Sammy Rabbit's Take on Wants and Needs
Understanding the fundamental difference between wants and needs is a first and crucial step to consistently making sound decisions. This means it is essential to achieving personal fulfillment, including more financial wellness, wellbeing, and wealth.
When it comes to money lessons, parents should not only teach children to distinguish their wants and needs BUT TO ALSO differentiate between their "real wants" and "false wants."
At its essence, determing the distinctions is an exercise in making, organizing, prioritizing and tracking lists. Lists on how to manage and use our time and money. And, specifically in what order and what amounts.
Having kids get in the habit of taking this steps will build their critical thinking muscle. Doing so will set them up for sustained and growing success throughout their lives. That is the kind of success Sammy Rabbit likes!
Remember, continous, habitual small steps produce super duper outcomes over time!
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...Wants and needs, wants and needs
Nothing really helps one succeed like knowing the difference between
What we want and what we need...
Lyrics and Chorus - Sammy Rabbit Money Song titled: Wants and Needs
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Needs
Needs refer to the basic necessities required for survival and well-being.
These include essential physiological requirements such as food, water, shelter, and clothing.
They also include saving and investing as a priority and before spending on other non-basic necessities as defined above.
Needs are universal and fundamental, as every individual must have these fundamental elements met in order to lead a healthy and sustainable life.
They are non-negotiable and take precedence over wants, especially "false wants."
Meeting needs should be a priority, as neglecting them can lead to detrimental consequences for an individual's physical and mental health.
TAKE NOTE: This is a reliable recipe and defintion of "needs." It is time-tested. It is not exciting or sexy. It just works. It produces predictable financial outcomes. Other definitions of needs and financial strategies designed around them, may work, but you definetely "want" to thoroughly research them before adopting them. Further note, they almost always "sound good!"
Wants
Wants encompass our desires, preferences, and aspirations that go beyond our basic needs. They can range from material possessions and experiences to emotional and psychological desires.
Wants can be:
subjective and vary greatly from person to person
influenced by various factors, including societal norms, personal values, cultural influences, and individual experiences.
Unlike needs, wants are not essential for survival but rather contribute to our overall happiness, wellness and well-being.
A Key Distinction
One important distinction between wants and needs lies in their satisfaction.
Needs must be fulfilled to ensure our fundamental survival and functioning, while wants are more flexible and can be prioritized based on personal preferences and circumstances.
Focusing on priortizing needs before addressing wants is essential for building a strong foundation for a fulfilling life.
It is important to recognize that satisfying wants without meeting basic needs can lead to imbalance and dissatisfaction.
Identify "Real Wants" versus "False Wants"
Wants can frequently be driven by external influences and societal pressures.
"Real wants" align with our values, intrinsic interests and lasting genuine desires. They do not change daily or weekly. Often, they take time to discover.
"False wants" do not align with our values and lasting genuine desires. Often they are manufactured or influenced by media, advertising, and peer pressure. They can lead us to believe that certain products or experiences are essential for our happiness or social status. This can create a sense of false need, where we prioritize "perceived" fulfilling wants before "real wants" that are not truly aligned with our values or lasting genuine desires.
Last Thoughts for Now
In summary, learning to distinguish between and prioritze "real wants," "false wants" and true needs is crucial for parents and kids to:
make conscious and authentic choices
maintain a balanced and fulfilling life
achieve sustained and growing success throughout their lives, including having more financial safety, security, stability, wellbeing, wellness and wealth.
Free Membership to Sammy's Money School
Let's get kids financially literate, their families and communities too. Let's get kids distinguishing between false wants, real wants and needs.
Take action today.
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Enroll them in Sammy Rabbit's FREE Money School Membership program. The program:
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We also welcome and invite you and your children (students) to become a PREMIUM Member of Sammy Rabbit Money School. This is a low-cost, super affordable way to gain access to more activities AND support Sammy's mission to bring financial literacy education to kids and families across the world.
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