Who’s Really Stealing Your Money: The Subscription Economy: Savior or Scam?

Who’s Really Stealing Your Money: The Subscription Economy: Savior or Scam?

🔍 Who's Really Stealing Your Money: The Subscription Economy: Savior or Scam? 💸

Imagine a world where every convenience, every luxury, every tool you need is just a click away. 

This is the story of Sarah, a young professional in the bustling city of Chicago who embraced the subscription lifestyle wholeheartedly. 

She conveniently bundled everything in her life into neat, monthly packages, from her morning coffee to her favorite streaming service.

The Transformation: A Closer Look Under the Hood

But as Sarah's life got busier and her subscriptions piled up, she noticed something unsettling. The simplicity and convenience she once cherished started to feel like a burden.

Her bank account dripped like a leaky faucet, with each subscription taking its tiny but persistent toll. She started questioning the actual cost of these services.

The Revelation: The True Cost of Convenience

One evening, Sarah sat down and tallied up her monthly subscriptions. The total was staggering. She realized that what started as a means to simplify her life had stealthily complicated it. 

She began to see the subscription economy in a new light—not just as a savior of time and effort but as a silent scam, quietly draining her resources.

Sarah's story is not unique. 

It's the tale of many in today's subscription-driven world, where the allure of convenience masks the hidden costs. Through her journey, we learn a valuable lesson: in pursuing ease, we must not lose sight of the true cost of our choices. 

This blog post delves into the intricate world of the subscription economy, exploring its benefits and pitfalls and questioning if this is the future we really want for our consumption patterns.

Are subscriptions really taking over our lives?

From entertainment to software and even car ownership, everything comes with a monthly bill now. Let's dive into the dark side of the subscription economy and explore how it's shaping our world.

The Allure of Monthly Bills

How did we go from dreading monthly bills to actually enjoying paying for subscriptions? Companies have cleverly rebranded the perception of recurring payments into a symbol of modern convenience and accessibility. 

This shift, fueled by effective marketing and the allure of 'unlimited access,' has led consumers to embrace subscriptions. But beneath the surface, are we getting our money's worth?

Rising Cost and Decreasing Value

The initial charm of content subscriptions often fades as costs climb and value diminishes. Consider Netflix: While it boasts a broad selection, the quality of offerings is mixed, with an abundance of low-grade 'filler' content. 

This scenario of quantity trumping quality leaves subscribers feeling shortchanged and questioning the actual value of their monthly investment.

How did we go from dreading monthly bills to actually enjoying paying for subscriptions? Companies have cleverly rebranded the perception of recurring payments into a symbol of modern convenience and accessibility. 

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Music Industry's Shift

The music industry's transition under the subscription model is a stark example of this economic evolution. In the 1980s, album sales were a significant revenue stream for artists. 

The introduction of platforms like iTunes and now Spotify revolutionized music consumption. While Spotify's flat fee model offers value for money, it also presents challenges, notably in how it impacts artists' earnings.

The Ownership Trade-Off

The shift from ownership to subscription is particularly evident in the software industry. A prime example is Microsoft Office, where users no longer purchase software but subscribe for continuous access. While offering the benefit of regular updates, this change comes at the expense of actual ownership and leads to perpetual payments.

Conclusion

As we journeyed with Sarah through the bustling streets of Chicago, we witnessed firsthand the double-edged sword of the subscription economy. This blog post has illuminated the allure and the pitfalls of our modern subscription-based lifestyle.

While promising unparalleled convenience and variety, the subscription economy also bears hidden costs and implications. From Sarah's experience, we learn that what begins as a tool for simplifying life can subtly evolve into a complex web of financial and emotional burdens.

I invite you to reflect on your subscription habits. Start by evaluating your monthly subscriptions, just like Sarah did. 

While promising unparalleled convenience and variety, the subscription economy also bears hidden costs and implications. From Sarah's experience, we learn that what begins as a tool for simplifying life can subtly evolve into a complex web of financial and emotional burdens.

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Ask yourself: Are these services genuinely enhancing your life, or are they unnecessary drains on your resources? 

Consider cutting down on subscriptions that don't add significant value to your daily life. 

