Stop. Look around you.
You probably see a desk, chair, and some electric cords. I know for sure you see some sort of electronic device!
All these objects have one thing in common. They all come from the Earth and are made from its resources.
Human consumption and buying habits are increasing at an alarming rate. A recent article on Resilience.org shows that the depletion of natural resources has tripled over the last 40 years!
From a young age, we get taught that every decision we make has consequences. Unfortunately, we have been ignoring our wrongs and their results for far too long. We all must change before it’s too late.
Humanity must practice conscious consumption. We all need to be aware of the impact that our purchases have. Not only on ourselves, but on everything around us as well.
Purchasing a good or service is much more complicated than a simple economic transaction. It’s one that also includes countless repercussions.
Conscious consumption is concerned with impact. It’s a social movement that has to do with the effects our purchasing decisions have on our health, life, and the environment.
Conscious consumption involves the money we spend on our top expenses. It has to do with where we live, how we move, and the food we consume. This advancement is also interested in how ingredients are grown, processed, packaged, and what happens to all the by-products when we have finished devouring them.
The goal of conscious consumption is caring about the world and its future. Everyone must be informed about their own purchasing decisions. It’s crucial to make sure our choices have a positive social, economic, political, and environmental impact.
Today’s economy is not ecologically sustainable. People around the world are beginning to realize that the planet can not support our current levels of consumption.
It’s not a holiday. There’s nothing to celebrate. It’s just plain sad.
Earth Overshoot Day is the date we reach each year when our demand for the Earth’s resources exceeds what it’s able to produce. This event has occurred each of the last 50 years. That’s half a century of over-consumption! How much longer do you think our precious planet can support us and these habits?
Every year Earth Overshoot Day is taking place earlier and happening faster. In 1999, it occurred on September 29th. While, in 2019, it fell on July 29th. Two full months quicker!
The personal finance equivalent of Earth Overshoot Day is living above your means, taking out consumer debt, and not saving for your future. If this describes you, stop! Start living on a budget, paying off your debt, and planning for your future.
As people work and get promoted, they get forced to put in more hours on the job. Their increase in working hours gives them less time to connect with their family and friends. as well as spend time on hobbies and other passions.
The first step to becoming a conscious consumer is to re-evaluate your work-life balance. Take a hard look at where you spend each of your 168 hours every week.
How do you feel about the current use of your time?
Most conscious consumers choose to spend less money to have more time for the things they decide are most important. Many conclude that working fewer hours and spending less money results in greater happiness!
One of my favorite quotes is by Peter Lynch, one of the most successful investors of all-time. He said, “I don’t know anyone who said on their deathbed: Gee, I wish I would have spent more time at the office.”
Minimalism is on the rise too. People are owning less, purchasing less, and wasting less, in an effort to have more! Extra time and money to pursue meaning and true happiness in their lives.
Review your consumption habits. Then consider these questions before you buy.
You have the power to enact change. Vote with your dollars by purchasing products that align with your values and are environmentally friendly. If you stop buying the goods that are not, then these companies will be forced to adapt or fail. Both of which are good for you and the world!
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Recently (Pre-Covid 19), I had the opportunity to spend a few months in Southeast Asia. I was amazed that many of these countries had more advanced sustainability practices than we do in the United States.
Many of these nations are banning plastic products and opting for paper instead. Some are choosing natural products, too. It’s common in parts of Asia to receive food served on banana leaves, instead of its non-biodegradable alternatives.
While I was in Thailand, they even instituted a countrywide plastic bag ban! They concluded plastic bags are terrible for the environment and they can use substitutes instead. For your viewing pleasure, here is one enterprising man’s version of the new bag.
If poorer, less advanced countries are figuring out solutions and taking massive action, then why aren’t we?
Humans must rethink our views on price and the concept of expensive or cheap. When something costs less money, it doesn’t mean it’s the better buy or has a smaller impact. Unfortunately, the opposite is typically true.
Think about the fast-food industry. It grows, packages, and transports food all over the country. Then, consumes more energy to cook and prepare the meals. In the end, we are left with nothing but non-recyclable packaging, wrappers, and utensils – aka trash!
We need to change the way we determine what we buy. We must consider how much of these products we should actually use, how long they will last, and the never-ending effects of our consumption.
Practicing sustainable investing and being a conscious consumer is not about rejecting capitalism. It’s concerned with making informed and sustainable choices.
Re-evaluate your investment portfolio. Review each publicly traded company you own on Yahoo! Finance. Then check its sustainability score and controversy level.
Do all the companies you own align with your values? Are you supporting companies that have negative impacts on the environment?
This may open your eyes up to the negative affects your money is having and prompt you to sell!
We have only one Earth. There is no Planet B.
If we care about our children and their future as much as we claim to, then we must protect the environment. Both land and ocean are essential for humans to produce food and survive. If we don’t, how will future generations be able to meet their most basic needs?
In a Conference Board Survey, 81% of consumers worldwide feel strongly that companies should do more to preserve the environment. Shoppers in less developed parts of the world, like Asia and Central America, are leading the change. They are choosing to buy sustainable products. Many of the goods we consume are produced in their countries. They know and see first hand, how detrimental the impacts of over consumption are.
Our time on Earth is limited, but our trash is not. When we die, many of the products we have used throughout our lifetime will still be here, slowly decomposing and outliving us by 100s of years!
Compared to much of the world, American’s are rich. But that doesn’t mean we are more entitled to the Earth’s resources than anyone else, or that we should buy everything we want and can afford.
We are all to blame for the current state of the world and our over-consumption habits. But, if we are all part of the problem, then we must also be part of the solution!
We can all do better. We have the choice to purchase items that are sustainable and less environmentally impactful. We have the means to do it and we must start right this second!
Conscious consumption isn’t easy. But then again, nothing worth doing ever is.
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