Black Friday is known for its ability to bring the crazy out of people and this year was no different! Read about the evolution of these console launches and how diehard video gamers spent Thanksgiving sleeping in a parking lot for the CHANCE to purchase either a Sony Playstation 5 or Microsoft Xbox Series X/S.
Let's be honest, as we approach the end of the year it is totally ok to admit how terrible it has been.
A global pandemic, a nearly year long lockdown and a deep recession to go with it, 2020 is definitely a year I will be happy to see end next month.
However, there have been a few rays of sunshine to keep our spirits up while we wait COVID-19 out. Early November saw the two biggest companies in the video game industry, Microsoft and Sony, release their highly anticipated next generation gaming consoles. There is only one small, tiny, problem. No one can get them!
Xbox Series S and Series X
Over the last few weeks since launch day, there has been a ton of speculation as to the scarcity of these new systems, but I think once you had had time to really sit and give it some thought you will realize it is a combination of a lot of things.
For one, there is a global pandemic that has kept people locked up in their homes for almost a year. With nowhere to go and nothing to do, the idea of having a brand new gaming console sounds terrific. Add the fact that the manufacturers were willing to do whatever necessary to make this their biggest releases in history and you are starting to get the picture.
In recent interviews with the press, executives at Sony made it clear that one of their biggest concerns of launching a product of this magnitude during a pandemic was that it wouldn't have enough anticipation or ability to compete with the serious issues facing the world today. How Sony nor Microsoft couldn't see that people were going to scoop these devices up at record breaking speeds is mind-bending. By June of this year video game sales were already on the road to having record breaking sales, imagine what demand would be like 6 months later?!
There is also one more aspect to this whole release that may not have been considered by everybody when planning this launch and that is the involvement of professional scalpers and their use of cutting edge technology to "game" the system (no pun intended). Scalpers. Some of the worst of the worst, especially with these consoles.
You might be asking how Scalpers could play such a huge role in the release of a video game system. Well, let me tell you. There are two ways to purchase one of these devices, either online or in person at a retailer. Scalpers use superior technology to gain an unfair advantage during the purchase process. By using "bots", basically computer software that allows them to buy dozens (or more) consoles at speeds a human is not capable of doing, they are able to exponentially grow the demand and price of these products.
**Each console is priced at $499 USD and is currently being scalped on Ebay for $1000-$2000 USD. There are thousands of units for sale at these prices and even more shockingly, have sold at these inflated prices to desperate people trying to save Christmas**
While you might not think this is a huge deal, it actually did become one, before the devices were even actually sold. Before launch day in November both Microsoft and Sony had a pre order window that allowed customers a chance to pre purchase the device of their choice.
However, there was not an unlimited amount of consoles available meaning not everyone could have one that wanted one (another aspect that makes you wonder about the manufactures role in the problem). There is no good explanation as to why Sony and Microsoft would limit their preorders except to make the products scarce and super valuable. Consumers would definitely be willing to wait longer to get the console in their hands if it meant they were guaranteed to get one.
As 2020 moved along and we got closer to preorder day, the hype for the release of both consoles began to grow rapidly. People were getting desperate for something new, especially with the extended lockdowns! Fast forward to mid September when preorder day finally came. Reports of limited availability had been circulating for months and fans began to really get worried they would not be able to get one.
Any doubt that this release was going to be record breaking, or interfered with by scalpers, immediately dissipated when preorders began and systems crashed all over. Some chose to camp in Gamestop parking lots for the chance to place one of the coveted orders. The result left a lot of people upset and without a reservation for a console.
*Retailers like Target, Amazon, Walmart and Best Buy were completely inundated by bots and scalpers managed to walk away with the lions share of devices. We could spend hours talking about the awfulness of an online release like this but i can sum it up for you quickly today, it sucked. A large portion of people never even had the chance to add the console to their cart and many could not even get the websites to load due to the massive server overload caused by bot traffic (bots can add a product to cart and successfully checkout before a human even loads the darn product page).
