Needs vs Wants
On this episode we talk about “Needs” versus “Wants”. Matt and Brad clarify the difference between the two. Do they mean the same thing for everyone? How do you organize and prioritize a “need” and a “want” into your budget? We also chat goals, how you can shift your mindset on a goal/need/want, and a couple things we are doing right now to stay healthy.
Matt and Brad believe you should label everything in your budget as a “need” or a “want”.
Niesha brought to the table a mind shift that she found through learning about the law of attraction. Labeling everything a “want” and nothing as a “need” may seem a little out there, however, the idea of releasing the stress or negativity that is often associated with a “need” may help when prioritizing your budget.
When saying, “I need life insurance”, your first instinct may be resistance, stress, or general negative emotions attached. If you change that to “I want life insurance, so that I can protect my family when I’m gone”, your mindset changes to a more proactive, confident standpoint and you may be motivated to make space in your budget for that cost.
You can try this with anything that you typically label a “need” that comes with resistance and it may surprise you what you find is really important (a need) vs what may not be so important to you (a want).
“I need to workout!” vs “I want to be healthy!”, brings two separate emotions and was the mind shift Matt needed to make his health a priority again.
You can check out their conversation on Defining Dad Bod’s podcast here:
Brad and Ashley have been using Emeals as a way to eat healthy. Emeals has a 14 day free trial. Plans start at $5/month annually.
Brad references Jim Gaffigan’s working out bit… You can hear the bike joke at around the 6:10 mark:
Niesha prefers to workout using an online subscription for yoga. Cody app offers a free 7 day trial, and is $20/month after that.
Matt enjoyed cycling at the gym, so he purchased a bike to use at home with the peloton app. Peloton has a 14 day free trial, and is $12.99/month after that.
Q & A:
The guys answer Vanessa’s question: Should I be contributing to my 401k or a roth IRA?
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Matt & Brad Ruttenberg
The Money Twins
Born and raised in Ohio, Matt and Brad are identical twins and 3rd generation financial planners. They teach people how to live their best financial life by sharing their diverse knowledge on money.
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They are identical twins and money experts. Matt and Brad Ruttenberg have, combined, over 2 decades of experience as financial planners. They are known for simplifying money and helping others go from living paycheck to paycheck to thriving financially.
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