Keeping up with the Joneses and Everyone Else

I recently read a blog from Dave Ramsey's website. The blog was entitled 6 Stages of Facebook Envy. We have all heard the term "keeping up with the Joneses". We know that many Americans want to have the latest and greatest things. They are willing to go into as much debt as possible in order to get what they want.

I love Dave Ramsey and his wisdom on personal finance. I am currently taking his Financial Peace University course. He is very passionate about getting out of debt and staying out of debt. This American mentality of keeping up with the Joneses does not allow people to get out of debt. However, according to Dave's blog, this mentality has only become worse as a result of social media.





Facebook allows people to post pictures and statuses about everything that is going on in their lives. People can post pictures of their new house or new car and let the whole world see their "success". As a Facebook user, you see that post and you may become envious. You want to have the standard of living that those people have. However, what you probably don't know is they probably accrued a lot of debt in order to get those new things. Nevertheless, you are wanting to keep up with them and have the newest and greatest things. Now people are not just keeping up with the Joneses. They are keeping up with the Joneses and everyone of their Facebook friends. It provides for a society full of envious and covetous people.

Facebook can be used for communication and staying connected with friends. However, this fact of "Facebook Envy" may be stirring our nation in the wrong direction. We have a high national debt now, this envious attitude could cause that debt to increase even more.

Do you think Dave Ramsey has a good point about "Facebook Envy". Do you believe that this social media tool could cause American's to go even further in debt?

Custom Shoes and More!

There is a new technology among us called computer-aided design (CAD.) Right now, CAD is popular right now with engineers and others wanting to make 3D products, however, the future has more in store for all of us.  Eventually CAD will be available for all consumers.  This means that they can create and manufacture goods that they can create online through CAD and in 3D!

The article states, "3D Printing in an industrial setting is often referred to as “additive manufacturing.” As products are ordered online, versatile manufacturing stations controlled by robots will quickly and affordably crank out custom-manufactured products." For more information visit this link. 

An example includes Nike to an extent, just imagine cheaper and better!  Nike allows customers to design their own shoes online, however, it is costly and takes weeks to arrive.  With CAD all companies will be able to customize items and in 3D!

Have you ever used Nike's custom shoe maker? What other companies would you want to use CAD someday? 

It's All About the Money!

NBC News did an article about fifteen technologies that we will improve upon/use by 2030.  For more information on these fifteen technologies, visit the NBC News Link.  The main 'technology' that we will focus on is cash.  Cash? That is right, cash is listed as one of the fifteen technologies in the article. 

The reason that cash is on the list is more so of the technology we use as cash, such as credit and debit cards.  By 2030, though, some people believe that we will no longer have credit or debit cards, but use "mobile payment systems" instead. However, the old fashioned paper money, will still be  used. Do you agree that fifteen years from now paper money will still be used? What about fifty years?

Cash also has a safety feature that no technology can match and that is security. It keeps your life private and prevents identity theft.  Can you think of any negatives of keeping cash versus going all in on technology? 

Essentially this article was saying that no matter the technology, the paper money we have used for years is timeless. Do you agree? 

The Power of the Crowd

More and more companies these days are utilizing crowdsourcing to bring in more customers. In an article entitled "5 Brands Winning at Crowdsourcing" author  Giselle Abramovich describes how Coca-Cola, Pepsi Co., Oreo, Patagonia, and Budweiser have all recently utilized a form of crowdsourcing. Abramovich mentions that Coca-Cola started crowdsourcing because they wanted to be more open as a company.

This bring up a great benefit of companies utilizing crowdsourcing. In order for the crowd to be involved with the company, the organization needs to be more open with those involved. It can be a little scary for companies to open up and share secrets that only company executives know about. However, this allows the consumers of your product to get involved in making those products better. If the customer feels that they have given input into a product, they are more likely to purchase that product because they know it is what they are looking for. Most of the companies that Abramovich mentioned got the crowd involved through social media sites. They were able to submit ideas and vote on different products through those media outlets. Oreo's Facebook page increased by 4,000 percent during their crowdsourcing campaign. This in itself shows the customer interest when a company is more open.

This is also a great marketing tool. Not only does the company allow customers to contribute to the new product, but it also provides a means of advertising that new product. If more people get involved, then they are more likely to tell their friends and family about the product. Companies do not have to spend millions of dollars on advertising, they have their customers to do it for them.

These are some of the benefits that have been found from utilizing crowdsourcing within a company. Can you think of any cons or negative repercussions from companies being more open and utilizing crowdsourcing to market a new product?

May the Crowd be Ever in Your Flavor

In the summer of 2012, Frito Lay began a never done before contest. They invited people from around the country to submit and create a flavor of Lay's chips that they thought would be popular within the country. The contest encouraged not just chefs to join the contest, but average people like you and I to contribute. The flavors would be put up on Lay's Facebook page and people would be able to vote on the flavor using the "like" button. Coincidentally, Facebook changed the "like" button to a "I'd Eat That" button just for this contest.

The creator of the winning flavor of Lay's chips received a 1 million dollar prize. The two runner-ups each received a $50,000 prize.

This contest was a great way for the public to participate in the creation of a new flavor of chip. Frito Lay used the concept of crowdsourcing to make the public feel that they were an important part of this decision. They took all the information from Facebook and compiled it into the final results of the winners.What a great way to make a company open to the innovation of a new product. More and more companies are using crowdsourcing to involve customers in important choices. This allows the customer to feel that their voice is being heard, however, at the same time, it leaves the company vulnerable to the fact that the public has an inside look at some new innovations.

The final three flavors that made it to the Facebook vote were "Waffles and Chicken", "Sriracha" and "Cheesy Garlic Bread". The bags can be seen in the picture above. Some odd flavors, but obviously the public thought they would taste good. So my question to you is, what flavor do you think would make a good chip? Would you consider submitting that flavor to Frito Lay if they had another contest? Who knows, the crowds may like your flavor and pick it as a winner.

Lay's Use of Crowdsourcing

Smart Watches

Eric Migicovsky, the creator of what is called the "Pebble" watches, came up with this idea of having a watch that can act as a mini tablet so that one can just look down at their wrist for emails, texts, etc. instead of having to pull out a phone or tablet from their pocket.  

This specific "Pebble" watch only runs at about $150 and has been designed to do as "little as possible" so that it does not take away from phones and can be used to look at something at a glance.  

There are more of these smart watches coming out that can do even more though, and the price shows that. 

For more information on these "Pebble" watches go to this link. (Also contains a YouTube video)

Would you be interested in a "Pebble" watch?  If so, how much would you be willing to spend?