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Distinction between Needs and wants
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[QUOTE="Abigael, post: 222308, member: 25357"] It is very important that one gets a clear definition of the difference between needs and wants for sure. This is because they enable one to spend money wisely. Needs are those things that you cannot do without. Think of basic needs such as food, shelter and clothing. While wants are those things that you desire to have so as to be more comfortable in life but you don't really need them to survive. It is therefore important that when you have some money, you should prioritize your needs and not your wants. Remember that when you prioritize your wants, you may have to take a loan in order to satisfy your needs. This is because you won't live without them. So when you are making money, make sure that you have specified your needs and wants. That will enable you to spend your money well so that you don't get into debts. [/QUOTE]
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