On Shark Tank last evening, there was a woman peddling premium hiking socks for $24 a pair. I cannot wrap my mind around such extravagance. My modus operandi for socks is to buy in bulk at Costco (brand doesn’t matter). They get thrown away when holes inevitably develops. For a heavy wear item such as socks, I don’t see the utility of spending heavily. This isn’t a winter jacket that will last a lifetime kind of thing.
I’m sure premium wool socks feel fantastic. But who can afford them but millionaires or sock enthusiasts. It’s a luxury item for sure, not a must-have. At least with an expensive mattress one can make the argument the improvement on sleep is worth the money.
Maybe I’m just being a miserable miser. Half the stuff I see on Shark Tank, I can’t believe there are actually people who would spend money on them. In the same episode from yesterday, another entrepreneur was selling a metal trunk for people to store their keepsakes - for hundreds of dollars. A Sterilite plastic container from Target for magnitudes less money would have sufficed the same. I wonder: are we in so much consumer debt because of such frivolity?
Then again, the American economy would grind to a halt if a majority of the populace spend only on what’s truly necessary. DoorDash would not be worth billions because people understand it’s stupid to overpay menu prices plus fees and tip to have someone chauffeur a burrito to your home.
But please, by all means, spend. Debt spending is singlehandedly sustaining the r/churning subreddit. There aren’t thousands of dollars in bonus travel points to earn if on the slip side there aren’t customers to siphon heavy interest payments from. Those of us on the positive side are directly adjacent to the exploitation of people in severe credit card debt. That is, if your level of empathy causes you to regard credit card companies as exploiters.
Still working.