|After a couple of years running the shop, I couldn't understand how my personal budget could be such a waste of time, while my business budget worked like a charm. I discussed the situation with Old Mr. White. I'll never forget his reply. 'Roy, my young friend,' he said, 'a business only has to budget for needs. It's in the best interest of the business to limit those needs as much as possible. An individual, on the other hand, must budget for both needs and wants. It is a rare person, who can do that successfully because, for too many people, a want becomes a need.'
"And it's so true! Did I need a new car in my second year of business, or did I just want one? Cathy, did you need to get away to Europe last winter, or did you just want to? Tom, did you need, or just want, the best stereo available? It's human nature to spend our entire disposable income and to rationalize all those expenditures as needs."
- Source: The Wealthy Barber
by David Chilton
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