Remember, in the pursuit of convenience, it's vital to remain vigilant about the actual cost of our choices. Just like Sarah, you have the power to redefine your relationship with the subscription economy. 

Embrace this opportunity to make informed decisions that align with your lifestyle and values. Let's not let the promise of convenience overshadow the importance of mindful consumption.

Here's to your success!

Clarence E. Stowers, Jr. 

See All of my Links @ Linktree

Ask yourself: Are these services genuinely enhancing your life, or are they unnecessary drains on your resources? 

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The Real Reason Why Personal Finance is Not Taught in School

The Real Reason Why Personal Finance is Not Taught in School

Our school systems teach us many subjects such as science, math, accounting, geography, history, the arts, and languages. But money is not one of them.

Why don't they teach money in school? Why isn't personal finance taught in school, and why don't all students have access to a personal finance coach before taking out student loans? 

The answer is a mix of inertia in the system and failure to recognize financial literacy as one of the core skills needed to succeed in the 21st Century.

Today's post will explore why money should be taught at schools and why it's so essential for our children's futures that we start teaching money now. We'll also cover some tips on how parents can educate their children on money and how schools can teach money.

Personal finance is a core skill needed to succeed in the 21st Century.

Money is one of the essential things in our lives, but we don't learn anything about it in school. We learn about science, math, the arts, and languages, but we never learn how to manage our money.

This is a problem because money is one of the most important things in our lives. We need money to buy food, clothes, and shelter. We also need money to pay for our education.

Debt is another problem that we face. Many students take out student loans without ever learning about personal finance. This can lead to a lot of debt problems later in life. To avoid these problems, we need to teach students about personal finance in school.

Money is one of the essential things in our lives, but we don't learn anything about it in school. 

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Some people say that personal finance is not a required subject in school. They say that we should learn about money by ourselves. This is not a good idea. We need to learn about money in school to avoid problems like debt.

Teaching personal finance in school is a good idea because it can help students:

- avoid money problems later in life

- plan their future budgets

- know how much money they need for college

- know what to do with money when it's time to pay for college

People who say that personal finance is not a required subject are wrong. We need to teach students about money to avoid money problems as adults. Personal finance is a core skill needed to succeed in the 21st Century.

Many students take out student loans without ever learning about personal finance. 

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Two Reasons Why Money Isn't Taught in School

There are two reasons why money isn't taught in school: Inertia in the system and failure to recognize financial literacy as one of the core skills needed to succeed in the 21st Century.

Lack of Urgency in the System

The lack of urgency in the current education system is that money is not seen as an academic subject. This is due to the curriculum being drawn up in the 1800s. Students are already overloaded with many subjects to study, and money is not seen as necessary.

Failure to Recognize Financial Literacy as a Core Skill

There are many things that children need to learn at school to be successful in life. One of these skills is money management. Commercials and advertisements constantly bombard us with products to spend, so we should understand how money works, so we don't fall for these tricks.

Money isn't taught in school because they don't see it as necessary. Money is money, and money doesn't have a gender. It's not only women that spend money, and money isn't something that belongs to men or women exclusively.

Society has made money seem like a male-dominated thing, but we fail to realize that money doesn't discriminate against anyone based on their sex.

To make money a necessary subject in school, you can teach it interdisciplinary. This means that money shouldn't just be taught in math or business class.

Additionally, it should be taught in other classes such as English, history, and science. This will help money be seen as a more important subject and help students learn about money more holistically.

Giving students access to personal finance coaches is another way to make money a necessary subject in school. A personal finance coach can help students understand money and manage it. They can also help students who are struggling with money-related issues.

Teaching money in school is a good idea; money can be taught through different disciplines and give students access to personal finance coaches. Money management is not one of the subjects that school systems teach, and this needs to change. Education needs to include money management.

There are two reasons why money isn't taught in school: Inertia in the system and failure to recognize financial literacy as one of the core skills needed to succeed in the 21st Century.

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It's Hard to Teach What You Don't Know.

Schools teach everything else but money because it is hard for teachers and parents to teach children about money themselves when they don't know much about it themselves.

