Do You Need It… Or, Do You Want It?

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Do You Need It… Or, Do You Want It?

How many times have you heard one or more of the following comments in the last year?

· “The situation was beyond my control”

· “No one could have planned for this”

· “How was I to know?” or “No one told me…”

When I hear these statements, I can’t help but question the validity of them. It is far too easy to say and then believe that when hard times hit there was no way you could have been prepared and it is, undoubtedly, a great way to absolve yourself of any blame.

Everyday, things happen in our lives that are random and unplanned. Shouldn’t that fact alone be enough to tell us that there will always be surprises and that not all of them will be positive? While, none of us have any way of telling what is around any corner, shouldn’t we all instinctively know that we should be prepared for the unexpected or unforeseen, whatever it turns out to be? Who is most responsible for what occurs or doesn’t occur in his or her own life?

There are virtually no limits on the number of actions people can take to ensure that they are prepared for whatever occurs in their life, but for our purposes, let’s stick to the steps that you can take to be financially prepared for life’s journey. Even limiting the discussion to the topic of financial preparedness is broad based. There are many worthy topics to explore on everything from the merits of budgeting and setting financial goals all the way through sound saving habits and investing techniques. So, lets drill all the way down to what I believe is at the core of every financial decision and the basis for which people will either experience financial freedom or financial indebtedness.

I think the foundation of every financial decision is set by the answer to this question, “Is this a financial need or a financial want?” and a complete understanding of the importance of the answer.

To read this article in full, please click here.

Scott Arney
Chief Executive Officer
Chicago Patrolmen’s Federal Credit Union

Don’t forget, members of the Credit Union enjoy free and confidential Credit Counseling and Financial Planning through our Financial Planning and Education Center. We are here to assist you every step of the way.

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