Apparently, when American consumers get above 35,000 feet they become impulse buyers. There’s no way else to explain the success of the SkyMall catalog. Fly any of the major U.S. airlines and this little magazine can be found in the seatback pocket in front of you.
The next time you travel try to resist picking this thing up. I dare you.
It’s easier to say no to another potato chip than it is to fight off the urge skim every item in SkyMall’s gadget-laced inventory. As a matter of fact, in a recent unscientific poll, conducted by me, 98% of all air travelers admitted to reading it cover to cover.
This week, I flew to New York to visit my wife’s family. I’ll admit we weren’t even taxiing to the runway yet before I started flipping through the pages. By the time the plane reached cruising altitude I was seriously considering buying the SomaWave Helmet, which, according to the description, melts away stress and tension.
Then there was the Thundershirt for dogs, available in either pink or blue. A must have for sure. This fashionable polo has a profound calming effect when the canine is anxious. And here’s the funny part – I don’t even own a dog.
In life, and business, we make buying decisions everyday. Recently, I got into the habit of asking myself “is this a want, or a need?” If I’m being mostly honest with myself, and the item I want to buy isn’t technology related, then the answer is usually “want”. However, if I’m being completely honest with myself, then the answer is always “want”.
Unless we’re talking about food, water or transportation, there’s truly very little any of us need.
If you’re just starting out in real estate investing distinguish between what you want and what you need from your business. For example, I need my fix and flip operation to generate enough income to pay the bills and feed my family. I need it to generate enough income to fund my daughters’ college tuition and retirement.
If things go well I can take care of all those wants – a home on the golf course, second home on the water and the financial freedom to go wherever I want, whenever I want.
Oh, and the genuine Navy Seal watch from the SkyMall catalog – I want that too.Need vs. Want in Real Estate Investing by Marty Boardman