Thursday, July 24, 2008

Wants, needs and likes

Most of us would have heard of wants and needs and their importance in effective goal-setting. So often our financial ambitions are thwarted because we continue to choose to buy what we want and not what we need.

This is an important aspect of money management to be aware of. While our wants are very powerful motivators and can be central to the goals we aspire to, it is important to recognise that what you think you want may only be the things that you would just like.

The fundamental difference between the two is that you put your energy and effort into acquiring the things you want, while you just wish for the things you would like. To help understand the difference, look at your behavior and the energy you put into achieving some things but not others.

Some of the failure you may have experienced in achieving goal outcomes might be because you have set your goals on things you really only would like to have rather than those that you really want.

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