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What are Need n Wants, their Difference and Examples

needs-vs-wants
Learn the difference between Needs and Wants

What are Needs?

What are Wants?

What are examples of Needs?

What are examples of Wants?

Can you give example of Needs vs Wants?

What is the difference between Needs and Wants?

If you are looking for answers to above questions then you have come to the right place.

Congrats and pat your back.

You did an excellent job. Keep it up!

You are a Genius!

Now, lets get back to our article on Needs and Wants.

Every human being in the world has a need to earn and be independent.

What are Needs

Needs are something you have to have that is you can’t live without them.

What are Wants

Wants are something you would like to have meaning you can live without it.

That is you can either live without them or just settle for a product of a lesser price.

Difference between Need and Wants

  • You can’t live without Needs, but you can live without Wants.
  • Anything necessary for survival and well-being is a Need, while Wants are not absolutely necessary.
  • Needs are essential for life, while Wants are desires that we like to possess.
  • Needs are basics of life, while Wants are luxury of life.
  • Needs are limited, while Wants can be unlimited and limitless.

Example of Need and Wants

  • Suppose you are earning US $400/month than buying a phone worth upto US $200 can be a Need while buying a top end phone can be classified as a Want.
  • Eating home cooked food is a Need, while eating at a restaurant is a Want.
  • Buying an affordable house is a Need, while buying a dream house is a Want.
  • Buying clothes is a Need, while buying only branded or luxury clothes is a Want.

Does Everyone Have Same Needs n Wants?

No. Needs differ from person to person, according to their occupation, and place where they live.

A Laywer, Doctor, Carpenter, CEO, Prime Minster all have differing needs.

One persons Need may be another persons Want.

Warren Buffett on Needs vs Wants

If you buy things you do not need, soon you will have to sell things you need.

It is always good to stay within our limits of affordability.

People with less needs are happier in the world than otherwise.

Having fewer Needs makes us happier, live life to the fullest and helps save money.

Plus it is also a Good Habit as well as a Good Karma.

Firmly believe that you enjoyed reading the article.

And you are very clear about Needs and Wants.