If you do a quick search on Google you will find countless videos of people's experience. Its a site to see for sure.
Release Day Nightmare
Between the time preorders were taken and release day in November, each manufacturer made sure to continue hyping their products with constant advertisements, commercials, and news of "exclusive" games that would only be available for either PS5 or Xbox Series X. However, it is important to note that two of the biggest games in the world, Call of Duty Black Ops Cold War and Assassin's Creed Valhalla would be available on both platforms.
If you are a part of the gaming community then you were keenly aware of reports of continued scarcity and the added stress of professional scalpers, which added serious fuel to the fire as we approached launch day. So much so that many people made it clear that they intended to sleep outside of Gamestop for a minimum of 12 hours to heighten their chances of grabbing a console.
Unfortunately, launch day was just as crazy and way more people went home empty handed than those who were actually able to get their hands on one of these highly coveted systems. There were even reports of fights in the parking lots, people who cut the line and those who came just to obtain a console to sell for 2-3x its value.
I should mention that a lot of people were able to get the system of their choice and went home to promptly begin gaming but many more did not.
Both consoles, the PS5 and Xbox Series X were instant sellouts and gamers would not have another chance to purchase either system until the holiday season.
**Again, major retailers Walmart, Best Buy, Target and Amazon all had serious issues with their websites leaving many people distraught over their continued lack of success in obtaining a console. To add insult to injury, there were reports of people successfully checking out only to get a cancellation email hours later due to the product being "oversold."
How can billion dollar companies fail to adopt measures to prevent bot activity and ensure their actual customers are cared for? The simple, callous, New York answer is money. A sale is a sale is a sale. Why would Walmart care if scalper man buys 100 units leaving poor Timmy with coal under the tree? It's sad but the truth. Hopefully one day there will be a company of this magnitude that actually cares about its customers.
Before we move on to Black Friday, I should mention that the period between launch day (11/10-11/12) and Black Friday (11/27), it became clear to millions (yes, millions!) of people that they might not actually be able to get one of these consoles before Christmas. Lots of parents began to fear disappointing their kids, or spouses, in what has been an already tremendously difficult year and that is how we ended up with the situation that occurred during Black Friday 2020.
Gamers Sleeping Outside Gamestop On Thanksgiving
Black Friday Chaos
For the record, i would like to say that I think Black Friday encompasses everything that is wrong with America and i am a capitalist, but seriously its embarrassing.
This year Black Friday was more like two weeks if you include Cyber Monday. Retailers were taking advantage of the fact that the majority of Americans are still stuck at home with little to do other than spend money online.
Sony and Microsoft announced that there would be "plenty" of stock available for the holiday season, which is just insulting given how everything has gone since September.
Retailers began advertising deep deep discounts on every category of product and announced plans to conduct flash sales almost every day of the week of Thanksgiving leading up to Black Friday. While consoles were not being discounted as part of the sale, they would still be available and this would be the last chance to get one before Christmas(and according to reports from Sony and Microsoft product shortages could last well into 2021).
One particular retailer, Gamestop, announced plans to have both PS5 and Xbox Series X available in limited quantities at all of their locations nationwide on Black Friday. When they say limited they mean 2 to 4 of each device per store. Yes, 2 as in the number after 1 and before 3. One of their biggest retailers during the holiday season would have a handful of consoles and hundreds of thousands of people looking to buy them. This wasn't a sale anymore it was a lottery!
Keep in mind, if you go to Ebay or any one of the numerous secondary market sites online, you have the pleasure of buying a console with no wait or fuss, for $1000-$2000 USD! Consoles that cost $499 were being scalped for 2-3x their MSRP and the scalpers were able to get thousands of systems. Scalping is totally unfair, especially during a pandemic and despite my capitalist views, really should not be legal. But it is.
