The Costco Effect and Investing
Mar 22, 2024
As-Salaam-Alaikum everyone! Welcome back to Muslim Women Invest.
How is your Ramadan going, guys? Are you eating too much? Are you in a food coma? Are you really concentrating on your prayers? What are the new habits you guys are forming?
I would love to hear from you. If you want to connect with me, my Instagram handle is @muslimwomeninvest—please feel free to send me messages! I would love to know how you guys are spending Ramadan 2024!
That said, for today’s topic, I want to discuss something I like to call the “Costco Effect.”
The Costco Effect
I really should trademark this; it’s a term that I coined, as well as a term that my husband has been using for me since I became a Costco member.
My husband tells me that every time I walk in Costco, I lose my mind a bit. I always end up spending six to seven hundred dollars…and not on grocery items!
On the other hand, every time he goes to Costco, he spends a hundred and fifty dollars maximum. He’ll get groceries, vegetables, and the things that we actually need, while I get very little of what we need and a lot of what we want.
Now, how does the Costco Effect relate to investing? Let me explain…
The Thrill of Bulk Buying
I want to share an anecdote that I recently thought about to demonstrate this point.
My husband was telling me that a lot of the bulk produce that we get from Costco actually ends up in the trash. So my husband rightfully gets really furious when there is a lot of food wastage, especially when you look around at what is happening in Gaza, what is happening in Sudan, and all the poverty and hunger in the world.
So I got to thinking: what is it that makes people keep coming back to buying in bulk from Costco or Sam’s Club, despite the fact that we cannot even consume all of it in a timely manner?
I believe it’s the same thing that keeps people coming back to my free classes I host live on Sundays…but never actually working with me.
There are a lot of people who have listened to ten or more of my live free classes (you can find the link to join these below!) and they’re always present, asking questions, etcetera.
However, these people are mostly not taking action on what they’re learning.
Here’s how the Costco Effect applies: just because you are consuming information in bulk, in a cost-effective way, does not mean that it is benefitting you. It just feels like it is.
Until and unless you take action, which simply means that you implement what you’re learning, nothing is changing.
It makes you feel really good to consume all of this bulk material for free. But it is actually wasting your time, because clarity is not going to come before you take action. You have to take a messy action, and then clarity will follow.
So because we're also in the month of Ramadan, which is all about consistency and taking small steps, I want to connect this to investing. Consistency and taking small steps is the goal with investing as well. So to avoid the Costco effect, please shop responsibly—and please consume information responsibly. Your time is worth a lot more.
Think about whether you're doing this just to feel good, or if you're actually trying to make a difference in your life.
If you’re ready to take action and gain clarity, I am going to be holding a masterclass very soon. It will include three days of education. I'll be teaching the same material across three days of sessions so you can master it. You can come and attend all three of them, and we’ll work together to make an investment plan that works for you and your family.
I invite you to consider this during Ramadan; consider this an offer to bring change into your life, because Ramadan only comes once a year, and I also try to do this masterclass once a year so that you are able to benefit from one-on-one education and build something that suits your family instead of consuming information “in bulk” and then never using it.
Keep an eye out for the link to sign up for the masterclass, and in the meantime, you can get a small sample by joining the Sunday class!
WORK WITH MIRAL:
Don't let 2024 go by without learning how to invest. Sign up for my FREE Sunday class: https://my.demio.com/ref/RCenuu9luQi3AcXT
Sign up for my investing quiz waitlist: https://www.invest4lifemk.com/quiz-waitlist
If you're ready to transform the trajectory of your life and the lives of your family members through investing, book a consultation with me: https://www.invest4lifemk.com/services
CONNECT WITH MIRAL:
Want to learn more? Visit my YouTube channel: https://www.youtube.com/@muslimwomeninvest
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