What is The Differences Between Needs and Wants?

Alex Moses

We are all human and it is only natural for us to want to have fun, go out with friends, buy gifts for our family, spoil our kids, travel, etc. As the saying goes, you only live once, so might as well have fun and enjoy the time you have left until “death do us part”, right? Well, yes and no. While it is perfectly OK to want things, like new clothes, cars, houses, we must make a clear distinction between wants and needs.

Needs are the life necessities we absolutely must have in order to maintain a certain standard of living. Our needs must be covered in order to avoid financial and emotional hardship that can throw us off-course. It’s things like our home, car, gas, insurance, food, kids’ education, etc. Needs must be fulfilled in a timely manner to avoid last-minute stress and unnecessary loss of…

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