When my son was 4 years old, I told him I wanted him to go upstairs and clean his room. He looked up at me with those big blue eyes and said, “Well, there’s a difference in wants and needs.”
Some people say he should have been disciplined but I don’t think so. I already knew what he taught me that day, but it reminded me of a simple, elementary fact that I have carried with me every day since. My needs always outweigh my wants. It’s called living below your means and it’s vital. That’s why Warren Buffet, one of the richest men and greatest investment minds in the world has lived in the same house for decades. It’s why Sam Walton; another extremely wealthy man drove an old used truck instead of a Mercedes. He could have afforded a Ferrari or a Lamborghini, but he saved his money and built an empire named Wal-Mart – needs, not wants.
There are many things that all wealthy people have in common, but one stands out in my mind. T
Making common cents translated has made a lot of people wealthy – not based on luck but on preparation, cost-savings, and dedication to the cause – saving money and investing wisely – knowing the difference in wants and needs.
After all, it’s not your income, but the outcome of your income that counts!
