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Thank you for tuning into another episode of the Mind of a Millionaire podcast. This week we are discussing wants vs. needs. As you’ll hear, it takes a little while for Zak and Austyn to fully illustrate the idea being portrayed, but it’s a fun discussion, nonetheless.
Often times it’s easy to lose sight of the things we want and the things we need. The example we choose to use in the podcast is the college mindset. In college, we all live off next to nothing. We eat Ramen Noodles and drink Gatorade. We bike to school when we can’t afford gas. We have limited cash-flow as we are spending everything on school, rent, etc.
Now we aren’t saying you should live like a broke college student. Chances are, you’ve come a long way since your university days and you’re most likely earning a higher income. Therefore, you should eat better food and live in a nicer home and drive a nicer car. However, it may be beneficial at times to put yourself in your worn-down college shoes and think “is this a want or a need?”
If you want to be financially independent, you may have to practice humility [1:40]
The College Mentality [3:55]
- Don’t live your parent’s lifestyle [4:33]
“You have to take a humble pill.” [7:02]
Jealousy vs. Envy [7:36]
Affording the luxuries that you want and that work with your budget [10:37]
The convenience of water [11:03]
Paying cash vs. financing a new car [12:34]
- Wall Street Journal: The Seven-Year Auto Loan: America’s Middle Class Can’t Afford Its Cars [13:48]
- Wall Street Journal: A $45,000 Laon for a $27,000 Ride: More Borrowers Are Going Underwater on Car Loans [16:01]
Putting things into perspective [19:17]
Spending money on what you value, but get rid of the things you don’t [21:41]
Thank you for listening; we hope you enjoyed! If you have any thoughts or want to chat about wants vs. needs, please don’t hesitate to reach out. We would love to hear from you. If you’re having trouble with your expenses or just curious about your spending, download our free expenses worksheet here.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
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