Most parents try to teach their children about money by setting an example. However, this usually doesn't work because it's hard for them to change their spending habits. They also typically don't have the money, knowledge, or financial skills to give their children sound advice. Schools can help fill this gap by teaching students about money.

Debt is another reason why personal finance should be taught in school. A recent study by the National Foundation for Credit Counseling found that two-thirds of millennials have debt and that the average amount of debt per person is $37,172. Students need to learn how to avoid debt and manage it if they acquire it.

The good news is that some organizations are already trying to fill the gap in personal finance education. The National Endowment for Financial Education (NEFE) is one of these organizations. NEFE created the High School Financial Planning Program (HSFPP), a comprehensive personal finance curriculum for high school students.

There are many good reasons why personal finance should be taught in school. Schools should teach students about money because it is hard for parents to teach their children about money themselves.

Debt is a significant problem for millennials, and there are already organizations trying to fill the gap in personal finance education.

Teaching personal finance in school is a step in the right direction to ensuring that all students graduate with money skills that can help them succeed in the future.

Schools teach everything else but money because it is hard for teachers and parents to teach children about money themselves when they don't know much about it themselves.

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Before You Take a $100,000 Student Loan

Students need access to personal finance coaches before they take out large student loans or enter into other debt agreements that will affect their lives. Most students take out student loans without fully understanding the consequences of their actions.

They may not know how to budget their money, they may not understand compound interest, and they may not calculate how much money they will need to pay back in total. That's why it's so essential for students to get access to personal finance coaches before they take on any significant debt agreements.

A personal finance coach can help a student understand all of the terms of a loan agreement and help them make a repayment plan.

A money coach can help students avoid debt and live within their means. Being in debt can affect a student's life in many ways. Many students graduate with over $20,000 of debt and interest.

To avoid taking on additional debt after school, money coaches can help graduates develop their money management skills.

Students need access to personal finance coaches before they take out large student loans or enter into other debt agreements that will affect their lives.

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In conclusion, money should be taught as a subject in school so that students can learn how to manage money properly. If you want your child or student to have money skills for the future, they need access to personal finance coaches before taking out loans and entering into debt agreements.

Schools provide education on many subjects, but financial literacy is not one of them - this needs to change. Otherwise, we may see an even higher unemployment rate due to a lack of money management skills among millennials already struggling with debt from over $37K on average!

Let's hope schools pick it up so we can all rest a little easier at night, knowing our kids won't be crushed by money problems when they enter the working world.

The National Endowment for Financial Education (NEFE) created the High School Financial Planning Program (HSFPP) to help fill the gap in personal finance education. HSFPP is a comprehensive personal finance curriculum for high school students. It covers budgeting, saving money, credit, debt, and investing.


Why The Next Phase of Civil Rights will focus on Economic Empowerment

Why The Next Phase of Civil Rights will focus on Economic Empowerment

In 2016, our country will elect a new president, and many speculate what America will look like after President Obama’s term expires.

Since I can’t predict the future, the one thing I know for sure is that economic power comes through business ownership, and pride in ownership of property and neighborhoods. Everyone wins when this happens.  That’s why I’m compelled to share one of the most amazing TED talks I’ve ever heard by Margarita Anderson.

My Black Year: Margarita Anderson

Margarita Anderson and her family were featured in national headlines as they lived exclusively off Black businesses, professionals, and products for an entire year. Her stand, chronicled in her book, “Our Black Year,” was called The Empowerment Experiment.

Illustration depicting a roadsign with an empower concept. Sky background.

Now, she tours the country to increase awareness about economic inequalities that starve Black neighborhoods and deny Black businesses, and how proactive support of these businesses can create jobs and curb crime in America.  Check out her video explaining her family’s experience supporting black businesses. 

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Many believe the next Civil Rights Movement will be one of economic empowerment.  What do you think?

#PrayFirst | Day 3

#PrayFirst | Day 3

Welcome to Day 3 of our #PrayFirst Campaign!

For One Week, we will pray for One Minute every hour about One Topic as One Church to One God! Pray for the first 60 seconds of every hour and watch God bless the other 59 minutes! There is power when God’s people pray in unity. Join us as we answer Jesus’ prayer “May they be ONE” (John 17:21).

