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Money management: Needs and wants.
By A Singaporean Stockmarket Investor (ASSI)  •  February 24, 2010
[caption id="attachment_1206" align="alignright" width="150" caption="Photo by Leonid Mamchenkov"]Photo by Leonid Mamchenkov[/caption] I first learned about needs and wants more than twenty years ago in an Economics class when I was a Junior College student. During the class, a female classmate told an irritating guy that he needed medication and asked if he wanted some. That made the distinction between needs and wants very clear to us all and we had a good laugh. There will always be things out there to buy in the modern world. The question to ask is always whether we need these or we want these. The question seems innocent enough at first glance. However, one person's needs might be another person's wants. Do I hear some readers going, "Huh?" Human beings have various needs for survival. In my mind, at the most basic, we need air, water, food, shelter and clothing. Some might say that the last item is debatable and it might be a want that has become a need due to the evolution of human society which invented the notion of modesty. Here we start to see a blurring in the line separating needs and wants. However, we should have an idea of what are needs and what are wants for us to do a good job of managing our money. Recently, I was asked how much of my income do I save. Off the top of my head, I said I probably save about 80% of my annual income and that received some incredulous expletives. Is it possible? Yes, it is. How could we achieve this? It is through a combination of increasing our income and reducing our expenses. This post is about the latter. Read more...
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By A Singaporean Stockmarket Investor (ASSI)
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