On Take it to the Bank,
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you'll find ways
to get out of debt.
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Solve your credit card problems.
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How to make and
stick with the budget?
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Simple ways to save.
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Buying or selling a home
and many more financial matters
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on Take it to the Bank.
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Hi, my name is Cordell Thomas,
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and welcome to
Take it to the Bank.
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We have a lot to
talk about today,
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so let's get down to business.
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This one is an
interesting topic,
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it's about needs versus wants,
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it's one that will probably
hit you right in the gut
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when you talk about do
I really need this item?
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Do I really want this item?
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We've talked about a
lot of different things,
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and I think that
one of the basics
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that we should be
aware of is understanding
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that I need to
assess where I am at.
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I need to understand
where I'm at as an individual
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for my personal finances.
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And number two,
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I need to assess
what type of budget I have
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and where my income is
and where my expenses are.
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I need to assess
what type of money
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I can actually save
by cutting my spending
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and curtailing certain things,
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so I can achieve certain goals
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that I've written
down and prioritized.
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These are important to
me, I want to for example
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have an additional
$12,000 in emergency saving,
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so that I can access it
in case I may lose my job
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or some
unexpected bill will come up.
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And so, it comes into an idea
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of what is that I really
need at this point of time
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and can I survive without
the wants that are out there
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that people are
constantly telling me,
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you need to buy
this, you need to buy this.
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All the
merchandizes are out there.
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And believe me,
towards the end of any year
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or throughout
the course of year,
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you have Thanksgiving purchases,
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you got to buy a lot of
gifts for people on Christmas,
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you got gifts you
got to buy at birthdays,
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you got to do so
many different things.
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And it's unless
you have budgeted
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for those specific items,
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you are not prepared to be,
to buy them because typically,
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you will be
putting it on a credit card
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and spending the next few months
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paying that credit card off.
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Plan for this expenses
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and it means having a
budget and having a plan.
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That plan is key
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and the budget
starts the whole process.
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It's once you get to the savings
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and having a certain
amount of cumulative savings
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and have that additional amount
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that you can
put into investments
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and do some other thing with,
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you then have to draw
yourself back to the perspective
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that I need to be a good steward
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of the things that
Christ has given me.
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Let's look at it biblically.
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There is something
in the Bible that says
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in 1 Corinthians 4:2,
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now 1 Corinthians is
in the New Testament.
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It follows the gospels,
Matthew, Mark, Luke and John.
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It follows Acts, Romans,
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and you get to
the 1 Corinthians.
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1 Corinthians going to Chapter 4
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and look up verse 2,
and that verse says this.
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"Now it is required
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that those who
have been given a trust
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that they must prove faithful."
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What's it saying?
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You as a steward or someone
that a talent is entrusted to
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must be found faithful.
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Now what does it
mean to be faithful?
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What's the
context of faithfulness?
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How do I use the
talents that are given to me?
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I take you to the
parable that occurs in Matthew.
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Matthew is a first
book of the New Testament.
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Matthew 25:14.
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When you look at that
chapter, it basically says
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that there is a
man that went on a trip
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and he entrusted his
servant with five talents,
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two talents, and one talent
to three different servants
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based on their ability.
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And when he came back,
he held them accountable.
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It's the accountability
issue that is key.
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I have something for you.
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It's a personal
experience that I had
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when I was asked
to take on a role
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in a different city,
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and I went to that city,
and I was enjoying things,
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but I met an
individual that I worked with
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at a previous company.
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He'd been in a
senior level management
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and he had moved to a
different organization
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and said, Cordell, I want
you to come and work with me.
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I have a great position for you,
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and I think it would be
beneficial for you to come
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and be a part of
this organization.
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We think your marketing skills
can be very beneficial for us,
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and I would like you
to be a part of this team,
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so it was great.
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We decided to dialogue about it.
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We met a couple of times,
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but there is
something that happened
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and from a spiritual
basis, it taught me a lesson.
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Okay, the first meeting
we were supposed to have,
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I tried to get to the meeting,
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but things came up
where we couldn't meet.
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There was those
things that happened
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from car accidents to
different circumstances
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and I had to fight
through all of these clutter,
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it was as if God was saying,
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you don't really
want to meet with him,
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you're not prepared for
this at this point in time.
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You need to, you
need to take your time
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and think through the process.
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I didn't, I was looking
at the dollars because this,
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this job was gonna
pay relatively well.
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But time came when I
remember this clearly
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because my wife
and I and my little son
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actually met him for I think
it was lunch at a location,
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at a restaurant in the city,
and we sat down, and we talked,
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and we had a great deal of fun,
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and we rehashed our experiences,
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and we talked about new things
and concepts and marketing
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and sales, and
this and that the other,
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and then we got
down to the business
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of here's what I want you to do,
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here's what your
salary is gonna be,
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here's what the
challenges are gonna be,
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and this is what's going on.
