Wealthy Wednesdays is a post where you’ll find a piece of financial advice or two that we report on from around the Web. This came about from a post we wrote sometime in March, called “What is the Single, Most Effective Piece of Financial Advice You’ve Ever Received?” Here’s our first Wealthy Wednesdays’ post!
Feel free to agree or dispute the advice we are reporting on here – we may or may not agree with it, either, but whatever we choose will always be food for thought. And we don’t always want to give you the typical stuff that financial magazines offer—we want to offer some new and old-not-so-mainstream voices, original thinkers, outliers, etc. Maybe something will resonate with you…maybe not…and we may not always agree or advise that you take the advice (and disclaimer, we here at TFF are not financial advisers or certified in the financial industry in any way, shape or form), but we do believe in having thoughtful conversations about money and finances.
Financial advice excerpted from Wise Bread’s article, “The Only 6 Rules of Frugal Living You Need to Know,” April 8, 2016 (and we love the rest of the advice, as well):
Know the Difference Between a Want and a Need
As I write this, there are throngs of advertisers plotting new ways to help consumers confuse wants and needs. It’s big business. In reality, our needs are fairly straightforward (nourishing food, secure shelter, good healthcare, etc.).
But what about that self-cleaning, solar-powered, lavender-infused kitty litter box that you can control with your smartphone? What sort of primitive existence would you be reduced to without this life-changing gadget?
Let’s face it: Being able to distinguish what we want from what we need is a prerequisite for making wise buying decisions. If you can’t master this skill, your needs will be endless and your paycheck will never keep up. ~ By Kentin Waits