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Save Your Child from Financial Failure
It’s no secret that America’s children are growing up in a society dominated by media and advertising. But do we fully understand the power these messages have over our children, and how drastically it affects their financial future, even the very quality of their lives?
In this post, we’ll consider:
- How Manipulative Advertising Targets Children
- The powerful emotional appeal to BUY has them hooked
- “Immediate gratification” is introduced at a tender age
- Advertisements influence toddlers, then escalate with each target age
And how advertisers contribute to the financial crisis in the US:
- Little to no “Financial Literacy” training is offered to help you combat this effect
- Credit card offers now target students – and they are issued
- So the debt cycle begins in the teens
- A looming financial crisis in America is a top issue nationally
Manipulative Advertising & Your Child
Every day, our children absorb thousands of manipulative advertising and promotional messages. From the very first time they watch television, we unwittingly expose them to highly sophisticated techniques that entice our children to yearn for the products these advertisers offer.
Marketing geniuses aggressively establish their influence in every territory of our children’s lives, infiltrating everything from their classrooms to their sports. Advertisers know that the younger they reach children, the more powerfully they shape their values and influence their buying patterns. We’ve seen cases in which a child’s very self-esteem is so wrapped up in possessing the product of the moment that he is willing to commit a crime, even murder, to have it. So enormously powerful is the influence of marketing and advertisers.
Credit is Now Widely Available to Children
A natural evolution of this frightening trend is, arguably, even more alarming – the wide availability of credit. Consumer lenders widely target our youth as a fresh market. Kids are thrilled to get their credit cards but generally have no clue about the dangers. At a time when our children are ideally ‘starting’ in life, as they graduate from college, they are already saddled with an average of $4100 in consumer credit card debt. Thus begins the “debt cycle” that will likely burden them for the rest of their lives.
Advertisers Contribute Mightily to the Debt Cycle
Advertisers brainwash us to spend every extra dollar on the latest electronic gadget, hottest clothing, trendiest vacation spot, coolest boat, finest jewelry, etc. We are an immediate gratification society. Not only do we desire to make these extravagant, even grandiose, purchases, but the American credit system makes it EASY for us to afford them every month.
What happened to the days of simply paying cash? A short generation ago, if we didn’t have the cash, then we knew we couldn’t afford it. But not so today. Americans have become quite accustomed to abdicating this responsibility by letting creditors decide whether or not we can afford something. We apply for credit everywhere, from the toy store to the furniture store, and all places in between. If the creditor looks at our financial situation and decides that we can swing the monthly payment, then they determine that we can afford it. They grant us credit, thereby allowing us to go even deeper into debt.
The Debt Cycle Continues
Oftentimes, our monthly payments on consumer debts barely cover the monthly interest charges, leaving the vast majority of the principle balance hanging over our heads. If we ring up additional new charges, our debt level deepens even further. And even though we might have good intentions, most of us never quite manage to make additional payments to reduce the principal balance. So we find ourselves loaded to the gills with debt and monthly payments. This is how we unconsciously allow creditors to keep us in the debt cycle.
How many of us are locked into our jobs to earn a significant income that supports our monthly debt payments? In this society, with layoffs so prevalent AND UNPREDICTABLE, we live in fear of losing a job we may hate. We have lost the freedom to choose. This cycle will easily continue for our entire lifetime.
The Debt Cycle is Financial Failure
What will happen to us in our “twilight years”, when we want to retire, but can’t, because we are burdened with debt payments every month? The harsh reality is that we’ll lose the ability to retire. If the American Dream is financial freedom, then the debt cycle is a financial failure.
Save Your Child from Financial Failure
As a parent, one of the most important things you can do for your child is to save him from financial failure. Teach your child to combat the powerful influence of advertisers and avoid the debt cycle.
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For more resources, see the Free Management Library topic: Marketing and Social Media.
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ABOUT Lisa M. Chapman:
Lisa Chapman helps company leaders define, plan, and achieve their goals – both online and offline. After 25+ years as an entrepreneur, she is now a business and marketing consultant, business planning consultant, and social media consultant. Online, she works with clients to establish and enhance their brand, attract their Target Audience, engage them in meaningful social media conversations, and convert them into Buyers. You can reach her via email: Lisa (at) Lisa Chapman (dot) com. Her book, The WebPowered Entrepreneur – A Step-by-Step Guide is available at:
- Amazon.com: http://bit.ly/AmazonTheWebPoweredEntrepreneur
- Barnes & Noble: http://bit.ly/BNTheWebPoweredEntrepreneur