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Now, I really didn't hear
too much about the challenges,
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I didn't hear about
all this kind of stuff
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because when he
told me my salary,
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all of a sudden a certain
sense of greed came into play,
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and I heard this money,
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and I heard this
thing called wow,
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that puts me in an
elite group of people
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that's making a lot of money.
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Okay, after that was over,
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my wife and I
went back to our place
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and we flew home to
our residence in Riverside.
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It was two weeks later
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and before I get
to that situation,
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it was interesting
because before we left,
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I had this thing in my mind
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that this senior
official at this organization
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had offered me a great
job at this specific salary,
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so what happens when you know
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you have this
expected income coming in,
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and you know
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that there are things
that you can do with it.
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I didn't have the training
in place at that point in time
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to talk about a budget.
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What we are going to do?
How we gonna plan for it?
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I hadn't talked to my
wife about the context
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of how we gonna
spend that type of money
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that came in on a yearly
as well as a monthly basis.
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And so what we found
us ourselves doing is
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I was running out now before
I had flown back to my home,
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we were looking at houses,
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we were looking
at these big homes,
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we were looking at
something's worth, you know,
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at that time they
were $240,000 homes,
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that was
expensive back in that day,
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and there were
other type of things
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that we were looking at,
new cars, and new things,
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and new items,
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and I hadn't
taken the time to assess
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where I was at as an individual,
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what I'm supposed to do
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in my
accountability towards Christ,
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because I could live in
this simple home that I had.
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I didn't need
something more than
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the 1800 or 2000
square feet that I live.
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I didn't need
5000 square foot house.
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What am I gonna do
with that kind of space?
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And then my wife
tells me you know,
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who is gonna clean it?
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I bet it's gonna be you.
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So you had to, you
had these little things
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telling you, yeah, let's watch
what we tried to accomplish.
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Here's my point
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before I even had
access to those moneys,
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I was already
spending the money.
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I was already dealing,
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I was already dealing
with the context of spending,
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and doing and getting.
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What were my wants at that
time and what were my needs?
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My needs were already fulfilled.
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I already had a
home, I already had a car,
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I already had those basic needs.
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The only that changed was,
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I was making a
heap of lot money more,
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but the context is clear
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that I wasn't
being a good manager
00:08:23.87\00:08:28.04
of the funds God was
planning to entrust in me,
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and what happened
was very sad later on,
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because whether or not
it was projected to happen,
00:08:35.61\00:08:37.98
it happened.
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Two weeks later as we
went back to our home,
00:08:39.38\00:08:42.98
we got a call from
his personal assistant,
00:08:43.02\00:08:46.09
he told me that your friend
had a massive heart attack
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and passed away.
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His life was
made right, I'm sure.
00:08:52.13\00:08:54.73
I think that in the
kingdom I will see him,
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but the context is that
job was no longer there.
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The plans that I were
making and going ahead and doing
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were no longer,
were really wiped out
00:09:07.44\00:09:09.91
because no
longer was I confident
00:09:09.94\00:09:13.15
in that future income.
00:09:13.18\00:09:15.88
God was in control of my life,
00:09:15.92\00:09:17.25
I can see as I look
back on what transpired
00:09:17.29\00:09:19.62
over all of the
things that happened.
00:09:19.65\00:09:21.99
I lost a personal friend, yes,
00:09:22.02\00:09:24.16
but I also
gained a little insight
00:09:24.19\00:09:25.93
into understanding what it means
00:09:25.96\00:09:29.46
to have what you need
00:09:29.50\00:09:31.63
and curtail all
of these expenses
00:09:31.67\00:09:34.84
that you can incur
by going after the wants
00:09:34.87\00:09:38.34
that society and the
media wants you to be.
00:09:38.37\00:09:44.28
First thing I want
you to be aware of.
00:09:44.31\00:09:46.68
You as an individual so
think of yourself as a producer,
00:09:46.72\00:09:50.29
not a consumer.
00:09:50.32\00:09:52.45
Number two, as a consumer
if you go to look at something
00:09:52.49\00:09:56.79
and go to acquire something,
00:09:56.83\00:09:58.16
if it's a car, if
it's an appliance,
00:09:58.19\00:10:00.13
if it's a simple laptop computer
00:10:00.16\00:10:02.10
or if it's just a widget
00:10:02.13\00:10:03.47
that is not
necessarily something you need.
00:10:03.50\00:10:07.17
Tell yourself and
tell the sales person
00:10:07.20\00:10:09.27
that you are the purchaser,
00:10:09.30\00:10:11.54
you will make the final decision
00:10:11.57\00:10:12.91
whether or not
you need this item,
00:10:12.94\00:10:15.24
and you will make
the final decision
00:10:15.28\00:10:16.61
whether or not you're
gonna acquire that item.
