Understanding the difference between needs and wants is important for financial planning from "summary" of The Geometry of Wealth by Brian Portnoy
To make wise decisions about our finances, we must first grapple with the elemental distinction between needs and wants. This may seem straightforward at first blush, but upon closer inspection, the line between what we require for survival and what we desire for pleasure can blur. In the cacophony of modern life, our wants often masquerade as needs, whispering sweet nothings of necessity in our ears. The siren call of consumer culture beckons us to conflate the two, leading us down a treacherous path strewn with financial pitfalls.
Needs are the basic building blocks of our existence, the foundational elements that sustain us physically, emotionally, and spiritually. Without these essentials, life as we know it would be unsustainable. Wants, on the other hand, are the embellishments, the extras that add color and flavor to our days. While wants can bring joy and fulfillment, they are not indispensable to our well-being. Distinguishing between these two categories is crucial for financial planning because it allows us to allocate our resources judiciously, prioriti...
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