Personal Finance in a Public World

Check out Jeremy’s latest podcast on Personal Finance by listening on “Apple Podcasts” or “Google Podcasts” or read below to understand How Technology, Social Media, and Ads Affect Your Money Decisions.

#76 – Have you ever been tempted to buy something online that you didn’t really need, just because of an ad?

A few impulse purchases is all it takes to put a dent in your budget!

In a world that is consumed by technology, social media, and targeted advertising, it’s important to understand how these tools affect your money decisions.

In this episode, Jeremy Keil speaks with Bob DePasquale, CFP®, CAP®, founder of Initiate Impact and author of “Personal Finance in a Public World: How Technology, Social Media, and Ads Affect Your Money Decisions.” Bob is here to help you keep your personal finances on track, even in a world filled with digital noise.

Bob discusses:

  • What he has learned from being a business owner, podcaster, and an author
  • Why technology can be a great tool for financial planning, if used smartly
  • How to curate your social media feed to make it more beneficial than distracting
  • How to ensure that online ads only drive your curiosity, not spending
  • And more

How Technology, Social Media, and Ads Affect Your Money Decisions

1. Technology

According to a study by dscout, we touch our phones about 2,617 times per day on average! This is a strong testament to how technology has become an inseparable part of our daily lives.

Technology can be both a time-saver and a time-waster. It depends on how you use it.

When it comes to using technology for your personal finances, here’s Bob DePasquale’s best advice: Find the few tools that work best for you, and ignore the rest.

There are several software’s and applications to help you oversee your spending, budgeting, investments, insurance, and other aspects of your finances. For example, QuickBooks is widely used for accounting and Mint is a popular personal finance tool. You may also have the online banking applications of your bank or credit union downloaded on your phone.

But if you try to use every technological tool out there, you might end up overly complicating your financial planning!

2. Social Media

Social media is designed to grasp your attention by showing you exactly what you want to see.

Based on the type of content you search for, view, like/comment on, the algorithms behind the social media platforms gather data and personalize your feed. Believe it or not, but most major social media platforms do this so that they can keep you hooked on their app longer.

However, this personalized feed is not necessarily a bad thing. You can use it to your advantage to receive good information from social media.

Curate your social media feed in a way that it shows you useful information instead of keeping you distracted. If you search for and engage with good financial topics, you’ll soon find them automatically showing up on your feed.

3. Ads

Think about a time when you browsed a product online, but did not buy it right away — and the next time you went online, you saw an ad for that exact product popping up on your screen.

I’m sure most of you must have experienced this at least once.

In fact, social media companies like Facebook and Twitter don’t charge you directly to use their platform. They make money through such personalized ads.

It can be highly tempting to make impulsive purchases after seeing such ads, and a few impulsive purchases is all it takes to put a dent in your budget.

Remember, online ads should only drive your curiosity, not your spending decisions.

If you find it difficult to control your trigger fingers and easily give in to one-click purchases, try adopting the following two strategies.

  1. Manage your cookies settings: Cookies are a way for your browser to keep track of the websites you visit. The information gathered through cookies is what enables them to send out personalized ads. You can manage your cookies settings to receive minimal targeted ads (and ultimately reduce potential temptations).
  2. Separate your wants from your needs: Create a list of your wants and needs and try to limit your spending to those items. Once you know what you can afford to spend your discretionary income on, you’ll be more mindful of impulsive shopping.

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Do you want to learn more about personal finance? Check out the resources below!

If you have any questions, feel free to contact us or our guest Bob DePasquale using the contact information provided below!

Resources:

Connect With Bob DePasquale:

Connect With Jeremy Keil:

About Our Guest:

Bob DePasquale launched Initiate Impact with a goal to acknowledge everyone’s desire for information, help people get what they need, and partner with purpose-driven families to make a positive impact in the world. Bob studied Broadcast Journalism in graduate school at the University of Miami. Upon graduation, he worked in the radio industry and enjoyed the broadcasting side of the business, but didn’t enjoy the “business” side of the business. This led to a move to the insurance and investments world, where he had an enjoyable and extremely educational 11 years working for a large company.

Disclosures:

Content

Results and figures presented within the above links are hypothetical, unaudited, and are intended for illustrative purposes only.

Liability

Keil Financial Partners assumes no liability, or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses, or other technical threats.

No Tax Advice

Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.

No Investment Advice

The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.

Investment Risk

Investments may increase or decrease significantly. All investments are subject to risk of loss

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