This blog is about concepts in money. I want to show you something that’s fun. Hopefully, you’ll get a chuckle out of it, but it’s how most of us actually learn about money.
(See video for example.) The gentleman in the elevator now is a candid star. These folks who are entering, the man with the white shirt, the lady with the trench coat, and one other member of our staff will face the rear of the elevator. You’ll see how this man in a trench coat tries to maintain his individuality little by little. He looks at his watch, but he’s really making an excuse for turning just a little bit more toward the wall.
Now we’ll try it once again, here’s the candid subject. Here comes the candid staff. This man has apparently been in groups before.
Here’s a fella with his hat on, in the elevator. First he makes a full turn to the rear and Charlie closes the door. A moment later, we’ll open the door, and everybody’s changed positions.
Now we’ll see if we can use group pressure for some good. In a moment, on Charlie’s signal, everybody turns forward. Notice they take off their hats. Do you think we can reverse the procedure? Watch. (End of video example.)
Well, you get the idea. Unfortunately, this is called social conformity. It’s a social experiment by Candid Camera. There are lots of them out there but I love this one because it’s so humorous, but so blatantly in your face. We learn by watching other people. You look around and you start to ask questions based on who you’re hanging with and what you’re seeing.
You get a lot of your information about money from your parents who gave you less than half the truth. They didn’t tell you everything that was going on behind the scenes. They didn’t tell you the struggles, the strifes or the successes they were having. The more we travel, we find out the older the generation is, the less their parents talk to them about money at all. They might have seen the devastation or the luxuries given by it. But they never understood how it arrived or what problems it caused. You’re finding out from your peers, your family, and your co-workers around you. You look to society and the media to figure out how money works.
You’re also getting information that’s being fed to you to take control of how you handle your money. For example, Christina, we’d love to have you investing for your future, here are three options. You can have an IRA, a 401K or a Roth. Pick one. But they didn’t tell you that there might be more, and some of them can benefit you more than them.