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Case File 2: Needs and Wants
Make smarter spending decisions and achieve financial well-being.
Understanding needs and wants is crucial for effective budgeting and financial planning.
While needs are essential for human survival, such as food, shelter, and healthcare, wants are nice-to-have things that are not necessary for survival.
By gaining a better understanding of our needs and wants, we can make more mindful and informed decisions about spending.
Financial planning involves preparing for future expenses, like retirement and education, while debt management is important for avoiding financial troubles.
By watching the video, viewers can embark on a journey towards financial literacy and be better equipped to make informed financial choices.
The Difference between Needs and Wants
Definition of needs
Needs are essential for human survival and are the things that we cannot live without.
They include basic necessities such as food, shelter, healthcare, and education.
These are the things that are necessary for our well-being and daily functioning.
