In the years leading up to 1765, the French philosopher, Dennis Diderot lived in poverty. He wasn’t just poor, he was so poor that when his daughter was going to get married, he couldn’t afford to provide a dowry — as was the custom in those days.

What’s even more fascinating is that while this dirt poor, Diderot’s name was well- known to all and sundry.

In time, Catherine the Great, the Empress of Russia heard of Diderot’s plight and made him an offer too good to be true. She offered to buy his library for one thousand Pounds — that’s 19.5 million naira in today’s money.

In the twinkling of an eye, Diderot went from being dirt poor to having enough to spare.

Soon he bought a scarlet robe. In those days, scarlet robes are symbols of social status — it was what the rich wore. He (most likely) had desired it for these many years, but couldn’t afford it. That was when things began to fall apart.

He soon realized that the rest of his clothing didn’t match up with his taste anymore, and therefore need changing. His old rug followed suit — and got replaced with an impressive one from Damascus. Suddenly, his home wasn’t good looking enough and therefore he needed to buy some really beautiful sculptures to make them look better. It didn’t take long for him to change his kitchen table, his chair had to be replaced with a good leather one, as well as many other things.

Diderot effect has come to be known as the term for reactive purchases.

The Diderot Effect states that obtaining a new possession often creates a spiral of consumption which makes a person to acquire more new things. As a result, we end up buying things that our previous selves never needed to feel happy or fulfilled.
Sounds familiar now?

Recently, I bought a car. In all honesty, it wasn’t my first. Soon afterward — by some chance, I was in an Emmett Shop — I caught myself trying to buy five shirts. Brethren, if anyone told me I would ever walk into an Emmett Shop and begin nursing the idea of buying — not one but five shirts, I’d have ignored them because clearly, they ‘don’t know who I am’

Who’d have thought that I, Igbokwe Ifeanyichukwu, the son of Felix Igbokwe of Amaekwuru Lokpanta would walk into a shop where they sell native wears N500,000 and want to buy 1–2–3–4–5 shirts?

Looking back and considering that about half or so of the shirts I have were bought in the last three months makes it even more worrisome.
This is why folks who win lotteries can almost never sustain wealth.

This is also why so many people who got a raise are unable to increase their savings, but instead, keep acquiring more and liabilities.
Just because you got a new job and you must ‘represent’ you changed your wardrobe — which is not bad in itself, but now you’re thinking of borrowing money from the bank to change your car too.

Because you moved houses, suddenly, the car that has been serving you faithfully all these many years is no longer good enough — not because you can conveniently afford to change it, but because levels don change and you must represent.

On the other hand, if you own a business, you must understand how this plays to your advantage. The question is: when folks buy the things you sell, what else are they most tempted to buy immediately afterward?

Do you have to have it in stock? No. But you must know how someone who does and must make that knowledge so useful, that they don’t only buy both, but come back again to patronize you.

Enjoyed this?
Subscribe to my newsletter here: https://mailchi.mp/bfedfcc4f339/lifenewsletter

I enjoyed the write up, very thoughtful and helpful