dEcIpHeRiNg | Wants vs. Needs

wants vs needsWe live in a society that is bent on consumerism and consumables and stuff that we really don’t need.  Really, the media marketing messages have to share a lot of blame in this as they portray products and services that make you believe that you can’t live without.

Having said that, it also comes down to personalities and a person’s will power to just say no to consumerism and stuff that they ‘just have to have’. 

Nothing will destroy your wealth quicker and dash your dreams of financial independence, than succumbing to the message of consumerism.

It’s been said in some circles and fact sheets, that we as a people can be bombarded with many thousands of marketing messages in a day! 

 

Having said that it’s going to imperative that you start to decipher wants vs. needs
Giving up to the temptation of what we want can many times put us in more desperate financial situations as well as make us end up with a lot of useless stuff.  Do we really need six televisions, a thousand dollar massage chair and 400 channels on cable?


I implore that you ask yourself those questions and meditate and visualize on them deeply.  This method of self exploration will force you to possibly make better financial decisions in the future so you don’t end up with a bunch of crap and instead get closer to your goals of Financial Freedom.

 

Applying the 7 Day Oprah Principle

Something that I know will ultimately help curb and even eliminate unwanted spending is what I refer to as the “7 Day Oprah Principle”.  As you may already know, Oprah Winfrey is consistently on the list of being one of the world’s richest women.  This lady and media mogul is worth upwards of a billion dollars and counting.  So, wouldn’t it make sense to apply her own wants vs. needs principle to your own life? 

Here’s how it works, let’s say you walk by a department store and you see a mannequin dressed in a suit of clothes that you just have to have. 

Applying the Oprah 7 day principle, you would wait 7 days and see if you really feel that you need the item after 7 days.  Most of the time and for most people, the feeling subsides or they start to question if it’s a good financial decision.

 

As you can see, you really want to curb spending and obtaining more of your wants.  Stick to what you really need and splurge on wants just occasionally as a reward, rather than every time a ‘feeling’ comes up.

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Category: Wealth