Optimal Finance Daily · Saturday, August 1, 2026
Steve Chou, author of "How to Build Wealth by Spending Money Wisely," suggests a framework for evaluating purchases. He advises readers to ask if an item will make their life easier, provide lasting pleasure, or fill a void, noting that most purchases fail to meet these criteria. Chou also emphasizes avoiding shopping as a recreational activity and being mindful of personal weaknesses that can lead to impulse buys.
“Whenever I want to make a purchase, I always ask myself the following questions. Number one, will this object make my life easier? Number two, will this object provide me with lasting pleasure? And number three, is this item filling a void in my life?”
“If you find yourself answering yes to all three questions on a regular basis, you should sit down, rethink your priorities, and raise the bar.”
“Spending wisely starts with looking deep into your life and figuring out what will bring you lasting happiness.”