Is Technology Draining Your Cash Flow?

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Is Technology Draining Your Cash Flow?

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Could A Coffee Infused Donut Make Your Kids Money?

April 27, 2014

Have you ever had one of those moments over the past year where it felt like technology itself wasn’t really a good invention at all?   Perhaps your nine year old told you that they needed a new mobile phone because theirs was out of date.    You may have flipped through your premium movie channels only to joke to yourself that there’s never really a good movie on to watch when you are clicking away.   Possibly, you became so frustrated because in your drawer of bottomless cords at home you couldn’t find the plug in charger for one of your devices.    Technology is so integrated in our lives today, but is technology itself draining our cash flow?

  1. The Mobile Phone Game- Admit it.  You couldn’t tell me all of the plans your cell phone carrier offers today even if you bought a phone three months ago.  Verizon recently changed its plans again, now allowing you to pay a monthly fee for your phones so you can upgrade every year.   Since mobile phone technology is changing so fast, how much have you really spent on phone, cases, cords, protectors, and your monthly bill?
  2. Too Many Distractions- I often find myself jumping from device to device because there is a PC in one room, the phone in another room, and then an iPad in yet another room.   I counted the other day that in our household alone between all family members that we have over 20 devices (including televisions).   If you are too distracted, will your performance suffer in your attempt to grow your top line cash flow?
  3. Keep Up With Mr. Neighbor- Someone is always going to have a better device, a newer app, or something you haven’t seen before.   Do you really need the new Samsung watch?  Did you need the 3-D TV?  Was getting the latest iPhone actually monumental in changing your life?   We have such a thirst for the latest and greatest and the luster it provides today that we are driven to spend more and more on technology.
  4. The Internets- Yes, I said the internets.   You are no match for the marketing masterminds who have built their shopping sites like hotels in Las Vegas.  They are designed to do one thing and one thing only.  Separate you from your money. You don’t even need to be drunk.  After you get weary surfing the internets for an hour or two, these sites will suck you in and then you’ll find yourself punching in your credit card number for reasons unbeknownst to you.   Good luck paying next month’s AMEX bill.
  5. Your Kids Don’t Understand How Much Technology Costs- Take your time one weekend and walk your children through three different bills.  Your Verizon/AT&T bill, your Comcast/Dish TV bill, and your credit card for the last time you purchased a PC with accessories.  Since technology is non-negotiable with the schools pushing everything through the internet today, how long will one computer last for one child?

I won’t go so far as to say that technology is making us poor, but I will say it is a growing line item on the family budget.   Keep an eye on this or you might find yourself having to click Crtl + Atl + Delete come time to pay your credit card bill!

Written by: Ted Jenkin

Request a FREE consultation: www.oxygenfinancial.net

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