The same day this blog began, an Instagram account with the handle mydailyomelette also went live. The idea was to take an activity I really enjoy and turn it into a commercial enterprise. I read about the many social media “influencers” who drive tens of thousands of followers to purchase products and services advertised on the platform. Why not combine something I love and possibly start a new side hustle at the same time?

Mr. FIRE Power is an enormous breakfast fan. This appreciation for the morning meal goes far beyond a casual interest. Some might call him a “breakfast aficionado.”

After a morning run and a cup of coffee, I move on to preparing breakfast. It’s been brought to my attention that it is unusual to make a full breakfast every morning. I’ve heard that an omelette and a side of meat is “too much food” for a normal day. I humbly disagree. My morning begins only after the omelette preparation concludes.

With this extreme appreciation for the morning meal and a passing interest in developing a social media following, the natural step was to open an Instagram account to catalog my daily omelette preparation. In time this might even develop into a reasonable side hustle. 

The online research suggests that an individual can commercialize an Instagram account with around 10,000 followers. Fewer, in an extremely unique niche, like annuities. Go figure. 

How long does it take to get to 10,000 followers? A month? Five years? I have no idea. I would figure it out as I went along. On April 27, mydailyomelette launched. 

Expense Justification Syndrome (EJS)

Thanks for sticking around this long. Omelettes lead to points, I promise. 

An iPhone X took the first omelette picture. It was a six egg behemoth, smothered in green chili, and filled with a variety of meats and peppers. It was a truly lovely creation that should have instantly elicited the adoration of the global community. And yet the picture was a little dark. The delicious green chili looked grey and depressing. The lighting was clearly all wrong. Not one single like. 

This had to improve. More omelette pictures would follow. More disappointment. What was going wrong? 

Reviewing the pictures, it was clear the light was off. How could I convey the majestic grandeur of the omelette without illumination? I figured I should ask a pro.

Mr. FIRE Power’s ol’ buddy Richie is a professional photographer who travels Asia to shoot the most interesting cities and landscapes. He doesn’t shoot a whole lot of omelettes, but we wont hold that against him. I reached out to Richie to ask about light. 

I tried taking a photo on the balcony in the sun light. It still lacked a certain je ne sais quoi.

I came to the conclusion that a light box was the only thing that would resolve my picture problems. I justified the purchase knowing that this would widen the appeal of my morning omelette, increase followers, and lead to a sustainable business model. Moments later I was the proud owner of a $26 light box. 

A few days later the light box was set-up and ready to stage an omelette. Boy, what a difference some illumination would make, I thought. Dozens of people will follow me after this next photo. Another photo, another disappointment. 

The light was perfect, but the iPhone camera wasn’t cutting it. All I needed now was a higher quality photo. I remembered a gift given a few Christmases ago, a beautiful Sony camera. Legion of followers here I come. 

The pictures kept getting better. But something was still missing. After a little research I learned that the perfect picture requires a steady hand and a long exposure time. Unfortunately, each picture taken came out blurry. I needed a tripod to steady the shot. The purchase was easily justified. An investment had already been made in the light box. A tripod was a minor purchase that would maximize the benefit of the previous purchase and finally get me to the point of a large following. With another $20 I became the proud new owner of a tripod. 

You get the picture (ha!). When reality fell short of the ideal image (double ha!) something new was needed to fill the gap. 

Of course the tripod was not the last of it. Now I’m thinking an upgrade to the camera lens is the very vey last purchase I need to make. It’s a big one, the lens I’m looking at is more than $700. But it is recommended by someone called the snobbyfoodie! It is absolutely necessary to take top notch food pictures. Just look at that egg! Its beautiful.

The expense justification syndrome is kicking in. I need the new camera lens because…

• The lens will elevate this Instagram account, where I have 8 followers today, this lens will significantly increase the quality of content and attract new followers. 
• That will get me to 10,000 followers quickly. Then I can start commercializing the blog! Selling spatulas, non-stick pans, the masses of omelette lovers need a social media guide to direct them toward cool shit to buy!
• Seeing clear, high quality omelettes will inspire others to start their day with an omelette, improving overall health. Not only will I be profiting, I’ll be helping people. 
• In addition to the side hustle revenue this lens will generate, it can also take portrait photos. Not only will it make me money, high quality memories will forever be burned into digital space. 

Whoa. That got out of hand quick. Lets take a step back. I raved a few weeks ago about saving $1500 a year by cutting back on Starbucks coffee. Now I’m thinking about spending half those savings on a camera lens?! 

It sounds crazy, but I’ll bet every person reading has been in a similar situation. A large expense emerges, you really want it, you probably don’t need it, but yet you find a justification to purchase it. It is one of the reasons why Americans are such overwrought consumers. 

As a condition, EJS it is not even restricted to big-ticket items. The girlfriend of a certain financial independence-focused blogger recently remarked that $40 “performance” socks are an extremely reasonable investment. When they went on sale it was impossible not to buy them!

Fear not, the first step to overcoming expense justification syndrome is to recognize it is a problem. What can can be done?

Address the root of desire

In the Instagram example above, each purchase is predicated on growing follower numbers. But that too is an idea built on another–developing a side hustle with a passive income stream. There is the root.

Is building an Instagram from scratch a reasonable way to develop revenue? Possibly over time, but to date no revenue has been generated. Instead of buying more unnecessary tools to reach for an unrealistic goal, instead, spend time on developing a side hustle that generates revenue. Learn to DJ. Rent out an Airbnb. Throw a party.

I enjoy both cooking omelettes and publishing pictures of said omelettes on Instagram, so mydailyomelette will live on. But the new camera lens will just have to wait, for now.

Understand the costs

Spending less means more is invested. It is the key method for achieving financial independence.

Recognize that every new purchase moves financial independence further into the future. You might be willing to pay $700 for a camera lens today, but if your goal is financial independence as quickly as possible, that camera lens may extend financial independence by three working months when we consider compounding interest over ten years. Are you willing to put off financial independence for three extra months to take slightly higher quality pictures today?

Visualize the alternative

Instead of justifying a new purchase, take that money and invest all or part of it in an index mutual fund. That purchase justifies itself.

In a previous post one reader shared her savings strategy: “I started a shopping/saving habit in 2015 that works well (when I adhere to it). I noticed that when I make an impulse buy online, I will sometimes forget that I even purchased the thing until it arrives. What I started doing was before I clicked “purchase” on that impulse buy, I stop and instead send the equivalent value to my Wealthfront personal savings portfolio. I get all the instant gratification of impulse buying, but instead put it in savings!”

Conclusion

Expense justification syndrome strikes us all. It maximizes spending at the expense of savings. Keep EJS in mind when the rationale starts spooling up before the next big purchase.