If you’d like to know more about our #PrayFirst Campaign, you can click HERE. Also, you can read our Day One Devotional on Faith HERE and Day Two Family Devotional HERE.

#PrayFirst Finances

Get Rich or Go Broke Trying

Rich a subjective term. It’s an ever-moving target. It’s like trying to nail jello to the wall. Defining“rich” is as personal as taste preferences of food or fashion. Many times, even when you are considered by others to be rich, you don’t think of yourself that way.

Why? It’s all about perspective. The problem is you don’t “feel” rich. For the sake of this devotional, I won’t define rich…I’m leaving that task to you. I will, however, share a tip that’ll help you “feel” rich regardless of your income.

Fire The Jones’

We all know “that” family… the happy, perfect family who seems to have it all. Everyone has a “Jones” family on their block, and while some shrug their shoulders and don’t care that the “Jones” just brought home a new Mercedes, others feel as if they need to not only keep up but to outdo this neighbor or even friend.

Occasionally, we make questionable decisions to impress the others. The earlier we recognize our self-worth isn’t tied to our possessions, the sooner we’ll reach financial freedom. There’s no shame in driving a second-hand car with a few miles. You don’t need the pressure of working extra hours just to cover credit card payments.

Pray for Your Finances

And my God will supply every need of yours according to his riches in glory in Christ Jesus. Philippians 4:19 (ESV)

Lord, I surrender my financial affairs and concerns about money to your Divine care and love. I ask that you remove my worries, anxieties, and fears about money, and replace them with faith. I know and trust that my debts will be paid, and money will flow into my life. I have only to look to nature to see proof of the abundance you provide. I release all negative thoughts about money and know that prosperity is my true state. I commit to being grateful for all that I now have in my life. I learn to manage my finances wisely, seeking help where needed. In Jesus’ name. Amen

The Real Reason Why You’re Broke | Part 3

The Real Reason Why You’re Broke | Part 3

Live below your means…

You hear it all the time, but do you know what it means to live below your means? More importantly, have you figured out how to do that?  The truth is many people live above or beyond their means.  “Between 1993 and 2008, personal savings rates in the U.S. declined, hitting the lowest levels since the Great Depression in 2006 by falling into negative territory, according to the U.S. Bureau of Economic Analysis,” according to Glenn Curtis of Investopedia. It took a credit crisis and near-global economic disaster to get Americans to close their wallets and stop spending and “acting” rich.

Cutting costs

Photo Courtesy of Mint life

Are You Rich

First, let’s clarify by what I mean by “rich,” as this is a subjective term.  It’s an ever-moving target.  It’s like trying to nail jello to the wall.   Defining “rich” is as personal as taste preferences of food or fashion. Many times, even when you are considered by others to be rich, you don’t think of yourself that way. Why?  It’s all about perspective.  The problem is you don’t “feel” rich.  For the sake of this post, I won’t define rich…I’m leaving that task to you.

Recently, I shared the first reason why you’re broke is because you don’t have a budget. Remember, money without a direction will disappear. You can read it HERE.  Next, I shared the second reason you’re broke is because of bad habits.  Bad habits interrupt your life and prevent you from accomplishing your goals.  You can read about it HERE.  Now that you’ve caught your breath, let’s talk about the next reason why you’re broke…living ABOVE your means.

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The Real Reason Why You’re Broke | Part 3

The Real Reason Why You’re Broke | Part 2

People will tell you what’s on their mind if you ask.  A few weeks ago I asked this question on Facebook:

As you pursue your journey towards success, what obstacle, challenge, or problem keeps reoccurring that you’d like to resolve?

Overwhelmingly, the reoccurring challenge was financial. Since my personal vision is helping people get from here to there, the first step towards getting to your “there” is clearly defining where you are now. Recently, I shared the first reason why you’re broke is because you don’t have a budget. Remember, money without a direction will disappear. You can read it HERE. Now that you’ve caught your breath, let’s talk about the next reason why you’re broke…bad habits.

Broke

 

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