Networth and Chill with Your Rich BFF: Episode Summary
Title: Score Big, Spend Less - Surviving Black Friday
Host: Vivian Tu
Release Date: November 20, 2024
Vivian Tu, widely known as Your Rich BFF, delves into the frenzy of Black Friday in the latest episode of Networth and Chill. She shares personal anecdotes, insightful critiques, and practical strategies to navigate the overwhelming consumerism of Black Friday, all while maintaining financial prudence.
1. Introduction to Black Friday Frenzy
Vivian opens the episode by highlighting the staggering statistics surrounding Black Friday:
"Americans spent 9.8 billion with a B B B dollars online shopping on Black Friday." (00:00)
She expresses her frustration with the term "final sale," equating it to a potential scam due to the lack of returns or quality guarantees.
2. Personal Black Friday Experiences: Best and Worst Purchases
Best Purchases:
Vivian recounts three of her most successful Black Friday buys:
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Salvatore Ferragamo Wallet:
- Purchased at a discounted rate from major retailers like Macy's and Nordstrom.
- Gifted to her partner, Boo, who used it for five years.
"He ended up loving it. Ended up using for five years until it completely fell apart." (04:00)
-
Espresso Machine for Sister-in-Law:
- Bought on sale and inadvertently received two machines due to a shipping mishap.
"We ended up getting two espresso machines for the price of one. And now my mother in law also has the exact same espresso machine." (07:30)
-
Flights for Europe Trip:
- Secured discounted flights, funding a memorable solo trip.
"I saved on tuition and my school fees. And that money ended up helping to fund a fun little Euro trip." (09:15)
Worst Purchases:
Vivian shares three of her most regrettable Black Friday buys:
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Final Sale Items:
- Describes "final sale" as a red flag for low quality and no returns.
"Final sale is literally a catch all term in my mind for scam." (12:45)
-
Bulky Furniture:
- Advises against purchasing furniture during Black Friday, recommending alternative times like January or late summer for better deals.
-
Impulse Buys:
- Warns against spontaneous purchases influenced by incessant social media ads.
"Don't buy stuff to buy it. Um, it'll still cost you money to return it." (15:20)
3. Critique of Black Friday and Consumerism
Vivian critiques the commercialization of Black Friday, pointing out its incongruity immediately following Thanksgiving—a holiday symbolizing gratitude and family.
"Thanksgiving is a holiday entirely dedicated to celebrating what we have... and being thankful... and that slides straight into the most capitalistic consumerism hellscape that is Black Friday." (16:00)
She notes the expansion of sales beyond the traditional day, extending into the week prior and leading into events like Cyber Monday and Travel Booking Tuesday.
4. Black Friday Shopping Tips and Strategies
Vivian offers a plethora of strategies to make Black Friday shopping more effective and less impulsive:
a. Planning with an Excel Sheet
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Create a Detailed List:
- Includes items needed or wanted, current prices, and anticipated Black Friday prices.
- Incorporate URLs for easy access.
"Make an Excel sheet of what you need or want, what it costs now and what you think it will cost on Black Friday." (18:10)
b. Sinking Funds
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Set Aside Play Money:
- Allocate $20 to $50 weekly leading up to Black Friday to prevent large, single-day withdrawals from the bank.
"Start a sinking fund a couple months ahead of the Black Friday sales and set aside 20 to 50 bucks every single week." (19:00)
c. Abandoning Carts for Exclusive Discounts
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Utilize Abandoned Carts:
- Add desired items to online carts and leave them to receive unique discount codes from retailers.
"Abandon your cart is actually a really good idea. And typically this discount... can actually be stacked on top of broader savings." (19:35)
d. Cash Back Apps
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Double Dip Savings:
- Use apps like Rakuten, Honey, or Dosh to earn cash back on purchases.
- Pair with credit card rewards for maximum benefits.
"I like to double dip. First and foremost, I like to get cash back on my credit cards... and then use cash back apps." (20:05)
e. Price Tracking Tools
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Verify True Discounts:
- Employ tools like CamelCamelCamel to track price histories and ensure genuine savings.
"Use Camel, Camel, Camel to make sure that you're getting an actual discount, not just a discount after the price has been artificially hiked." (20:45)
f. Value-Based Spending
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Align Purchases with Core Values:
- Calculate the cost of items based on hourly wage to assess their true value and necessity.
"Divide the price by your hourly take-home pay to decide if it's worth the expense." (21:10)
g. Pre-Planning Holiday Gifts
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Advance Gift Shopping:
- Purchase holiday gifts during Black Friday or Cyber Monday to avoid last-minute stress and overspending.
"Put together my whole entire holiday list in advance, write down what every single item costs and then tally it up." (22:00)
h. Shopping Friends’ Closets
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Trade and Swap:
- Organize a Friendsgiving event where friends bring items to exchange, fostering a fun and budget-friendly shopping experience.
"After having Thanksgiving... we each bring 10 items... and then we start showing each item like Vanna White style." (23:15)
5. Social Media and Consumer Behavior
Vivian addresses the role of social media in influencing Black Friday spending:
"During the week of Thanksgiving, do your best to limit your social media exposure because you are going to be served nonstop Instagram ads and TikTok shop ads." (16:45)
She emphasizes the importance of maintaining control over one's shopping habits amidst the barrage of targeted advertisements.
6. Encouraging Gratitude and Balanced Consumption
Vivian advocates for a mindful approach to consumption during the holiday season:
"This holiday really is about being grateful for what we already have." (24:00)
She contrasts the traditional values of Thanksgiving with the consumerist pressures of Black Friday, urging listeners to prioritize meaningful experiences and gratitude over material acquisitions.
7. Concluding Thoughts and Additional Suggestions
Vivian wraps up the episode with inspiring suggestions to balance Black Friday shopping:
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Give Back:
- Encourage donations to food banks or participating in community service.
"Consider giving some of it back for every piece of clothing that you are buying... donate things to Goodwill." (25:30)
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Engage in Free Activities:
- Suggest activities like movie marathons, turkey trots, or spending quality time with loved ones without spending money.
"Do some fun things that don't cost money... like a Harry Potter movie marathon or a little turkey trot." (26:15)
Vivian concludes by reiterating the importance of aligning spending with personal values and fostering gratitude, ensuring listeners approach Black Friday with both enthusiasm and financial wisdom.
"It's normal to rewear clothes. It is normal to fly an economy... It's absolutely not normal to get glam every day." (26:50)
Notable Quotes with Timestamps
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Final Sale as a Scam:
"Final sale is literally a catch all term in my mind for scam." (00:00)
-
Abandoning Carts for Discounts:
"Abandon your cart is actually a really good idea... can actually be stacked on top of broader savings." (19:35)
-
Value-Based Spending Strategy:
"Divide the price by your hourly take-home pay to decide if it's worth the expense." (21:10)
-
Gratitude Over Consumption:
"This holiday really is about being grateful for what we already have." (24:00)
Final Thoughts
Vivian Tu effectively combines personal experiences with actionable financial strategies, offering listeners a comprehensive guide to navigating Black Friday without compromising their financial health. By emphasizing planning, mindful spending, and gratitude, she empowers her audience to make informed decisions in the midst of consumerist pressures.
Stay Connected:
For more insights and financial tips, follow Vivian Tu on Instagram at YourRichBFF and visit yourrichbff.com. Subscribe to Networth and Chill on your preferred podcast platform to stay updated on future episodes.