vital information and even provide entertainment. But as Dave Ramsey once said, “We buy things we don’t need with money we don’t have to impress people we don’t like.”

Social media has its place, and it is up to us to keep it in a place that works for us.

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Sutherland House Experts Book Publishing Launches To Empower Quiet Experts

Published

4 weeks ago

 on

September 19, 2024

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Sutherland House Experts is Empowering Quiet Experts through
Compelling Nonfiction in a Changing Ideas Landscape
TORONTO, ON — Almost one year after its launch, Sutherland House Experts is reshaping the publishing industry with its innovative co-publishing model for “quiet experts.” This approach, where expert authors share both costs and profits with the publisher, is bridging the gap between expertise and public discourse. Helping to drive this transformation is Neil Seeman, a renowned author, educator, and entrepreneur.

“The book publishing world is evolving rapidly,” publisher Neil Seeman explains. “There’s a growing hunger for expert voices in public dialogue, but traditional channels often fall short. Sutherland House Experts provides a platform for ‘quiet experts’ to share their knowledge with the broader book-reading audience.”

The company’s roster boasts respected thought leaders whose books are already gaining major traction:

• V. Kumar Murty, a world-renowned mathematician, and past Fields Institute director, just published “The Science of Human Possibilities” under the new press. The book has been declared a 2024 “must-read” by The Next Big Ideas Club and is receiving widespread media attention across North America.

• Eldon Sprickerhoff, co-founder of cybersecurity firm eSentire, is seeing strong pre-orders for his upcoming book, “Committed: Startup Survival Tips and Uncommon Sense for First-Time Tech Founders.”

• Dr. Tony Sanfilippo, a respected cardiologist and professor of medicine at Queen’s University, is generating significant media interest with his forthcoming book, “The Doctors We Need: Imagining a New Path for Physician Recruitment, Training, and Support.”

Seeman, whose recent and acclaimed book, “Accelerated Minds,” explores the entrepreneurial mindset, brings a unique perspective to publishing. His experience as a Senior Fellow at the University of Toronto’s Institute of Health Policy, Management and Evaluation, and academic affiliations with The Fields Institute and Massey College, give him deep insight into the challenges faced by people he calls “quiet experts.”

“Our goal is to empower quiet, expert authors to become entrepreneurs of actionable ideas the world needs to hear,” Seeman states. “We are blending scholarly insight with market savvy to create accessible, impactful narratives for a global readership. Quiet experts are people with decades of experience in one or more fields who seek to translate their insights into compelling non-fiction for the world,” says Seeman.

This fall, Seeman is taking his insights to the classroom. He will teach the new course, “The Writer as Entrepreneur,” at the University of Toronto, offering aspiring authors practical tools to navigate the evolving book publishing landscape. To enroll in this new weekly night course starting Tuesday, October 1st, visit:
https://learn.utoronto.ca/programs-courses/courses/4121-writer-entrepreneur

“The entrepreneurial ideas industry is changing rapidly,” Seeman notes. “Authors need new skills to thrive in this dynamic environment. My course and our publishing model provide those tools.”

About Neil Seeman:
Neil Seeman is co-founder and publisher of Sutherland House Experts, an author, educator, entrepreneur, and mental health advocate. He holds appointments at the University of Toronto, The Fields Institute, and Massey College. His work spans entrepreneurship, public health, and innovative publishing models.

Follow Neil Seeman:
https://www.neilseeman.com/
https://www.linkedin.com/in/seeman/

Follow Sutherland House Experts:
https://sutherlandhouseexperts.com/
https://www.instagram.com/sutherlandhouseexperts/

Media Inquiries:
Sasha Stoltz | Sasha@sashastoltzpublicity.com | 416.579.4804
https://www.sashastoltzpublicity.com
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What to stream this weekend: ‘Civil War,’ Snow Patrol, ‘How to Die Alone,’ ‘Tulsa King’ and ‘Uglies’

Published

1 month ago

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September 13, 2024

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Hallmark launching a streaming service with two new original series, and Bill Skarsgård out for revenge in “Boy Kills World” are some of the new television, films, music and games headed to a device near you.

Also among the streaming offerings worth your time as selected by The Associated Press’ entertainment journalists: Alex Garland’s “Civil War” starring Kirsten Dunst, Natasha Rothwell’s heartfelt comedy for Hulu called “How to Die Alone” and Sylvester Stallone’s second season of “Tulsa King” debuts.