00:10:16.64\00:10:18.78
Don't let a sales
person sell you something
00:10:18.81\00:10:22.25
that you don't necessarily need.
00:10:22.28\00:10:26.02
With that said,
00:10:26.05\00:10:27.39
I think that I
learned the lesson
00:10:27.42\00:10:29.29
through that story of
understanding the concept
00:10:29.32\00:10:32.46
that's delivered
through the talents
00:10:32.49\00:10:34.33
that you're gonna
be held accountable,
00:10:34.36\00:10:36.16
and as well the information
in the 1 Corinthians 4:2
00:10:36.20\00:10:39.67
that tells you
00:10:39.70\00:10:41.04
that if you are
going to be a good steward,
00:10:41.07\00:10:44.94
you need to be faithful.
00:10:44.97\00:10:48.44
Okay,
00:10:48.48\00:10:51.48
let's take a look at a want.
00:10:51.51\00:10:55.88
An item is probably a want
00:10:55.92\00:10:59.15
if it is possible to
delay buying the item.
00:10:59.19\00:11:02.52
Substitute
something else for that item
00:11:02.56\00:11:05.36
that may be less expensive
00:11:05.39\00:11:07.46
or to use
something you already own.
00:11:07.50\00:11:11.37
Wants are called
discretionary expenses.
00:11:11.40\00:11:16.00
Wants are things you might
want but don't need to live.
00:11:16.04\00:11:21.94
Almost every
experience and activity
00:11:21.98\00:11:23.85
from after school sports
to shopping therapy is a want,
00:11:23.88\00:11:28.32
such as eating
out, that's a want.
00:11:28.35\00:11:33.25
You can easily
cook in and eat in,
00:11:33.29\00:11:35.79
it's actually less
expensive per mouth to feed
00:11:35.82\00:11:38.99
by cooking for a group of people
00:11:39.03\00:11:41.53
in your home as
opposed to eating out.
00:11:41.56\00:11:43.33
You can save a lot of money
that way and that is a want,
00:11:43.37\00:11:48.10
it's easier to do.
00:11:48.14\00:11:50.97
New clothes bought just
because they are the new style,
00:11:51.01\00:11:54.08
that's a big thing.
00:11:54.11\00:11:55.44
I was caught up in that
00:11:55.48\00:11:56.81
because styles
change so quickly.
00:11:56.85\00:11:58.18
You wonder why they have
all of these new smart phones
00:11:58.21\00:12:01.08
that come out all the time,
00:12:01.12\00:12:02.45
every single year
there's a new, new, new
00:12:02.48\00:12:05.75
and you got to have, have, have
00:12:05.79\00:12:07.76
and you see kids
and young peoples
00:12:07.79\00:12:09.46
and adults lining up
outside the stores to acquire,
00:12:09.49\00:12:12.36
to take, to purchase.
00:12:12.39\00:12:13.90
Do they need it or is it
just a want to be in style?
00:12:13.93\00:12:17.43
To have clothing
when older clothes
00:12:17.47\00:12:19.83
which still can be
stylish and just as functional.
00:12:19.87\00:12:24.01
It could be as
simple as cable TV.
00:12:24.04\00:12:28.68
We don't have cable TV at home.
00:12:28.71\00:12:31.38
At this point in time
00:12:31.41\00:12:32.75
we don't see the
information on television
00:12:32.78\00:12:35.25
as, as good for
our young people.
00:12:35.28\00:12:39.09
Oh, I love sports
00:12:39.12\00:12:40.46
and I still find a
way to watch football.
00:12:40.49\00:12:41.89
But the context is that
00:12:41.92\00:12:44.09
is cable a
necessity for me to live,
00:12:44.13\00:12:47.20
and in the context
of looking at my budget
00:12:47.23\00:12:51.50
and how much money I make,
00:12:51.53\00:12:54.10
and how much money I
expense on a monthly basis,
00:12:54.14\00:12:56.64
does it make more
sense to save that money
00:12:56.67\00:12:58.47
and do something
else with it as opposed to
00:12:58.51\00:13:00.18
spend it on something I
don't use that much anyway.
00:13:00.21\00:13:04.51
I don't watch a
lot of television,
00:13:04.55\00:13:06.01
I don't really
watch television at all
00:13:06.05\00:13:07.78
except for sports,
00:13:07.82\00:13:09.18
I kind of like
that kind of a thing.
00:13:09.22\00:13:11.65
Majority of things that we
have for our kids right now
00:13:11.69\00:13:13.72
is nominal because they
don't even miss television,
00:13:13.76\00:13:15.82
so why spend the
additional amount?
00:13:15.86\00:13:18.96
Okay, other thing such
as cell phones ring tones.
