Planned vs Impulsive spending and Conspicuous consumption

The video tutorial explores responsible spending, planned spending, and the dangers of impulsive and conspicuous consumption. It emphasizes the importance of budgeting, setting financial goals, and avoiding impulsive purchases driven by emotions and external influences. The tutorial also highlights the impact of conspicuous consumption, where spending is driven by the desire to display wealth or social status. Practical strategies are provided to manage finances responsibly, including maintaining a budget, practicing the 24-hour rule, and prioritizing needs over wants. The session concludes by encouraging viewers to make informed financial choices for a secure future.

What are the essentials for survival that should be prioritized in planned spending?

Explain the concept of impulsive spending and its consequences.

What strategies can be employed to avoid impulsive spending?

Define conspicuous consumption and provide examples.

What are the reasons behind people's tendency to engage in conspicuous consumption?

How can one distinguish between genuine needs and the allure of external validation?

What are the potential consequences of borrowing for conspicuous consumption?