NEW MOVIES TO STREAM SEPT. 9-15

— Alex Garland’s “Civil War” is finally making its debut on MAX on Friday. The film stars Kirsten Dunst as a veteran photojournalist covering a violent war that’s divided America; She reluctantly allows an aspiring photographer, played by Cailee Spaeny, to tag along as she, an editor (Stephen McKinley Henderson) and a reporter (Wagner Moura) make the dangerous journey to Washington, D.C., to interview the president (Nick Offerman), a blustery, rising despot who has given himself a third term, taken to attacking his citizens and shut himself off from the press. In my review, I called it a bellowing and haunting experience; Smart and thought-provoking with great performances. It’s well worth a watch.

— Joey King stars in Netflix’s adaptation of Scott Westerfeld’s “Uglies,” about a future society in which everyone is required to have beautifying cosmetic surgery at age 16. Streaming on Friday, McG directed the film, in which King’s character inadvertently finds herself in the midst of an uprising against the status quo. “Outer Banks” star Chase Stokes plays King’s best friend.

— Bill Skarsgård is out for revenge against the woman (Famke Janssen) who killed his family in “Boy Kills World,” coming to Hulu on Friday. Moritz Mohr directed the ultra-violent film, of which Variety critic Owen Gleiberman wrote: “It’s a depraved vision, yet I got caught up in its kick-ass revenge-horror pizzazz, its disreputable commitment to what it was doing.”

— AP Film Writer Lindsey Bahr

NEW MUSIC TO STREAM SEPT. 9-15

— The year was 2006. Snow Patrol, the Northern Irish-Scottish alternative rock band, released an album, “Eyes Open,” producing the biggest hit of their career: “Chasing Cars.” A lot has happened in the time since — three, soon to be four quality full-length albums, to be exact. On Friday, the band will release “The Forest Is the Path,” their first new album in seven years. Anthemic pop-rock is the name of the game across songs of love and loss, like “All,”“The Beginning” and “This Is the Sound Of Your Voice.”

— For fans of raucous guitar music, Jordan Peele’s 2022 sci-fi thriller, “NOPE,” provided a surprising, if tiny, thrill. One of the leads, Emerald “Em” Haywood portrayed by Keke Palmer, rocks a Jesus Lizard shirt. (Also featured through the film: Rage Against the Machine, Wipers, Mr Bungle, Butthole Surfers and Earth band shirts.) The Austin noise rock band are a less than obvious pick, having been signed to the legendary Touch and Go Records and having stopped releasing new albums in 1998. That changes on Friday the 13th, when “Rack” arrives. And for those curious: The Jesus Lizard’s intensity never went away.

— AP Music Writer Maria Sherman

NEW SHOWS TO STREAM SEPT. 9-15

— Hallmark launched a streaming service called Hallmark+ on Tuesday with two new original series, the scripted drama “The Chicken Sisters” and unscripted series “Celebrations with Lacey Chabert.” If you’re a Hallmark holiday movies fan, you know Chabert. She’s starred in more than 30 of their films and many are holiday themed. Off camera, Chabert has a passion for throwing parties and entertaining. In “Celebrations,” deserving people are surprised with a bash in their honor — planned with Chabert’s help. “The Chicken Sisters” stars Schuyler Fisk, Wendie Malick and Lea Thompson in a show about employees at rival chicken restaurants in a small town. The eight-episode series is based on a novel of the same name.

— Natasha Rothwell of “Insecure” and “The White Lotus” fame created and stars in a new heartfelt comedy for Hulu called “How to Die Alone.” She plays Mel, a broke, go-along-to-get-along, single, airport employee who, after a near-death experience, makes the conscious decision to take risks and pursue her dreams. Rothwell has been working on the series for the past eight years and described it to The AP as “the most vulnerable piece of art I’ve ever put into the world.” Like Mel, Rothwell had to learn to bet on herself to make the show she wanted to make. “In the Venn diagram of me and Mel, there’s significant overlap,” said Rothwell. It premieres Friday on Hulu.

— Shailene Woodley, DeWanda Wise and Betty Gilpin star in a new drama for Starz called “Three Women,” about entrepreneur Sloane, homemaker Lina and student Maggie who are each stepping into their power and making life-changing decisions. They’re interviewed by a writer named Gia (Woodley.) The series is based on a 2019 best-selling book of the same name by Lisa Taddeo. “Three Women” premieres Friday on Starz.

— Sylvester Stallone’s second season of “Tulsa King” debuts Sunday on Paramount+. Stallone plays Dwight Manfredi, a mafia boss who was recently released from prison after serving 25 years. He’s sent to Tulsa to set up a new crime syndicate. The series is created by Taylor Sheridan of “Yellowstone” fame.