00:13:18.99\00:13:24.27
Does it cost for it?
00:13:24.30\00:13:25.67
Is it a want? Is it a need?
00:13:25.70\00:13:27.70
How about text
messaging on your cell phone?
00:13:27.74\00:13:30.01
We have all of these
smart phones that are out there
00:13:30.04\00:13:33.01
and have so many
different mechanisms and tools
00:13:33.04\00:13:35.18
that you can use, but
you also pay extra for.
00:13:35.21\00:13:39.35
What I'm saying is
00:13:39.38\00:13:41.42
when you look at
needs versus wants,
00:13:41.45\00:13:44.49
this all goes back
to where we started
00:13:44.52\00:13:47.66
with the budget.
00:13:47.69\00:13:49.02
Because all of
these elements are ways
00:13:49.06\00:13:51.46
of cutting away the expenses
00:13:51.49\00:13:54.43
and leveraging more of the money
00:13:54.46\00:13:58.03
to put into savings
00:13:58.07\00:13:59.63
and making for a
better life for all of us.
00:13:59.67\00:14:03.04
When you take a look at
needs on the other hand,
00:14:03.07\00:14:06.41
if the purchase is
something necessary to survive,
00:14:06.44\00:14:09.94
then it's likely to be a need.
00:14:09.98\00:14:11.81
For example needs
are the items or costs
00:14:11.85\00:14:15.38
you need to live, for your rent,
00:14:15.42\00:14:19.65
your mortgage
payment, that's kind of a need.
00:14:19.69\00:14:22.82
You want to keep a
roof over your head
00:14:22.86\00:14:25.29
and so we ensure that
we budget for that need
00:14:25.33\00:14:29.33
and make that a
priority over a want
00:14:29.36\00:14:32.93
such as cable television,
00:14:32.97\00:14:35.27
or such as some other
resource that may be available.
00:14:35.30\00:14:39.54
Rent, a roof, a mortgage,
housing that is essential
00:14:39.57\00:14:44.78
because it puts
roof and walls around us
00:14:44.81\00:14:47.55
and protects us.
00:14:47.58\00:14:49.25
Transportation
is also a necessity
00:14:49.28\00:14:52.75
because you need to get to work.
00:14:52.79\00:14:54.22
Now how you get to work may
be different for each one of us.
00:14:54.26\00:14:58.03
If you live local to
the work environment,
00:14:58.06\00:15:00.60
you could take a bus
there, you could walk to work.
00:15:00.63\00:15:02.70
If you live a distance away
00:15:02.73\00:15:04.07
which many of us
are commuting to work,
00:15:04.10\00:15:06.07
you may need the car, so
therein may be a car loan.
00:15:06.10\00:15:08.94
Could be public transportation,
a bus pass etcetera.
00:15:08.97\00:15:12.47
Those would be a need to look at
00:15:12.51\00:15:15.24
in reference to
bringing in the revenue
00:15:15.28\00:15:18.71
or the pay check
necessary to live,
00:15:18.75\00:15:20.92
so that I could consider a need.
00:15:20.95\00:15:22.78
What else would be there?
00:15:22.82\00:15:24.15
A utility bill, if
you live in Wisconsin,
00:15:24.19\00:15:26.69
if you live in cold
areas of the country,
00:15:26.72\00:15:29.62
you need heat, you need light,
00:15:29.66\00:15:31.66
you need those type
of things to exist safely
00:15:31.69\00:15:34.73
and keep us warm.
00:15:34.76\00:15:36.80
So yes, utility bills, I would
consider a necessity, a need
00:15:36.83\00:15:41.10
to make sure that your
comfort is taken care of.
00:15:41.14\00:15:43.91
What else? Food.
00:15:43.94\00:15:45.27
Oh, yeah, food is
definitely a need.
00:15:45.31\00:15:47.51
I love food, I love to eat.
00:15:47.54\00:15:49.04
I have a wife that
cooks fantastically,
00:15:49.08\00:15:52.01
but she is very frugal
00:15:52.05\00:15:54.32
in how she goes
about buying things.
00:15:54.35\00:15:56.52
I'm amazed at what she does
00:15:56.55\00:15:58.29
and actually can
make $50 last a long time
00:15:58.32\00:16:01.59
and buy a ton of groceries,
those are things you consider.
00:16:01.62\00:16:05.76
And as you look at
the trends in your budget,
00:16:05.79\00:16:07.70
you can begin to see
things that begin to happen
00:16:07.73\00:16:10.63
as you monitor
these different activities
00:16:10.67\00:16:13.74
that you go through.
00:16:13.77\00:16:15.10
So we can see that
we've been managing
00:16:15.14\00:16:17.61
our food budget relatively
well and she's been able to make
00:16:17.64\00:16:21.14
a little of
money last a long time.
