Needs vs Wants

Understanding the difference between needs and wants is crucial for everyone.

Why?

A wise person tends to focus on what is necessary. Take, for example, a man who needs to take out a loan for his child's education. Even though he doesn’t have the money, getting the loan is a responsible choice because it's essential for his child’s future.

On the other hand, wants often play a big role in people’s lives. Imagine a man receiving a call offering a vacation package at a discounted price. It sounds tempting—he pays a small amount and gets to enjoy a beautiful trip. Even though it's a good deal, he accepts it, even though he didn’t plan or need a vacation.

Now, look at these two scenarios:

1. Taking a loan for education is necessary; it's a need for the child’s future.

2. Accepting the vacation offer is purely a want—not essential and simply based on desire. While the offer is affordable, he’ll likely spend more money during the trip.

The concept of needs vs. wants applies to many areas of life:

Health: Choosing to invest in a healthier lifestyle by eating nutritious food and exercising is a need. Spending on junk food or the latest health trends without research is a want that may not contribute to your well-being.

Career: Continuing to upskill and learn in your profession is a need to stay relevant. On the other hand, splurging on gadgets or services that aren’t essential to your job could be considered a want.

The key point here is that prioritizing needs over wants leads to a more balanced life. It helps manage finances, time, and energy more effectively, without falling into the trap of impulsive decisions.

It’s not about denying yourself the things you want. Rather, it’s about delaying gratification until you’ve secured your needs. Wants can be enjoyed when you are ready and have the capacity for them.

It’s important to reflect on every decision by asking yourself: "Is this something I truly need, or is it just a temporary desire?" By focusing on needs and postponing wants, you will set yourself up for long-term stability and fulfilment.

If this resonates with you, take it to heart. If not, live according to what works best for you.

Good day!