Dr Oz: Separating Financial Wants From Needs
When it comes to spending money, do you know how to separate the wants from the needs? Patrice Washington, author of “Real Money Answers for Every Woman” was back to help viewers do just that, in order to take better control of their finances. Patrice began by explaining that separating wants from needs is the most important part of financial success, but it’s often overlooked. “The reality is a lot of us disguise the wants in the midst of our needs,” Patrice stated.
To better manage your money, Patrice advised viewers to follow the 50-30-20 rule to separate emotions from money. 50% of your money should go toward your needs, 30% should go toward wants, and 20% toward savings.