Do You Know What Wealth Extraction Is And How To Spot It?

Our lives are flooded with ads and other marketing to get us to buy something. We try to shut them out, but inevitably certain things sneak past our blinders and into our minds. Even the things we have thought are the strangest soon begin to seem like something you might want. It is still a worthless product, but your mindset has changed after being bombarded over and over with the ads. These products and some many others like them are considered “wealth extraction.” These products will likely never be of continual use to you, and will eventually be thrown away.

Knowing What To Look For

I have talked to countless people about the things they have bought over the years. Some of the things I have heard are rather shocking. However, they always hold true to the idea of wealth extraction. From metal bracelets which are engineered to help you lose weight to using lasers to stimulate hair growth; the options are endless. The best way to look at these products are, if they look too good to be true, they probably are. The other aspect to many if not all of these products is the price. If you have to make 4-5 easy payments of $XX.99, its likely not worth it.

Falling Victim To Their Tempting Allure

Yes, even though you know exactly what to look, we ALL end up falling victim to these things. I mean come on, the knives were made of metal the astronauts used, so they had to be worth it! Even when you cannot resist the temptation and buy something from the ads, do not lose hope. You are just like the rest of us. However, try to recognize early that you have made the mistake and return the item without even using it if possible. Unfortunately, it has been my experience that companies do not have the best customer service when it comes to cheaper items sold on TV or through ads. Thus, in many cases you will be out the money you spent.

Overcoming The Urges

One you know what to look for and experience the feeling of falling prey to their allure, you will have a better understanding on how to fight back. The best defense I have found though is labeling things. Yes, we are taught not to put a label on people. However, putting them on things is a different story. Labeling something in our minds categorizes it with a connotation of either positive or negative. When I list something as wealth extraction in my mind, I associate it with a bad thing that is going to waste my money. Thus, when I see something in the future that remotely peaks my interest, yet I know is worthless, I refer to it as wealth extraction. This makes it easier to say no, and also tends to alleviate the desire for an item when it is reintroduced into my life through an ad.

Ultimately, you need to learn to understand what your triggers are. If you are more inclined to see things on TV shopping networks, then try to avoid them. If it is infomercials, then do sit there through it! Change the channel or shut it off. Know yourself, and know how to say no!