Super Investor Warren Buffett on Need and Wants of Life

needs-wants-difference
Difference between Needs and Wants

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

Difference between Need n Wants

Needs are something you have to have, while Wants are something you would like to have.

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.

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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.

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 clothes is a Want.

Needs are limited, while Wants have no limits.

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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.

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Warren Buffett on Needs vs Wants

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