Need Vs Want

Do you need help with a need vs want? You are in the right place. In a good part of the world the lines between these have been blurred due to the overall increase in the ability to have more wants. First lets start with a definition. A need is something you have to have or you will die. A want is something you think you need, but you really don't, but it might make your life more comfortable. Let's go over some examples of a need vs want.

Examples of needs as I see it:

• Air
• Water
• Food
• Clothing
• Shelter
• Love

Examples of items that are questionable needs:

• Car
• Telephone

Examples of items that people think are needs:

• TV
• Internet
• Radio
• Bottled Water
• Cable / Satellite

Clearly wants:

• Big Screen TV
• Flat TV
• Boat
• Toys

Now I realize that this is highly over simplified. And there are many arguments about the above. But I want to draw a very distinguished line.

If you don't have items in the first list, you will die. I understand that Love isn't a physical need, so some people will argue, but my thought is it's a spiritual need, and everyone needs it. Anytime you want to decide need vs want, just remember, will I die without it?

If you don't have items in the second list, you might have problems with list one, for example, if you don't have a car, you might not be able to get a job, without a job, you can't make money, without money, you can't buy food or shelter. But you can probably make due with public transportation in most situations.

I put Telephone, TV and Radio on there, because some people think they need them for weather alerts, and emergency information. Some people might actually need a phone for their job. If they work at home, and their employer requires a home phone line, and internet access for example.

Hopefully you have a better understanding of needs versus wants now. If you don't, you might be looking at the world unrealistically. Again, this list is not intended to be an exhaustive list, but rather an example so you can draw your own conclusions. I'm not your parent, I won't be defining every aspect of your debt management plan. I am here to guide you through the process. If you think there needs to be more information here on a need vs want feel free to let me know what you think.

Here's your quiz:

Is the below link to a need or a want?

Most likely it's a want, but it is a dynamic banner so it changes frequently, but there aren't very many needs you can buy from Amazon.com or ebay for that matter. Just a thought for the road.

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Let's move on to Step 2 your family budget.

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