From the course: Your Money or Your Life: Transforming Your Relationship with Money and Achieving Financial Independence

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Lesson 9: Meet your needs differently

Lesson 9: Meet your needs differently

From the course: Your Money or Your Life: Transforming Your Relationship with Money and Achieving Financial Independence

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Lesson 9: Meet your needs differently

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- [Narrator] Nine, meet your needs differently. The principle of substitution says that there are 100s if not 1000s of ways to meet a need. Traditional economics would have you believe that more, better or different stuff can satisfy almost any need and is just a credit card swipe away. But who says frugal pleasures are less pleasurable because they are less pricey? For example, what's the best way to lift your spirits? An anti-depressant, running, cognitive therapy, a change of scenery, going to a funny movie, helping someone in a worst pickle, retail therapy, which works best for you? Do you have just one strategy or many different ones? When you feel depleted, where do you turn? Rest, exercise, caffeine, therapy, retail or talk, TV? In other words, there's a difference between needs and the strategies we use to satisfy those needs. For example, freedom is a basic need, but if freedom means travel to me, what am I really…

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