Needs vs. Wants -- PB94

Aug 7, 2018

Marcus kicks off the show recapping a recent trip he took to NYC, for a Yahoo Finance interview. On his way to the hotel, he get’s convinced to hop in a sketchy Uber-like service and is hit with a huge bill at the end of his ride. If you have a similar tale of Uber in the City, share your funniest / craziest ride-share experience (Uber, Lyft, Taxi, etc.) on social media with #RideScare for a chance to receive a shout-out on the show!

Back on the personal finance tip, the guys then delve into a conversation about moving and finding the right apartment with the right amenities, for the right price. This leads into a bigger conversation about “Needs vs. Wants”. In this episode, you’ll hear their personal strategies for finding an apartment that fits your budget and lifestyle, while compromising on some things you think you need.

Show Highlights:

• Renting an apartment with more space means you need to purchase more furniture to fill it.
• Ask your property management company about potential offerings/deals, when faced with a lease renewal.
• Stop betting against future earnings versus your current reality. Don’t bank on money that you’re expecting in the future, it may not come to fruition.
• A good way to practice financial responsibility when getting a raise or a bonus is to practice the 80/20 rule. Save 80% and enjoy the other 20%.
• The three biggest expenses are housing, transportation and food, in that order.
• If you’re planning on moving, determine the cost of your time, during your new commute.
• When determining your needs vs. wants, figure out your housing amenities and the things in your lifestyle that are non-negotiable.
• Write down your needs and wants then walk away. After a few weeks, re-visit the list and determine what you REALLY need.
• Don’t get caught up in the way you peers live. Make financial decisions for you and/or your spouse that are going to help you create your best life.
• When in a tough position, gauge how long you can go sacrificing needs.

The Takeaway:

Write down your needs and wants then walk away. After a few weeks re-visit the list and determine what you REALLY need. You’d be surprised at what you can shift to the“want” column.

Announcements

• Forbes ft Marcus Garrett - How To Kick Debt To The Curb: Advice From The Experts
• YahooFinance (video) ft. Marcus Garrett of Paychecks and Balances: 4 tips to increase your salary 400%
• YahooFinance (video) ft. Marcus Garrett of Paychecks and Balances: Managing Your Credit Card Debt

References Mentioned in this Show

• Five Expenses That Will Consume 50 Percent Of Your Lifetime Earnings
• ICYMI - I Got My Expenses Down to 50% of My Income

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