Resources are limited but wants are unlimited.

As I pursue MBA in strategic management, the obvious truth became even clearer that resources beneath the earth, on earth and above the earth are limited, not only that but also individual resources such as financial, emotional, intellectual, will power and time resources are limited too. 

Therefore to live a balanced life, we must EFFECTIVELY distribute these resources.

To be an economists at personal level:

Align Wants To Resources At Hands

Extracts needs from your wants and align needs to your resources at hands. 

The goal is to grow. Needs are foundational. Start with addressing the needs first then wants. Need is that which is necessary to live and function like food, clothes and shelter. Want is a wish that you can live without, but if you get it, might improve the quality of your life.

Often, we are not conscious of this reality and end up spending resources on wants before addressing the needs.

Move Unsatisfied Wants To The Future And Work Toward Them.

Behave and work like someone who is going to fulfil the wants you have.

The good news is that since wants are not a necessity we can’t live without, we can push them to the future when resources are not enough, then devise a plan to attract resources that respond to the wants.

Do you want an advanced car? Let that be your motivation to work hard and get it in the future. 

To live effectively in a world of limited resources and unlimited wants: (1) Extract your needs from your wants, (2) Align your needs to your resources, and (3) Move to the future wants that you are unable to satisfy.