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Oct 15, 2007 -- Beating brand consciousness can help your wallet

So many of us are overly brand conscious. Clark recently spoke to a group of eighth graders and noticed that some of the kids were wearing brand-name tennis shoes that cost between $115 and $130. He drew mostly blank stares when he asked the kids if they'd rather spend $15 bucks on shoes and have a hundred dollars in their pocket. Sometimes we're so focused on fitting in that we can't see another way. Similarly, a British man named Neil Boorman felt he was suffering from what he called "obsessive branding disorder." He decided to live without brands for a year and vowed to only buy things based on their practicality. He banned himself from all single-brand stores -- such as Niketown, Armani, Gucci and Versace -- and even bought generic foods. The end result was that he felt so much freer in his life.

That may sound weird and hokey, but even personal finance expert Suze Orman talks about the emotional addiction we get to our purchases. Clark often reminds people that branding usually has nothing to do with quality. It's all about imaging. Contrary to popular belief, Clark wears name brand clothes -- they're just from the private labels of the big warehouses clubs (things like Kirkland Signature from Costco, for example). Clark's price point for casual shirts is to not pay more than $9.99. With dress shirts, he won't go over $15. Retailers actually love when you buy generic because they make higher profits on their in-house brands. Try not going into stores if you're looking for other ways to beat brand addiction. Clark once interviewed a couple for a TV story who agreed to only go to the supermarket for perishables once every other week and to only get non-perishable food items every six weeks. They paid off a mountain of debt in a very short time using this method. Different people like to take different approaches. But the central question remains: Do you want to be controlled by the items you buy or are you the boss?

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