2817: Prioritizing Wants versus Needs AND The Unexpected Emergency Funds Philip Dancy on Financial Advice

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Self-improvement, Education, Business

4.5 • 1.3K Ratings

🗓️ 3 August 2024

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2817: Philip Dancy's insightful pieces on distinguishing "wants" from "needs" and the importance of emergency funds provide practical advice for financial health. By understanding and prioritizing true needs, you can effectively manage your budget and savings, ensuring you’re prepared for unexpected expenses while still enjoying life’s pleasures. Read along with the original article(s) here: https://dancywithmoney.com/blog/prioritizing-wants-vs-needs & https://dancywithmoney.com/blog/how-to-start-an-emergency-fund Quotes to ponder: "A 'want' is an item or experience that brings you a level of satisfaction that you feel you can’t live without...but you really can!" "By taking on unnecessary debt, there is a big chance you may fall into the debt cycle." "It took me almost two years to get my emergency savings to 6 months." Episode references: EconoMe Conference: https://www.economeconference.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	If just thinking about your bills makes you feel confused and disorientated,
0:05.0	like your head is full of Raspberry,
0:08.0	then you need Monzo.
0:10.0	Download your new favorite bank and pay bills from custom pots.
0:15.0	Money never felt like Monzo.
0:18.0	UK residents, T's and C supply.
0:21.0	This is optimal finance daily. Prioritizing wants versus needs and the unexpected emergency funds, both
0:30.9	by Philip Dancy of Dancy with Money.com and I'm your host and personal finance
0:36.9	enthusiasts Diana Mariam this is the show where I read to you and to myself
0:42.0	frankly from some of the best personal finance
0:44.6	blogs on the planet every single day and I actually have two posts today so
0:49.4	let's get right to them and start optimizing your life.
1:10.5	Prioritizing Wants versus Needs by Philip Dancy of Dancy with Money.com. Manicures, gym memberships, Savage Fenty, new car, Jordans, multiple vacations, professional hairstylists. Depending on who's viewing this list, one may classify these as wants, needs, or even a mix of the two,
1:18.2	and that's perfectly okay.
1:20.0	We're human and we all want things that bring enjoyment and satisfaction to our lives.
1:24.3	However, understanding the difference between the two can be crucial in helping us build or maintain
1:29.7	our financial health. So exactly what is the difference between a want and a need? I define
1:36.1	the difference this way. A want is an item or experience that brings you a level of satisfaction that you feel you can't live without, but you really can't.
1:45.0	But you really can.
1:46.0	Such as Netflix, going to the bar, or eating out.
1:49.0	A need is an item or experience that is essential to your day-to-day life, such as food, water, or a car to get to work.
1:58.0	By simple definition, nobody's wants and needs are going to be the same because everyone has different values.
	...

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