Ideas for Money Wisdom #26

💡 A white t-shirt with a brand name on it, and a white t-shirt without the brand name, give you almost the same experience as the real brand - without the price tag of the real branded shirt.

A "generic" product, without a famous brand name, works on the same logic: almost the same quality, a lot less money.

For example:
Colored pencils from a famous brand cost a lot more than "regular" pencils of the exact same quality.

The money you save by buying the "regular" version instead of the brand can be set aside for a goal that really matters.

You don't always need the most expensive version to get the same result.

Always ask yourself: does having the brand really serve you? 
Is it very important to you that the brand name is written on it?
How does it make you feel when you have the brand?
How does it make you feel when you don't have the brand?
Does it really matter to you?

If you answered "yes" to most of the questions, it seems that the "brand" carries additional values that matter to you - not just the "brand" itself, but what it makes you feel, how it makes you think about yourself, or how others think of you. 

If you answered "no" to most of the questions, it seems it really doesn't matter to you whether it's a "brand" or not, and you feel the same way and think the same way about it, with or without the brand. 

Finally, ask yourself one more question:
Why does it matter to you?

Ready for a challenge? We've prepared some extra challenges for you to try

Try checking it together. Buy a branded version and an unbranded version of the same product, and check together if you really feel a difference.

Easy
1. Taste-test two similar snacks together, one with a well-known brand and one without, and see if you feel a difference.
2. Ask your child if he has a toy or piece of clothing he loves because of the brand, or because it's really comfortable and good.

A bit of a stretch
3. Choose two pencils or notebooks together, one with a brand and one without, and check if there's a real difference in everyday use.
4. Check together how much money would be left in the savings box if you always bought the unbranded version.

Challenge for champions
5. Ask your child to invent his own product with no brand at all, and design his own packaging and name for it.
6. Try thinking together about something you bought only because of the name on it, and talk about how that made you feel.