THE ELEVATOR IN THE ROOM
Needs vs. Wants: That topic comes up in both the Financial Planning, and Theory of Knowledge (basically: philosophy) classes that I teach. Do you really need a 5-G phone, a hybrid SUV, a good-looking mate, or do you just want one? The standard thought is that food, water, and some levels of clothing, shelter, and medical care are needs, without which we cannot survive. Everything else is a want.
Sometimes the line is a bit blurred, though, as in -- does a high-end salesman need a fancy car? Well, to project the right image and keep putting food on the table, maybe he does. Or maybe not…. Mostly though, people believe that they need way too many things that, really, are just things they want. We can thank America’s materialism-on-steroids attitude of the last few decades for that, with a nod to a very effective marketing industry.
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