Monday, September 7, 2009

Needs, Wants, and Delaying Gratification

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Last week, I wrote a post on delaying gratification and it created a lot of talk, comments, and emails to me. Now, I am in the process of putting together a series of "how to delay gratification?" for this blog.

I see that this is something that a lot of us struggle with so I think it is a topic that should get a considerable amount of attention. Thank you for all of your good ideas and suggestions on this topic.

I found this article at Lifehacker and I thought it was a perfect acronym. After reading the blog post, I wrote this on a sticky note and put it on my credit card in my wallet. I like having little reminders to make me think before buying.

I would like to share it with you because I think it is truly a great little technique.

W.E.A.L.T.H

Want or Need?- Is the item that I am about to purchase a want or a need?


Ego?- Is my ego getting in the way of finances?


Add-ons?- Do I need this fantastic shampoo and conditioner after my hair cut?


Lifestyle?- Am I just trying to keep up with others with this purchase?


Time?- Will this purchase save me time?


Happiness?- Does this purchase make me happy? Or will I regret it later?


On that same note, I never regret saving and not spending. But I always seem to regret some purchases. This acronym is intended to make you slow down and think before you buy. In my experience, wealthy individuals think and do a lot of research before they purchase an item. It slows the buying process down and ensures that you aren't wasting money.

No one ever wants to lose money.


Best wishes,

Janie

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