00:16:21.18\00:16:24.81
Food is a
necessity, we need it to live.
00:16:24.85\00:16:27.15
We need food and water to exist.
00:16:27.18\00:16:29.65
And then of course,
00:16:29.68\00:16:31.02
one of the things
that's basic to all of us
00:16:31.05\00:16:32.82
is basic clothing such as jeans.
00:16:32.85\00:16:35.52
Without the designer label,
you can save a lot of money.
00:16:35.56\00:16:38.29
And what I like to see right now
00:16:38.33\00:16:39.66
in some of the trends is,
00:16:39.69\00:16:41.83
it's the dress now that
a lot of our young people
00:16:41.86\00:16:45.30
and young adults are getting
into is just dressing down.
00:16:45.33\00:16:48.00
Not dressing
terribly, but dressing down
00:16:48.04\00:16:51.27
and not looking
necessarily at the label
00:16:51.31\00:16:54.04
but looking more so at comfort,
00:16:54.08\00:16:56.04
and that's key
especially for kids.
00:16:56.08\00:16:57.85
You can buy
clothing inexpensively
00:16:57.88\00:17:01.18
and save on that
type of necessity,
00:17:01.22\00:17:07.66
so that you can put
money away for other things.
00:17:07.69\00:17:11.33
Even within
this category however
00:17:11.36\00:17:13.63
there are different
levels of wants or needs.
00:17:13.66\00:17:16.10
For example a winter coat,
00:17:16.13\00:17:18.77
for example when
it's snowing outside
00:17:18.80\00:17:21.77
it's a need,
00:17:21.80\00:17:23.14
but a new shirt just
to change your wardrobe
00:17:23.17\00:17:26.31
and add something new may
not necessarily be a need,
00:17:26.34\00:17:29.14
that is considered a want.
00:17:29.18\00:17:33.82
Cooking inexpensive
meals at home is a need
00:17:33.85\00:17:38.65
as I mentioned before,
00:17:38.69\00:17:40.02
but eating out at
fast food restaurants
00:17:40.06\00:17:42.49
is a want.
00:17:42.52\00:17:45.33
We did some type of--
00:17:45.36\00:17:48.56
out on the street
type of interviews
00:17:48.60\00:17:50.63
and we talked to
several people about,
00:17:50.67\00:17:55.57
do they plan for their outings,
00:17:55.60\00:17:56.94
do they understand
their wants and need,
00:17:56.97\00:17:58.67
and here are
some of the responses.
00:17:58.71\00:18:01.84
Oh, that was easy, spender.
00:18:05.35\00:18:08.35
I'm a spender. Saver.
00:18:08.38\00:18:09.85
Let's see, I say
60-40, 60 percent spender,
00:18:13.69\00:18:17.06
40 percent saver.
00:18:17.09\00:18:18.43
I do more spending than
saving, but there are times
00:18:18.46\00:18:20.63
when it is flipped and reversed,
00:18:20.66\00:18:22.00
so I try to save as
much as I possibly can,
00:18:22.03\00:18:24.13
but I must admit I
probably do spend more
00:18:24.17\00:18:27.54
than I save unfortunately.
00:18:27.57\00:18:30.24
Saver, but I spend a
lot more than I save.
00:18:30.27\00:18:36.54
Well, really I'm both.
00:18:36.58\00:18:39.21
I'm a spender for sales,
00:18:39.25\00:18:42.02
and after
attending the seminar here
00:18:42.05\00:18:47.09
knowing where
your money be going,
00:18:47.12\00:18:49.39
I keep better track of
where my money is going now
00:18:49.42\00:18:53.83
than I did before that.
00:18:53.86\00:18:58.23
I'm a spontaneous
shopper, but I don't--
00:18:58.27\00:19:00.90
A spontaneous
shopper meaning when I go out
00:19:00.94\00:19:03.14
and I spend on a
spontaneity situation,
00:19:03.17\00:19:07.18
I actually spend frugally,
00:19:07.21\00:19:08.91
but for large
purchases I save for it.
00:19:08.94\00:19:14.05
Spending and saving,
00:19:14.08\00:19:15.42
it's interesting how people look
00:19:15.45\00:19:16.82
and actually
rationalize what they do.
00:19:16.85\00:19:19.92
I spend, I save, I
do this type of things,
00:19:19.95\00:19:22.29
and actually goes into the issue
00:19:22.32\00:19:24.73
that we are talking
about needs and wants.
00:19:24.76\00:19:27.56
Many of the times we--
00:19:27.60\00:19:28.93
Sales are really something
that I used to be hooked on is,
00:19:28.96\00:19:31.53
there's a sale.
