Finance 101 – Control your wants
To want is to be motivated to work hard for the material lifestyle that you desire. This is a good thing that is one of the basic yet questionable American values. To dream is to have wants that are unobtainable due to the fact that you do not have the earning power to obtain such riches. Dreaming is fun, but don’t get depressed because Vegas or the lotto is not working out for you.
Understand the difference between a want and a need. You need a car, you want BMW. Your son may need college tuition; the extra $100 per month that you save on forgoing your BMW dream for another 5 years could be redirected into a college savings fund. In America the priority is to make money. Everyone around you wants your money. Every commercial is to get your money. We must understand that our wallets are under constant attack. The objective of marketing firms and advertising agencies is to make you think you want or need their product so you can validate yourself. Don’t fall for the hype.
Have a Balanced value system. Learn to indulge in the qualities of life to a reasonable extent. Know how to value and appreciate the lifestyle that says, “I can buy that car, that purse and that suit, but I find great comfort in having a fat bank account more than a luxury automobile, a posh this or a trendy that. Delay your wants for another period in your life. Don’t try to live outside your means because the Jones’ got a new car, or you need additional validation of your manhood or worth. What percentage of your monthly income should go towards transportation, 10%, 25%, maybe 40%?
This posting reminds me of being in church and the pastor says “somebody in here is searching for their blessing but not allowing God to work…can I get a witness” Blah blah blah! Then everybody looks around wondering if he’s looking at them thinking it must be a message for me…While BMW is not my Vehicle of choice, I have been playing double dutch with the idea of a new whip! It is definitely a desire not a need…I now feel convicted! I guess I’ll call that car broker and say never mind dude! Thanks for the guilt trip!
I agree; we need a culture change!
So many adolescents and adults are too concerned with buying the latest style purse, shoes, clothes, rims, and jewelry. Even I have been guilty of shopping on payday weekend, before making sure all of my bills were paid for the month, or before checking my budget. I definitely know people who spend about half of their monthly income on their car, when you include the car note, car insurance, and the rims that they’re financing.
Sometimes we feel pressured to buy these material items in order to fill validated. Like Kanye West says, “we all are a little self conscious.” However, now that I am a little more mature and concerned with my future, I’d rather suffer a little ridicule, than to not be financial stable now and in the future.