383-Budget for the Accessories
Radical Personal Finance
Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP
4.2 • 1.9K Ratings
🗓️ 12 October 2016
⏱️ 38 minutes
🧾️ Download transcript
Summary
When I make a significant purchase, I always try to pay attention to the process of that purchase.
I analyze my psychology and desire for the item, I consider carefully the decision process, and I consider the usefulness I get from the item and how much I enjoy and utilize it.
One major lesson I've learned is to always make sure to budget for the accessories to enhance the usefulness of an item.
Many times, the accessories you purchase for an item will make a dramatic difference in your ability to enjoy and use the item.
Detailed discussion of this concept in today's show!
Joshua
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Transcript
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| 0:00.0 | Welcome to Radical Personal Finance, the show dedicated to providing you with the knowledge, |
| 0:04.9 | skills, insight and encouragement you need to live a rich and meaningful life now while building |
| 0:10.5 | a plan for financial freedom in 10 years or less. |
| 0:13.0 | My name is Josh Rashitz and I'm your host. |
| 0:14.7 | Today we have a radical personal finance short, a very simple personal finance concept |
| 0:19.6 | that I want to share with you. |
| 0:22.3 | The title of today's show is Budget for the |
| 0:25.3 | accessories. Now this is coming from both failure and success on my part. Failure in that many times I've not |
| 0:36.0 | budgeted for the accessories and to regret it and success and sometimes I have and |
| 0:42.3 | I have been very pleased with the results. |
| 0:46.0 | The concept of budget for the accessories is extremely simple. |
| 0:49.0 | If you're going to purchase something, whether that's an item, a service, whatever. |
| 0:54.0 | Make sure that you're not calculating your budget |
| 0:58.0 | based simply upon the price of the object. |
| 1:01.0 | Make sure that you're not setting a target figure such as |
| 1:04.2 | I'm going to spend $500 and then purchasing on the single item or service the |
| 1:10.0 | full $500 worth. Make sure that you're holding back enough room in your budget to cover |
| 1:15.2 | the accessories for that item. Because if you think about it, for most items, at |
| 1:22.2 | least the examples I can come up with, the accessories are just as important |
| 1:28.7 | or very important at the least to the value that you get from that item. |
| 1:37.0 | Now I'm going to give you a half a dozen examples here going from as simple as a cell phone and my last example will be talking about your house about how to |
| 1:44.7 | think through the budget that you make for your house but the idea here is for you |
... |
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