00:19:31.57\00:19:32.90
Oh, shoo, that's great,
00:19:32.93\00:19:34.27
let's go out and
buy some of these things
00:19:34.30\00:19:35.64
because we don't
know when we will need it.
00:19:35.67\00:19:37.81
That was a wrong
approach from the beginning.
00:19:37.84\00:19:39.94
Now the context is
00:19:39.97\00:19:41.31
you understand
what it's all about.
00:19:41.34\00:19:43.04
For example some of the
costs of these costs, housing,
00:19:43.08\00:19:46.28
transportation costs
for example are regular
00:19:46.31\00:19:49.48
and predictable
costs each month,
00:19:49.52\00:19:51.32
so you can budget for
those and you don't have to
00:19:51.35\00:19:54.32
a lot of control over
the amounts that you spend.
00:19:54.36\00:19:57.46
But the context is,
00:19:57.49\00:19:59.73
you can also address
like a mortgage by refinancing
00:19:59.76\00:20:03.87
and if you can
move to a lower rate
00:20:03.90\00:20:05.60
and as well buying
a less expensive car.
00:20:05.63\00:20:08.27
In reference to a
car, do you need a car?
00:20:08.30\00:20:10.81
Well, if you need a
car, I would recommend
00:20:10.84\00:20:13.44
going after maybe
a two year used car
00:20:13.48\00:20:16.34
as opposed to a new car.
00:20:16.38\00:20:17.71
Why is that?
00:20:17.75\00:20:19.08
The moment you drive
a new car off the lot,
00:20:19.11\00:20:21.02
it drops significantly in value.
00:20:21.05\00:20:24.09
If you are willing
to look into researching
00:20:24.12\00:20:28.26
for a two year used car
00:20:28.29\00:20:30.69
and that will probably
looking at the warranty,
00:20:30.73\00:20:33.23
it still has a part of
the warranty left over,
00:20:33.26\00:20:35.76
there's a lot of benefits to it,
00:20:35.80\00:20:37.80
and you can get
it for substantively
00:20:37.83\00:20:39.23
less than you
would get a new car.
00:20:39.27\00:20:41.67
So with all of that
said, think before you spend.
00:20:41.70\00:20:45.04
Before you buy something,
00:20:45.07\00:20:46.68
ask yourself do
I need that item?
00:20:46.71\00:20:49.44
Ask yourself is it a
need or is it just a want.
00:20:49.48\00:20:53.08
You may be surprised
00:20:53.11\00:20:54.52
at how many things
are actually wants.
00:20:54.55\00:20:56.89
And I also recommend to you
00:20:56.92\00:20:58.25
is take that three day
cooling off period and go home,
00:20:58.29\00:21:01.72
because if you
don't go back to buy it,
00:21:01.76\00:21:03.39
it never was a
need anyway, all right.
00:21:03.43\00:21:07.36
There are websites out there
00:21:07.40\00:21:09.23
that I would suggest you look at
00:21:09.26\00:21:10.77
if you have a chance
to do a internet search,
00:21:10.80\00:21:13.47
and look up the issue,
00:21:13.50\00:21:16.60
just type in the search
engine needs versus wants,
00:21:16.64\00:21:19.97
and it's amazing
what some of the websites
00:21:20.01\00:21:21.61
that will come up
to help you understand
00:21:21.64\00:21:23.71
the context of
needs versus wants better
00:21:23.75\00:21:25.91
but, what we'll do
is this time right now
00:21:25.95\00:21:29.25
is talking about
00:21:29.28\00:21:30.62
what's going out
there in the marketplace.
00:21:30.65\00:21:32.15
It's a good time for shoppers.
00:21:32.19\00:21:34.36
Stores have inventory
that they want to get rid of
00:21:34.39\00:21:36.69
is based on the economy.
00:21:36.73\00:21:38.49
There are deals
galore that are available,
00:21:38.53\00:21:40.90
so if you find that you
have a need to go after,
00:21:40.93\00:21:45.53
before you take off on
any type of shopping spree,
00:21:45.57\00:21:49.30
go through a check list
first, and here's a checklist.
00:21:49.34\00:21:52.14
One, why am I going shopping?
00:21:52.17\00:21:55.41
Ask yourself that question.
00:21:55.44\00:21:56.78
Why am I going?
00:21:56.81\00:21:58.15
Is it just to shop around
00:21:58.18\00:21:59.85
or is it to get something
specifically that I need?
00:21:59.88\00:22:02.62
Okay.
00:22:02.65\00:22:03.99
Two, am I sure I
really absolutely need this,
00:22:04.02\00:22:07.49
that's what we've done it,
because I ask that first time,
00:22:07.52\00:22:09.66
but ask yourself a second time,
do I really need this item?
00:22:09.69\00:22:14.93
Third, is the cash in
my pocket better in my bank
00:22:14.96\00:22:18.07
or in the store's
bottom-line in profits?
