Updated: Apr 8, 2020
Needs are imposed by nature!
If you were to pen down a list of what your needs are on a paper, how much do you think you could write?
I am quite sure you can easily fill up the whole piece if given some time.
One of the key to good money management is to understand the difference between a need and a want. No one taught us on this differentiation in real life, things became grey and subjective to individual.
Let's head back to some basics: what is a need?
Need is a necessity, an obligation, an essential, a must-have, you almost can't live without.
At one of the financial literacy workshops, a participant said going to the gym is a need to her, she likes the energetic atmosphere and a personal trainer keeps her on a discipline routine.
Another sports enthusiast said the fast food KFC is his favourite, protein is a must for his muscle building process.
Need is a necessity, an obligation,
an essential, a must-have.
As the world develops and modernizes, people's perspective on their needs changes. We tend to need better things, higher quality and quantity, we demand for efficiency. Gone are the days where one as a student can survive on basic allowance from parents. Unfortunately, when they step into the work force, the minimum essential bar naturally rises; the list of needs expand tremendously.
In actuality, human survive on four basic needs: shelter, food & water, healthcare and essential clothing. Anything over and beyond eg. a bigger house, fancy dinner, branded apparel, another pair of heels of a different colour - is a wants.
Does that mean we should only buy the things we need?
[Continue to next post....]
#BestInsurance #investment #wealthmanagement #financialadvisory #financialfreedom #financialadvisory #comprehensive #money #endowment #medicalinsurance #finances #savings #certifiedfinancialplanner #advisory #financialconsultant #financialservices #entreprenuer #financialplanning #wealthdestined #healthcare #insurance #banking #hospitalisation #insurancebroker #wealth #needs #wants