So here we are rapidly approaching Thanksgiving, 10 months into a seemingly never-ending pandemic, and people were faced with the choice between spending the holiday with their family or waiting outside in a parking lot for upwards of 24 hours to get either PS5 of Xbox Series X. Do I really need to ask you what choice most people made? Yes, people chose to forego their Thanksgiving plans and instead set up tents, cots or just sleep on the ground outside their local Gamestop location. This is truly madness.
Thanks to the technology age lots of potential buyers chose to monetize their experience by streaming live on popular social media platforms like Youtube and Instagram.
Oh, i forgot to mention, this year Gamestop decided to close on Thanksgiving, so those who wanted to guarantee themselves a console had to show up on Wednesday night (WEDNESDAY!!!) and wait until the doors opened on Friday (YES, FRIDAY) morning. Some locations opened promptly at 7am, while others did not open until noon. The result left eager customers spending between 24 and 48 hours on line, in a parking lot, on Thanksgiving.
Should I continue?
Let me remind you that each Gamestop location was allocated between 0 and 10 consoles with the majority of stores having 2 of each console. Common sense would dictate that no more than 10 people maximum would camp outside the store. Wrong! Reports verified with video evidence show that some locations had 100 people waiting for the chance to go home empty handed. I mean really, it sounds ludicrous because it is, its crazy! IF you know that a store only has two of an item you want, and the sale will be first come first served would you wait in line outside behind 90 people? For two days? On thanksgiving? Well, if you had looked you would have found them at every Gamestop in America.
If you are desperate to get your hands on either the Playstation 5, or Xbox Series X, and have not been able to do so yet, there is still time to do so. All you have to do is be incredibly lucky, I mean like miracle status and you should have no problem! Seriously though, there are still plenty of retailers that will have at least a handful of systems in stock before Dec 25th, you will just have to be vigilant and make securing it a top priority if you really want that console under the tree this year.
While it's possible to be frugal with many aspects of your lifestyle, there are certain events and possessions that will require you to spend a substantial amount of money. Thus, a wise course of action is to begin saving well ahead of time while thinking about your goals for the future. This way, you'll be able to maintain a stable financial state even when faced with those large expenses. The following are a few major life purchases that you should plan for.
Marriage is a joyous occasion that many people look forward to. However, a wedding can be quite expensive, often costing thousands of dollars. Your family and your future spouse's family will often contribute to covering this, but you should still prepare to spend a good deal of your own money on the ceremony. If you're in a serious relationship and are considering marriage, you should plan where the funds for the wedding will come from and take the necessary actions to accumulate them. It's also crucial to discuss financial matters with your partner, since your property will merge once you get married.
A New Car
Automobiles remain one of the top modes of transportation. As a result, you may want to purchase a new car at some point in your life. Although you may be fine with an old or used vehicle at present, you may one day be motivated by a desire to acquire something nice for yourself or by the practical needs that arise as you raise children. Whatever the case, obtaining a new car is a major life purchase that you should plan for.
In addition to setting aside funds to eventually put towards a vehicle, you should also aim to build you credit score. This is because your credit score will determine your available car loan options. The higher your credit score, the more you may be able to lower your interest rates on your car.
Owning your own residential property is a worthy objective that you may hope to make a reality one day. Ideally, you should save about 20 percent of the total cost of a house before you buy it. This will allow you to make a larger down payment and thereafter face less interest on your mortgage.
As with acquiring a car, the mortgage options that you'll have can change based on how strong your credit score is. You'll want to increase your score as much as possible in the years leading up to buying a house so that you can get more favorable interest rates. In addition to contemplating down payments and mortgages, you must also remember that you'll need to deal with property taxes, insurance, maintenance and repair fees, and sometimes homeowners' association charges.
It's also necessary to hire a real estate agent to help you with the buying process. There are different types of real estate professionals. You should know how to distinguish between buyer's agents and seller's agents so that you can obtain favorable prices on homes as well.
