Will you buy what you like, want or need?
I saw a TV show where a couple had their real estate manager show them three houses. The first house was cheap and within their budget, but they expressed dissatisfaction with how small and inaccessible the house was.
The second house had everything they wanted, but it was $20k more expensive than their budget. The third house was an absolute paradise, with their dream pool and an unbelievable view of the mountain side, but it was $175k more expensive.
Based on how they discussed the houses, it appeared that they would have to go all out to purchase the third house. They did not like the first house, so it did not appear to be in contention.
I thought they would have to increase their budget to get their dream home, which was the third house, but they went with the first house. It was surprising to hear them speak positively about the first house, even though they did not envision themselves living there. So, what happened? I think we are all aware that money happened.
The money factor
When I was looking to rent a house two years ago, I found amazing places, but they were just out of my price range. While I could have made some life sacrifices to get the place I wanted,
I felt that the sacrifice was just too much to make, and I had to eventually find something to "love" about the place I eventually rented.
The need issues
Renting a house is a necessity; otherwise, you will most likely be homeless. However away from the primary need of having a place to sleep and keep our stuff, we also have the secondary needs of requirements.
We prefer to have options such as a private toilet, a large living room space, or other unique features that will influence the type of budget we set.
The want issues
When people have some level of affordability, they have choices, and these choices eventually lead to a sense of "want." A person without any level of affordability has no wants, and even if they do, they are automatically killed by a lack of purchasing power.
This is why people prefer to love what they can afford in order to achieve a sense of fulfillment with what their money can buy. This is what happened to the couple I mentioned.
They needed a house that their money could easily afford, so they created a list of requirements. When you have money, it creates a list of desires and expands your options.
The like issues
People have "likes" by default because it is inherent in all living things. The difference between "like" and "want" is that the former is unintentionally activated, whereas the latter is intentional.
We can like what we cannot afford, but we cannot want what we cannot afford. The couple initially preferred the third house, and you would think they would go to great lengths to purchase it.
Unfortunately "like" doesn't not trigger impulsive spending, especially since the money isn't there to begin with. It's safe to say that affordability is definitive.
The more you can afford, the greater your ability to "want." In fact, some people take it upon themselves to limit excessive likeness for things they cannot afford, as this can lead to things like borrowing to satisfy likeness, but this is nearly impossible to achieve entirely.
Sometimes the things we want do not make sense, not because they are too expensive, but because they are not reasonable. People can have a distinct taste in likeness due to the breadth of their exposure. Lack of money does not limit exposure; rather, it can limit what we want.
Exposure & more exposure
In reality, people can pay for what they want and need, but they'll have to be financially free to pay for what they like. The percentage of people who can do this in real life are not as much.
Of course, what one person enjoys may be the most basic things that another person can afford, illustrating the stark financial disparity that exists in life.
The more basic life thing you like, the more you build your likeness around these things. However, people can only go from wanting a decent meal of eggs and steak, to wanting to travel on a private jet in a matter of few years.
As our needs and desires are met, we begin to seek out other things that we could not previously afford. Of course, the concept of contentment is often preached as the solution, but this is not the case.
The more exposure to good things of life, the more we're likely to begin to like what we wouldn't have. At the end of the day it boils down to money.
The peak of affordability
The peak of affordability is a mirage for 99% of the world's population, which is why rich people never tire of chasing money.
The peak of affordability feels like a genie's world, where you can make a wish and have it granted. You may wonder why a human being would want this, but that is how we evolve: from who we were to what we cannot predict.
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it depends on one's financial capability to choose which is option is preferred. yes majority will actually go for what they want which will suite their satisfaction but then if the budget is not up to the task, what they can manage is how I would put it, will help during such period.
My need and budget work together. If a need arises, I'l look at my budget heand then get what it's within it, at least there should be something that I'll like about the thing I'm getting.
Even if I like something and it's not within my budget, I'm not going through with it.
Earlier this evening, I went to do my nails and the lady was calling price. I told her my budget adding that if she won't adjust, then I'll leave. When she saw that I was serious, she adjusted to a reasonable price that I can pay.
Well, kudos to your nail vendor for adjusting the price. Nigerian service providers are always known to inflate prices to their advantage, and negotiating is another way..
This is you and it's good to know that you actually understands your needs and wants. I know it's simple economics, but it's not so simple nowadays and some people can mix it all up.
She had no choice but to adjust the price after seeing my attempt to leave. Of course she knew that I had other alternatives. No be for my head person want take run her shop. 🤣
Yes, I always ensure that my needs align with my budget to avoid running a deficit, sort of. 🤣
The thing is that I learnt a long time ago that whatever I cannot afford today, I may do so tomorrow. Need no dey finish. 😅
Yeah we can eventually afford tomorrow, what we cannot afford today. I'm very terrible with negotiating sometimes, except I know the price range of what I want to pay for.
Yeah, at the end of the day, it's all about budgeting and learning to love what we can afford
You need to go on compromise unless you are rich... I want to go in a all inclusive village at Maldives but I can't afford it so I'll go in a Greece or Spain sea... It's a compromise, I go on holiday but somewhere cheaper... On the house case for just 20k I would have tried to get it, 175k more is madness
Yes, I agree that 175k$ extra is absolute madness, but these couples actually liked the house and you'd have thought they'd go on all the way out to actually buy the house. 20k is so much cheaper, but still, that's a lot of money too.
@tipu curate
Upvoted 👌 (Mana: 14/54) Liquid rewards.
Thanks a million
Vast exposition right there, I saw a quote and i loved it when the desirableable is not available, you make the available desirable.... and secondly Godliness plus contentment is a great gain, the day i saw this I learnt to tame my desires...
Its a tendency in human nature to long for more, thats why human wants are insatiable, however we will safe ourselves a lot of trouble if we tame our desires ... I know a lot of folks who are in a deep mess over going for things beyond their means... not to talk of the females who for want of a.thing far beyond their means end up loosing their lifes for it
Sometimes we can like what we cannot afford, it's in our nature to do so. But affordability, limits us, bringing us back to the reality of what our money can pay for.
So anyone who is disciplined will always choose what their money can pay for.
Well said
Unless you got the money to solve all 3, you are going to have to settle for something. I personally would go for what I need first, and want/like afterwards.
Yeah, I think going for what we firstly need, should do the magic, and somehow when we cannot afford extra, we're just left to like what we can only afford.
I wasn’t suprises they went for the first house, sometimes we can make do without our wants unless the money is there, it’s wisdom to learn to live within our means which sometimes can take care of our needs until things get better else we ohms be signing up for some serious financial problems
Yeah, people can live with what they don't like or want, so that's true. The people in the TV show learned to love what their money can afford lol and it's no surprise though.
Some of the people who can afford more, went at some point in their lives for what they needed, rather than what they liked or wanted. Not all of them, of course. It may be a good strategy to afford more later rather than go in debt sooner for something you like or want instead of what you need.