Three nights ago my friends and I attended a seminar on finances and one of the topics discussed is all about wants and needs. The speaker, Rex Mendoza, defined need as a state of generic deprivation arising out of our human conditions. In simple terms, a need is something you have to have while a want is something you like to have. Needs are the thing you can’t live without while wants are the opposite. What amazed me last night was the realization that needs vary from person to person. We had to go back to the Maslow’s Heirarchy of Needs to fully understand.
Basic needs include food, shelter and clothing. Food keeps us nourished, shelter protects us from animals and clothing keeps us warm. These are the basic definitions of the three. But these definitions will vary. For example, a person needs to eat to survive. A simple dish can satisfy him. If he has money, he would want to eat in a better restaurant. He wants it so bad that it becomes a need to eat in a better restaurant. I cannot say that it is the same food. All I can say is that both foods can satisfy him. It is human nature to want something better. The only thing that matters is if he can afford.
What am I leading you to? I want you to realize that needs are relative. It may be a need for me but is not a need for you and vice versa. For example, I need to read a book to relax my mind. The way I relax may not be your way. Maybe you want to listen to the radio or watch the television. Therefore we have different needs in terms of relaxation. And these needs drives how we spend our money.