Want vs. Need
Mindset and behavior change is hard
Achieving financial freedom is a want and a choice. The interesting thing about financial freedom is that it’s an outcome that requires a great deal of mindset and behavior change to achieve. In fact, I think the most difficult thing about achieving financial freedom, like most challenging endeavors, is behaving in ways that support the outcome.
One challenge is that it’s so easy to justify behavior. Usually, it starts with a thought, “I need…”. I need my coffee. I need a haircut. I need a new car. Sometimes we use the term “need” for effect, yet many things we say we need are things we really just want. Understand the difference between want and need, for yourself. Defining the difference between wants and needs provides a perspective that will become the lenses through which you view the world. And, it will make a world of difference on your journey to financial freedom.
If you’re serious about achieving financial freedom, here are a couple of tricks you can quickly implement that don’t require you to build new habits. 1) Don’t save credit cards online. Instead, enter your credit card each time you make an online purchase. The added friction may help reduce or eliminate impulse purchases. 2) Set up an automated transfer to deposit a designated amount from your paycheck into savings each month. Once set, you won’t have to think about it again.
What are a few of the behaviors you’ve recently had to work to change to achieve your desired outcome?
Agree? Disagree? Have something to add? I’d love to hear your thoughts.
Disclaimer: The above is an opinion intended for information purposes only. Seek a licensed professional for financial advice.
