I witnessed, not so long ago, a little boy who threw a tantrum right there in the middle of a grocery store with his mom trying to calm him down and the dad frantically looking around in an attempt to avoid the accusatory eyes other shoppers.  There seemed to be no or very little empathy for the little boys’ parents as he went on ranting and raving about an item he wanted.  It reminded me of the bumper car game, where everyone steered clear because they heard the mom explaining that whatever the little mister wanted, was so expensive. I heard negotiation of some sort happening and dates and time frames being agreed upon and I realized that the parents were actually sharing a very valuable lesson with all of us – that of managing our finances, and greater so, to delay the need for instant gratification when it comes to spending money.

The following video provides interesting insights on how to distinguish between needs and wants, the impact of financial stress, why people have so much debts and what a person can do to manage their finances better.