Understanding needs, wants, and desires in today's life
Hello friends in today's generation we need to understand Needs, wants, and desires Managing money is about taking care of income and expenses. The expenses include various regular expenses, financial goals, investments, tax payments, and payments towards insurance premiums, among others. The regular expenses or even some of the large lump sum expenses could be towards basic needs or towards wants or desires. While the three terms are often used interchangeably, they are not, and hence, it is important to understand the difference between them. Needs: These are things that are essential for our survival and well-being. Food, a roof over the head, water, clothing, and healthcare are among some examples of needs. It is not possible to live without these, and hence the needs assume priority when one plans one’s spending budget. Wants: Once the needs are met, we strive for things beyond those, for things that are not essential for our survival but enhance the quality of life. Entertai...