Charles Schwab has launched a new video series to help investors curtail impulse spending. The series, titled “Oh Chuck! I Blew My Cash,” features Schwab Founder Chuck Schwab listening and offering advice to six people who made ill-advised but humorous spending decisions.
The videos can be found on Schwab’s Facebook page and on YouTube. The Schwab Facebook page is also hosting a contest inviting the general public to submit their own true stories. Visitors to the page will be able to determine the finalists for the contest by voting on which stories they like the best, and Schwab will determine the ultimate winners. The grand prize will be $10,000 deposited in a Schwab brokerage account. The contest will run from May 29 to June 26, 2012.
“We’ve all made impulse purchases, yet in the back of our minds we’re aware of the important balance between spending and saving,” stated Laurine Garrity, Schwab’s chief marketing officer. “Saving and investing are serious topics, but the seriousness can sometimes get in the way of addressing the issues, so we took a light-hearted approach to the topic while also trying to highlight some ways to get on the right financial track.”