— Alicia Rancilio

NEW VIDEO GAMES TO PLAY

— One thing about the title of Focus Entertainment’s Warhammer 40,000: Space Marine 2 — you know exactly what you’re in for. You are Demetrian Titus, a genetically enhanced brute sent into battle against the Tyranids, an insectoid species with an insatiable craving for human flesh. You have a rocket-powered suit of armor and an arsenal of ridiculous weapons like the “Chainsword,” the “Thunderhammer” and the “Melta Rifle,” so what could go wrong? Besides the squishy single-player mode, there are cooperative missions and six-vs.-six free-for-alls. You can suit up now on PlayStation 5, Xbox X/S or PC.

— Likewise, Wild Bastards isn’t exactly the kind of title that’s going to attract fans of, say, Animal Crossing. It’s another sci-fi shooter, but the protagonists are a gang of 13 varmints — aliens and androids included — who are on the run from the law. Each outlaw has a distinctive set of weapons and special powers: Sarge, for example, is a robot with horse genes, while Billy the Squid is … well, you get the idea. Australian studio Blue Manchu developed the 2019 cult hit Void Bastards, and this Wild-West-in-space spinoff has the same snarky humor and vibrant, neon-drenched cartoon look. Saddle up on PlayStation 5, Xbox X/S, Nintendo Switch or PC.

— Lou Kesten

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Trump could cash out his DJT stock within weeks. Here’s what happens if he sells

Published

2 months ago

 on

August 23, 2024

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Former President Donald Trump is on the brink of a significant financial decision that could have far-reaching implications for both his personal wealth and the future of his fledgling social media company, Trump Media & Technology Group (TMTG). As the lockup period on his shares in TMTG, which owns Truth Social, nears its end, Trump could soon be free to sell his substantial stake in the company. However, the potential payday, which makes up a large portion of his net worth, comes with considerable risks for Trump and his supporters.

Trump’s stake in TMTG comprises nearly 59% of the company, amounting to 114,750,000 shares. As of now, this holding is valued at approximately $2.6 billion. These shares are currently under a lockup agreement, a common feature of initial public offerings (IPOs), designed to prevent company insiders from immediately selling their shares and potentially destabilizing the stock. The lockup, which began after TMTG’s merger with a special purpose acquisition company (SPAC), is set to expire on September 25, though it could end earlier if certain conditions are met.

Should Trump decide to sell his shares after the lockup expires, the market could respond in unpredictable ways. The sale of a substantial number of shares by a major stakeholder like Trump could flood the market, potentially driving down the stock price. Daniel Bradley, a finance professor at the University of South Florida, suggests that the market might react negatively to such a large sale, particularly if there aren’t enough buyers to absorb the supply. This could lead to a sharp decline in the stock’s value, impacting both Trump’s personal wealth and the company’s market standing.

Moreover, Trump’s involvement in Truth Social has been a key driver of investor interest. The platform, marketed as a free speech alternative to mainstream social media, has attracted a loyal user base largely due to Trump’s presence. If Trump were to sell his stake, it might signal a lack of confidence in the company, potentially shaking investor confidence and further depressing the stock price.

Trump’s decision is also influenced by his ongoing legal battles, which have already cost him over $100 million in legal fees. Selling his shares could provide a significant financial boost, helping him cover these mounting expenses. However, this move could also have political ramifications, especially as he continues his bid for the Republican nomination in the 2024 presidential race.

Trump Media’s success is closely tied to Trump’s political fortunes. The company’s stock has shown volatility in response to developments in the presidential race, with Trump’s chances of winning having a direct impact on the stock’s value. If Trump sells his stake, it could be interpreted as a lack of confidence in his own political future, potentially undermining both his campaign and the company’s prospects.

Truth Social, the flagship product of TMTG, has faced challenges in generating traffic and advertising revenue, especially compared to established social media giants like X (formerly Twitter) and Facebook. Despite this, the company’s valuation has remained high, fueled by investor speculation on Trump’s political future. If Trump remains in the race and manages to secure the presidency, the value of his shares could increase. Conversely, any missteps on the campaign trail could have the opposite effect, further destabilizing the stock.

As the lockup period comes to an end, Trump faces a critical decision that could shape the future of both his personal finances and Truth Social. Whether he chooses to hold onto his shares or cash out, the outcome will likely have significant consequences for the company, its investors, and Trump’s political aspirations.

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