Teaching you to embrace today while making yourself a millionaire!

I wish I would have understood how easy it is to become a millionaire by starting to save small amounts of money when I was younger...

I feel compelled to share the simple concepts you can apply today....


03 August 2010

Wants vs. Needs

We learn it early on - the difference between a want and a need. However - it's a lifelong lesson and sometimes, we have to take the time to learn it over...and over...and over again!

Sometimes the ability to distinguish the want versus the need lies in the effectiveness of a good marketing ploy.

We all know we NEED food to live. But, McDonald's, Burger King, Subway, any restaurant works hard and spends a lot of money to make sure we eat their food. The makers of Snickers candy bar even has the tagline, "Snicker's satisfies." The marketing brains behind these operations are trying to convince us that their product is the best thing to fill our NEED for food but unless we're trapped on a deserted island and the only option is a McDonald's kiosk - let's face it. That need is probably a want.

Can we live off fast food and Snickers? Sure - many people exclusively eat fast food. We've even heard of a guy who wrote a book on his daily Big Mac (should be some fun reading there - "Monday, I ate a burger. Tuesday, I ate a burger. Wednesday, I ate a burger...") But is that Big Mac a want or a need?

Let's say you're five miles from home and starving. McDonald's is just on the left and oh what you wouldn't give for a Big Mac and Fries. But - home is just a few more miles away and you just bought groceries yesterday, including the fixin's for hamburgers. At this point - the craving becomes a want instead of a need. You have food, you have access to food, and yet you may be willing to let your want override the fact that money has already been spent to supply the need.

It's in this mentality of want versus need that we often find ourselves in financial shortages. We've focused too much on the want and not enough on conscience spending.

How do you combat the want versus the need? Do you find yourself falling victim to marketing schemes designed to make wants look like needs?

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