Matt is a JD MBA student at Fox School of Business, Temple University. He has stocks and at present stocks are his only actual source of income. Matt says that he spends too much money on eating out and going to bars. He enjoy eating out and going to bars. Matt compares needs to wants and thereby feels that he is overspending.
Every week Matt tends to set a limit on how much he will spend but he has few friends who use excel spread sheet and few friends who don't track there expenditure at all.
His short term goal is to purchase certain house hold items and pay off his student loans after 6 years of graduation and long term aspirations are unlimited. If he was to reduce his over expenditure then he would spend his money on the same things.
Its very interesting to note that for his basis of comparison, he compares needs to wants. He compares what he wants to do than what he needs like he can buy food from the grocery store rather than eat out.
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