00:22:18.10\00:22:21.97
Four, if I do shop,
00:22:22.00\00:22:24.07
am I prepared to shop
around to get the best deal.
00:22:24.11\00:22:30.55
Five,
00:22:30.58\00:22:32.98
do I have it in
me to wheel and deal?
00:22:33.01\00:22:38.25
Six, am I ready to walk away
if I'm not getting what I want?
00:22:38.29\00:22:43.76
Or am I willing to walk away
00:22:43.79\00:22:45.79
if that thought or
doubt comes in my mind
00:22:45.83\00:22:47.80
about this
acquisition or this purchase.
00:22:47.83\00:22:50.57
The first thing to
avoid is stopping by any store
00:22:50.60\00:22:53.10
and just jumping out
and going into the store,
00:22:53.13\00:22:56.17
that's a first mistake.
00:22:56.20\00:22:57.57
When you're driving,
just go where you're going.
00:22:57.61\00:23:00.01
If you see a store
whatever the case may be,
00:23:00.04\00:23:02.04
and you don't have it in
your plans to go shopping,
00:23:02.08\00:23:04.45
and you do have a
checklist in place,
00:23:04.48\00:23:06.51
just don't go.
00:23:06.55\00:23:08.48
Okay, I have five
points I'd like to do
00:23:08.52\00:23:11.22
to give to you as
we go towards closing
00:23:11.25\00:23:14.26
in this specific
area of needs and wants.
00:23:14.29\00:23:17.03
Point one, shop around,
00:23:17.06\00:23:19.03
you have the choice, it's yours.
00:23:19.06\00:23:21.43
You are the
purchaser, you are the consumer,
00:23:21.46\00:23:23.90
you are the buyer,
00:23:23.93\00:23:25.27
don't let anyone
sell you something
00:23:25.30\00:23:27.60
that you don't
necessarily need and or want,
00:23:27.64\00:23:30.37
whether it's shoes,
jeans, a flat screen TV,
00:23:30.41\00:23:33.34
whatever the case may be.
00:23:33.38\00:23:34.71
Avoid the
temptation to go after a label
00:23:34.74\00:23:36.78
versus the product.
00:23:36.81\00:23:38.15
A pair of jeans for example
00:23:38.18\00:23:39.51
is just a pair of
jeans made of denim.
00:23:39.55\00:23:42.28
And one of this fabrics are
same at home and ask yourself
00:23:42.32\00:23:47.09
how many do I
already have in my closet?
00:23:47.12\00:23:49.52
How many jeans do I have?
00:23:49.56\00:23:51.26
Do I need a 50 inch
big screen flat screen TV?
00:23:51.29\00:23:55.76
Or why don't I just go home
00:23:55.80\00:23:57.73
and move my couch
closer to my 36 inch screen
00:23:57.77\00:24:01.00
and it's just
like a 50 inch screen,
00:24:01.04\00:24:03.24
just a thought.
00:24:03.27\00:24:04.91
Number two,
00:24:04.94\00:24:06.27
don't just take the
word from the sales person.
00:24:06.31\00:24:09.24
Call competing
stores if they won't budge,
00:24:09.28\00:24:12.18
so sales persons
are hungry right now.
00:24:12.21\00:24:14.32
They need to get sales,
they want to move inventory.
00:24:14.35\00:24:16.89
Or once you picked
out something you need
00:24:16.92\00:24:18.82
or you want to
purchase and you saved for,
00:24:18.85\00:24:21.39
is it the best price you can do?
00:24:21.42\00:24:23.49
If he's not willing to
budge, I ask you to do this.
00:24:23.53\00:24:27.10
Pick up your smart phone
and call a competing store,
00:24:27.13\00:24:30.60
and here is some things you do.
00:24:30.63\00:24:32.23
Do you have this
type of equipment?
00:24:32.27\00:24:35.64
Oh, yes, is that right?
00:24:35.67\00:24:38.71
And can you come and
deliver it the next day?
00:24:38.74\00:24:41.11
Sure, what's the
cost? Oh, my, and hang up.
00:24:41.14\00:24:47.25
Oh, finish the conversation
with how long are you open.
00:24:47.28\00:24:51.35
Then hang up and
start to walk away.
00:24:51.39\00:24:54.86
If the sales person
hasn't already fainted yes yet,
00:24:54.89\00:24:57.66
they will come running after you
00:24:57.69\00:24:59.16
and they are going to
make you a better deal
00:24:59.19\00:25:01.56
and may be not in price
00:25:01.60\00:25:02.93
but they're gonna
offer you a better service,
00:25:02.96\00:25:05.73
they may offer
you free installation.
00:25:05.77\00:25:10.97
Do your best to
conceal, you smile by the way.
