‹ Opportunity Cost
Need vs Want. The one-question filter.
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Need vs Want
The one-question filter
A need keeps life working; a want makes it nicer.
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A phone is a need. The latest model is a want. Marketers blur the line on purpose. Urgency timers, "limited stock" banners, and countdown sales are designed to stop you from thinking. The filter is one question: would I walk across town to buy this?
- Research shows about 70% of online purchases are impulse buys driven by wants, not needs.
- Wait 24 hours before any purchase over 500 rupees. Most wants disappear overnight.
SourceRook and Fisher (1995), impulse buying research
Cialdini, Influence
Cialdini, Influence
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Because you read Need vs Want.
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Opportunity Cost
The price of what you did not choose
The value of the best thing given up to get something else.
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The Ponzi Scheme
Returns from nowhere
A fake investment that pays old investors with new investors' money.
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The Negativity Bias
Why bad news sticks
The brain's habit of weighing bad news more heavily than good.
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