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?
What are Warren Buffett’s views on Needs vs Wants?
If you are looking for answers to above questions then you have come to the right place.
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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.
5 Key Differences 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.
Examples 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.
Firmly believe that you enjoyed reading the article.
And you are very clear about Needs and Wants.