1646: Prioritizing Wants Versus Needs AND The Unexpected Emergency Funds Philip Dancy of Dancy With Money

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Investing, Business, Education, Self-improvement

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🗓️ 11 September 2021

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

Philip Dancy of Dancy With Money shares two short posts covering wants versus needs, and unexpected emergency funds Episode 1646: Prioritizing Wants Versus Needs AND The Unexpected Emergency Funds Philip Dancy of Dancy With Money Philip Dancy joined one of the top investment banking firms upon his graduation from the Five Year MBA program at Hampton University. After starting his career in New York City and getting his first check, he understood that this “adulting” life wasn’t going to be simple. However, the one thing he knew he had to do was create a budget for himself. Through a period of trial and error, Philip was able to establish a solid foundation. As a result, Philip reached a point where he was comfortable and on a trajectory towards financial freedom. Philip’s main goal is to help millennials and Gen Z’ers (but ultimately everyone) establish a strong financial foundation through coaching while helping them turn steps into strides. The original posts are located here: https://dancywithmoney.com/blog/prioritizing-wants-vs-needs & https://dancywithmoney.com/blog/how-to-start-an-emergency-fund Please Rate & Review the Show! Visit Me Online at OLDPodcast.com and in The O.L.D. Facebook Group Join the Ol' Family to get your Free Gifts Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

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0:00.0	This is Optimal Finance Daily, episode 1646, prioritizing wants versus needs, and the unexpected
0:09.2	emergency funds, both by Philip Dancy of DancyWithMoney.com. And on your host and personal
0:16.8	finance enthusiast, Diana Mariam, this is the show where I read to you and to myself, frankly,
0:23.1	from some of the best personal finance blogs on the planet every single day. Do you have a question
0:28.4	you'd like answered here on the show? Go ahead and send it over to finance at oldpodcast.com,
0:34.0	and you will hear from me soon. Even if your question isn't answered on a Q&A episode,
0:38.8	I do my very best to answer every email. And I actually have two posts today, so let's get
0:44.4	right to them and start optimizing your life. Prioritizing wants versus needs by Philip Dancy
0:55.1	of DancyWithMoney.com. Manacures, gym memberships, savage fenty, new car,
1:02.5	Jordans, multiple vacations, professional hair stylist. Depending on who's viewing this list,
1:08.7	one may classify these as wants, needs, or even a mix of the two. And that's perfectly okay.
1:14.7	We're human and we all want things that bring enjoyment and satisfaction to our lives.
1:19.1	However, understanding the difference between the two can be crucial in helping us build or
1:24.0	maintain our financial health. So exactly what is the difference between a want and a need?
1:30.3	I define the difference this way. A want is an item or experience that brings you a level of
1:36.4	satisfaction that you feel you can't live without, but you really can, such as Netflix,
1:42.2	going to the bar or eating out. A need is an item or experience that is essential to your day-to-day
1:48.6	life, such as food, water, or a cardigan to work. By a simple definition, nobody's wants and
1:55.8	needs are going to be the same because everyone has different values. If you were to take a couple
2:00.4	minutes to write down your wants and needs and order them by importance, you might shock yourself
2:05.7	by discovering what you really value. That need to have a monthly gym membership might be a
2:11.6	want if it falls lower on the spectrum of importance. But now that you know the difference,
	...

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