00:25:11.01\00:25:13.78
Point number three,
discounts, discounts, discounts.
00:25:13.81\00:25:16.88
My wife is the best at
that, she can find coupons,
00:25:16.91\00:25:18.98
so she can find the
best deals out there
00:25:19.01\00:25:20.98
to make your dollar last longer.
00:25:21.02\00:25:23.79
Remember, when
you're doing coupons
00:25:23.82\00:25:25.82
also remember where
your eyes go at a store,
00:25:25.85\00:25:28.96
they go to the
most expensive items
00:25:28.99\00:25:31.09
because they pay
for that location.
00:25:31.13\00:25:33.40
Look up above it
00:25:33.43\00:25:34.76
and look below it
for cheaper items,
00:25:34.80\00:25:36.43
because if you get a coupon
that takes 20 cents of an item
00:25:36.46\00:25:39.73
that costs a
dollar that's great,
00:25:39.77\00:25:41.40
but you find the same item
00:25:41.44\00:25:43.34
that is 80 cents a little
lower 20 cents off of 80 cents
00:25:43.37\00:25:48.44
is better than 20
cents from a dollar.
00:25:48.48\00:25:50.68
Point four, self
discipline is key.
00:25:50.71\00:25:54.15
What do we talk about before?
00:25:54.18\00:25:55.52
Budget, that's a key.
00:25:55.55\00:25:57.02
Budget, plan and think.
00:25:57.05\00:26:00.36
Look, I used to
spend a ton of money
00:26:00.39\00:26:03.53
going to a health club,
00:26:03.56\00:26:04.96
and working out, and
keeping myself in shape,
00:26:04.99\00:26:07.93
and it's great to have it
00:26:07.96\00:26:09.30
because as I'm
trained to run a marathon,
00:26:09.33\00:26:11.20
I need to do weight training,
00:26:11.23\00:26:13.20
I need to get
some treadmill working,
00:26:13.23\00:26:14.60
there I need to do
a variety of things.
00:26:14.64\00:26:16.27
I can spend
$1,500 at a health club,
00:26:16.30\00:26:19.57
but guess what?
00:26:19.61\00:26:20.94
Why am I going
to the health club?
00:26:20.98\00:26:22.31
Am I paying for
the amenities it has?
00:26:22.34\00:26:24.48
Like the sauna,
00:26:24.51\00:26:25.91
that doesn't help me
get in shape, does it?
00:26:25.95\00:26:27.98
Like the
whirlpool, like the gym,
00:26:28.02\00:26:31.19
like the basketball
court, like the swimming pool?
00:26:31.22\00:26:34.06
No, what I typically use
are weights, and I use machines
00:26:34.09\00:26:38.96
and I use the treadmills,
and the elliptical machines,
00:26:38.99\00:26:41.43
those type of things are
what I need to keep in shape,
00:26:41.46\00:26:44.60
so guess what?
00:26:44.63\00:26:45.97
My wife and I have
found this health club
00:26:46.00\00:26:47.34
that doesn't have
all the amenities,
00:26:47.37\00:26:48.90
but I know I can find
what I need to work out
00:26:48.94\00:26:51.71
and get myself in shape.
00:26:51.74\00:26:53.11
I spend myself and my wife
00:26:53.14\00:26:55.98
both spend $11 a
month for that health club,
00:26:56.01\00:27:01.45
health club membership.
00:27:01.48\00:27:04.29
Number five, and this is basic.
00:27:04.32\00:27:06.79
Watch where you
look. Watch where you look.
00:27:06.82\00:27:10.89
The people who make products
00:27:10.93\00:27:12.79
pay for the
placement of those products.
00:27:12.83\00:27:15.33
Make sure that you look
above the product placement
00:27:15.36\00:27:18.27
and below.
00:27:18.30\00:27:19.63
Compare prices,
compare, compare, compare,
00:27:19.67\00:27:22.64
and get the best dollar
00:27:22.67\00:27:25.07
or gets the best
value for your dollar.
00:27:25.11\00:27:28.44
There are two kinds of shoppers.
00:27:28.48\00:27:30.01
There are those with checklists
00:27:30.05\00:27:32.01
and there're those
with shopping list.
00:27:32.05\00:27:35.62
See that you take
care of your budget,
00:27:35.65\00:27:41.32
you evaluate your
budget on a timely basis.
00:27:41.36\00:27:44.53
Make certain that
you evaluate your budget
00:27:44.56\00:27:47.53
on an ongoing basis,
00:27:47.56\00:27:49.06
and that you don't
spend more than you have to.
00:27:49.10\00:27:53.30
Plan, budget,
00:27:53.34\00:27:56.04
and take it to
the bank and save.
00:27:56.07\00:27:59.21
God bless.
00:27:59.24\00:28:00.58