Many people live together before getting married and have begun the process of combining accounts and sharing responsibilities. However, some people wait to do this only after marriage, and others wait until they're married to live together. Whichever path you've chosen, it's still crucial to know a few tips to manage money together as newlyweds to determine where you should begin and how you can remain on the same page.
Discussing Money Motivations
As we begin to share money with our significant other, we soon find out what one person may rank as a priority regarding money and the other may not. As such, sitting down and discussing money motivations is important. Two people who cannot agree on how to handle money may cause serious issues. This should include:
- How to deal with money following payday. Is a percentage put into savings? Is that the day to splurge on dinner, drinks, and more?
- The frequency and size of payments made to debts. Some people like to pay minimums, whereas others pay in full or make double payments.
- What do you each consider money well spent? Is it a new 70" 4K television? Is it an investment? Is it paying as much debt off as possible?
- How do you go about consulting each other before making purchases over a certain amount?
Establishing Financial Goals
After you evaluate the motivations behind your money and how it should be spent, you'll need to spend time together hashing out financial goals. As newlyweds, there are certain things on your list that you're going to want to save for. How do you go about that? How much of each paycheck will you dedicate to a particular fund?
Some things in the future worth making a financial plan for include savings and paying down debts. This is the time to be honest about your current financial standing. If you're looking to buy a home, you'll want to assemble a first-time homeowner financial checklist to begin to develop topics of conversation. Some of the things to consider setting goals for are:
- Student loans
- Car loans
- Future children
- A house
- Medical bills
- Delinquencies on credit reports
- Vacation and rainy-day funds
- Emergency funds
The more honest and open you can be with each other about the money you have and now the debts you share, the better. Implementing plans for the best ways to have the things that you both desire while still taking care of existing demands is important. These can be uncomfortable things to talk about; however, these conversations are necessary.
Following these tips to manage money together as newlyweds will allow you to have a starting point for conversations that can be tough to start. The sooner you and your partner get on the same page with finances and the responsibilities that come with them, the easier the transition will be and the sooner you'll find success.
It's the dream: money you can count on to keep rolling in, even while you sleep.
Passive income isn't entirely passive, of course. You'll put in work up-front to get the profits rolling, so don't relax in your recliner just yet. But with so many potential sources of passive income available to you, picking one or several will mean that the day you can finally kick back will draw steadily closer.
Real estate is a tried-and-true wealth builder for a simple reason: people will always need somewhere to live. Research the market in a growing community until you know a good deal when you see it. You can maximize rent by fixing up a deteriorating property or upgrading a mediocre one. The key is to hire a property manager to do all the day-to-day landlord duties for you—and you'll need a good one. Smart investors put their profits in another property and repeat the process until they have a diverse portfolio.
A YouTube Channel
You can start a blog if you're more comfortable hiding behind a computer, but consumers are more likely to prefer video content. Post a series of “how-to" videos to answer questions about whatever you're an expert in.
You can put up any content you want, but if you don't want to commit to regularly updating it, focus on “evergreen" topics that will draw clicks for eternity. Ads will create your income, especially if your channel grows in popularity. Better yet, sign up for affiliate marketing. If you recommend a product and provide a link to buy it, you'll get a small percentage of those transactions.
If you don't mind vinyl-wrapping your car with an ad for a company, you can get cash just driving around and running your errands. Make sure you contact a reputable company that doesn't ask for any money from you; if they're the real deal, they'll evaluate your car, your driving habits, your area, and more. Bonus: the brighter the ad, the easier it'll be to find your vehicle in the parking lot.
What's something that people will pay for but doesn't require shipping on your part? Finding that item is what can supplement your income indefinitely. Write an e-book, charge for your cross-stitching patterns, design prints that people can digitally download, invent an app, record a “masterclass," or whatever else you want. Every time someone new discovers it, the cash register rings. With a little more effort, this is a potential source of passive income for you that can continue to grow. Once you build up a customer base, they might want more products. The good part is that it's up to you whether you wish to give it to them.