The phone you presently own is still functional and has all the basic requirements to facilitate your communication needs yet you decide to change it for “the latest one”. It’s amazing that the things you use your phone for regularly are available on some of the cheapest phones available? Which car does Bill Gates drive? Which year was it made? Truly wealthy people purchase things that they actually need. If you change your car every 2 years that is fine. The question is why? If it’s because brand new cars are cheaper to maintain...Good but if it is because that’s what your colleagues are doing then that may be frowned at. What is a need to Peter may be a want to Paul. That’s not saying you should not enjoy your self but remember to delay gratuity and make profitable expenses. Plan how you will spend your money just like you plan investment. Consider being the role model for others to follow and not vice versa. You too can be a pace setter. What does it matter if the IT student’s phone is more expensive than yours?
What is a want today might be a need tomorrow so there’s no hard and fast rule to it. Just make sure your financial priorities are set right. “JONES” Are people we try to imitate their lifestyle and habits. They are people we subconsciously measure our living standard against.
What is a want today might be a need tomorrow so there’s no hard and fast rule to it. Just make sure your financial priorities are set right.
“JONES” Are people we try to imitate their lifestyle and habits. They are people we subconsciously measure our living standard against.
What is a need to Peter may be a want to Paul. I am not saying you should not enjoy your self but do it as you planned, which is set a goal for enjoyment. You definitely set a goal to earn the money so why don’t you set a goal to expend it! And make sure it is not a strain to your pocket. There’s a difference (huge) between buying something and actually being able to afford it. Consider been copied at the workplace instead of you coping others. You too can be a pace setter. What does it matter if the IT student’s phone is more expensive than yours?
Let’s consider wisdom from an excerpt of one of my books “Empower Yourself: The Making of a Legend” We are all fond of acquiring new things. We generally look forward to our next purchase. While purchasing or buying is good, we need to ensure that what we are buying is essential. Why are you buying it? Is it because you saw Mr. A’s or Mr. B’s possession or because a need exists that the product can adequately fill?
Purchases can generally be categorized into two; assets and liabilities. An asset is a valuable or useful item that can create income while a liability is a thing that causes problems or financial obligation or debt. In other words, assets put money in your pocket while liabilities take money out of your pocket. Examples of assets include
· Equipment or machine that can be used in production
· Business that do not require your presence
· Shares and bonds
· Real estate
· Anything that appreciates with time i.e. art works
Avoid purchasing on impulse. Your judgments are generally impaired under such conditions. Acquire assets that will increase your wealth in the real sense of it. Before you buy a car or other equipment, ensure you find out from people who know about it very well. Consult people who are presently using the equipment or who repairs it in the location you intend to use it.
Securing information from the marketer only is not always the best. Sincerely you will save yourself a lot of headache. Your purchases henceforth should be based on research and wise judgment. Embrace delayed gratification and see how much more finance you can free up for investment.
Oluyemi Adeosun (workplace analyst)
A Consultant with Generis Solutions