Personal Finance 

Learning From Virtual Spending

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The NY Times has an interesting, or not interesting at all depending on your perspective, article about the need for more stuff in the virtual world of Second Life. That’s right, in a virtual world where the objects are not real, people are paying are actually paying out real money (by proxy in terms of Linden dollars) to buy stuff. People are working “jobs,” getting paid, and buying new hair, clothes, etc.

What people spending money on in Second Life, a virtual world that has no bearing on real life, is very much like what we collectively spend money on in real life. People works so they can afford to buy new hair styles, new clothes, new bodies; just so they don’t look like the newbie on the block. Having never played Second Life for more than a few minutes to see what the buzz was about, I can’t speak from personal experience, but in reading that article it sounds like people still feel a need to “fit in” by not looking like the “lowest class,” the newbies. They go to bars, they buy virtual drinks that don’t do anything, and all the while they work jobs so they have Linden dollars to spend on things that don’t at all matter. “They don’t need to have drinks in their hands at the virtual bar, but they buy cocktails anyway, just to look right, to feel comfortable.”

What can we learn from this? In Second Life, the money is practically meaningless (40k Linden = $150 USD), but in real life the money is very much real ($1 USD = $1 USD 🙂 ) and one should try to spend as little “fitting in” money as possible. It’s one thing to buy a pair of jeans because you think they look nice, they’re comfortable, or whatever other personal reason that would compel you to buy jeans. It’s another thing if you’re buying them because you think it’ll make you feel like you’re fitting in but you otherwise wouldn’t want to. This is how people end up buying expensive cars or jewelry that they think will garner them respect (perhaps for their earning prowess) but ultimately bring little internal happiness to their lives.

How’s this for a great quote from the article:

“It’s hard not to fall into that [referring to buying new clothes so you don’t stick at out a newbie],” Mr. Yee [doctorate from Stanford in communication] said. “There are shops everywhere, so it’s easy to say, ‘Oh, O.K., I guess I’ll get a better pair of jeans.’ ”

Sounds like a mall.

{ 3 comments, please add your thoughts now! }

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3 Responses to “Learning From Virtual Spending”

  1. Chris says:

    I’ve never heard of Second Life before, but I find it very interesting and absurd at the same time. I can see what drives people in the game and it’s basically that same as in real life only it’s a bit easier to be successful in the game. Essentially it’s just like the PC game “the sims”. And people make some big money off of that too!

  2. Patrick says:

    I find it interesting that there has already been one preson to earn $1 million real dollars playing Second Life. you better believe I would have cashed that money in right away! I think it is a great business model for the company. Get people to spend money on vitural real estate, etc.

  3. Mrs. Micah says:

    That game seems amazing to me. I’m amazed that, on the one hand, people take it so seriously–but also that people seem to develop such lucrative business opportunities on it, like Patrick mentions. I’ve heard of people coming up with all kinds of stuff, some of which translates to the “first” life.

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