Money, Money, Everywhere
So how many credit cards offers, insurance sales pitches, and offers to get a lower interest rate on your mortgage (or equity loan) do YOU get each month?
I've just completed taking part in a survey, and it's kind of something I've always wanted to do to find out just how many direct mail pieces I get in a month. I'm figuring that I'm in that great grey area between poor and rich, so my results may be pretty close to yours.
First, think for a moment and come up with a number in your head as I ask again. In one month, how many of each of the following do you get in the mail:
The way I figure, if I'm in that large batch of people who feel comfortable putting themselves in the middle, so to speak, then there must be money everywhere.
In the last month, I received:
Note that this doesn't count the almost daily telemarketing calls I got for a better mortgage rate.
My favorite offers were the 4 credit card offers that same in my mother's name. She got rid of her credit cards a long time ago, and she's been in a nursing home since 1998. But with no savings, no property, and no income, she's guaranteed for a platinum card from Capital One.
There must be money everywhere if the card issuers are that eager to extend credit. Money in the profits for them, and money for the people who actually reply to the offers.
It's hard to believe that given the incredibly small rate of sales actually made by direct mail there are enough people who buy into these offers to make big profits for the card companies. It must be like people who play slot machines at casinos because if they get enough playing points, they can cash them in for prizes. Translation for the financially impaired: that DVD player you have your eye on, which you can buy for about thirty bucks at Wal-mart, will cost you around $500 at the casino.
I know several people who I think are bright and fairly intelligent who have said they won't own a credit card because they're afraid they wouldn't have enough self-control to avoid running up massive bills. I've always found this to be a paradox, but apparently it's not that uncommon a phenomenon.
If you're interested in doing your own study, let me recommend the easiest way to conduct it: the old-fashioned box filing system. Place a box somewhere just a little bit out of the way someplace in your house and when the mail comes, stand in front of it and pitch in everything except the obviously important stuff. At the end of 30 days, sit down and separate the pile. Not only will you be amazed, but you'll experience the most important insight of all that comes from this self-survey: there is indeed money, money EVERYWHERE.
Except you don't have any of it
Listen Here for the audio version of today's George Blog
So how many credit cards offers, insurance sales pitches, and offers to get a lower interest rate on your mortgage (or equity loan) do YOU get each month?
I've just completed taking part in a survey, and it's kind of something I've always wanted to do to find out just how many direct mail pieces I get in a month. I'm figuring that I'm in that great grey area between poor and rich, so my results may be pretty close to yours.
First, think for a moment and come up with a number in your head as I ask again. In one month, how many of each of the following do you get in the mail:
- credit card offers
- insurance sales pitches
- offers to refinance your mortgage at a lower rate
- offers for an equity loan on your home to pay off all your bills
- and let's throw in some type of offer for telephone, internet, and TV service
The way I figure, if I'm in that large batch of people who feel comfortable putting themselves in the middle, so to speak, then there must be money everywhere.
In the last month, I received:
- 21 credit card offers
- 3 insurance sales pitches
- 2 mortgage refinancing offers
- 1 equity loan offer
- 11 offers for telephone, Internet, and TV service
Note that this doesn't count the almost daily telemarketing calls I got for a better mortgage rate.
My favorite offers were the 4 credit card offers that same in my mother's name. She got rid of her credit cards a long time ago, and she's been in a nursing home since 1998. But with no savings, no property, and no income, she's guaranteed for a platinum card from Capital One.
There must be money everywhere if the card issuers are that eager to extend credit. Money in the profits for them, and money for the people who actually reply to the offers.
It's hard to believe that given the incredibly small rate of sales actually made by direct mail there are enough people who buy into these offers to make big profits for the card companies. It must be like people who play slot machines at casinos because if they get enough playing points, they can cash them in for prizes. Translation for the financially impaired: that DVD player you have your eye on, which you can buy for about thirty bucks at Wal-mart, will cost you around $500 at the casino.
I know several people who I think are bright and fairly intelligent who have said they won't own a credit card because they're afraid they wouldn't have enough self-control to avoid running up massive bills. I've always found this to be a paradox, but apparently it's not that uncommon a phenomenon.
If you're interested in doing your own study, let me recommend the easiest way to conduct it: the old-fashioned box filing system. Place a box somewhere just a little bit out of the way someplace in your house and when the mail comes, stand in front of it and pitch in everything except the obviously important stuff. At the end of 30 days, sit down and separate the pile. Not only will you be amazed, but you'll experience the most important insight of all that comes from this self-survey: there is indeed money, money EVERYWHERE.
Except you don't have any of it
Listen Here for the audio version of today's George Blog
posted by George Woods | 4:00 AM
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