There are things needed for the survival of human being but some of them are not wanted and can be managed, discarded or delay gratification to achieve future financial goals. These things not needed buy occur as emotional need that can be controlled but wants to derail your financial future or you are not being financially aware of its impact.
When you work or earn a living through your job or side hustle, it’s meant for your needs and wants but how you priotized them matters a lot to help manage your finance.
Man has unlimited wants and they come in different forms and things needed to satisfy this desire is limited. If these wants are not controlled, they can lead you to accumulating expenses and it leads to bad debt that leaves you struggling financially.
These wants can rely on your environment, family background, friends and mindset. Character and depth of strength also has impact on your wants and how you manage them goes a long way to yield a better result.
What one-person needs is another person wants. And there are a variety of ways to meet a need or a want. Our wants seem to change due to civilization and new products and services that erode your mind with mind blowing online adverts, bill-boards, posters and many more. If we go with all these flows in the world and listen to all the music playing around you and dance to their tune, they leave you in bad shape and these wants can change on the long run once the desire for that product or service fades out as a result of new influx of product design in the market and many more.
If you desire so much for something for a while and with time that hungers fade off that is WANT because its not a priority and not extremely urgent. They are just things you crave and love but you could do without them if you don’t have the money to buy them and can also do without them but if you have the money and it adds no value, you emotionally control yourself, so that it won’t form an habit.
Most companies rely on your hunger for things to design products that leads to our emotional buy because we want them and lots of people go extra- mile to get these things that are not needed.
The trick to investing, saving money, and reaching your financial goals is to make sure you’re wisely balancing your long-term needs and your short-term wants to allow you live well frugally, and find joy and contentment in life. There is no formula for that as only you can determine which compromise you are willing to make.
Is it that it is bad to enjoy the good things of life? No. but have a level of discipline, commitment and focus to know what you want, how to curb, control and cut the unnecessary ones to help plan, budget your finance to achieve your financial freedom.
WHAT ARE WANTS?
A want is a choice. A desire which a person may or may not be able to get. A want is a desire to have a product or service immediately or near future, that may, or may not, be able to obtain.
With these two definitions, there is not much to discuss on this definition.
When you look deep into your finance or become financially aware of where you are or why you struggle you realize that you desire for too many wants that you end up acquiring without knowing much about it.
Wants are electronics, jewelry, clothing (non-necessities – designer sneakers, video games and many more. These wants derails you from your financial goals most times and you are in-depth into it without being aware of the financial consequences.
You really desire that designer T-shirts and sneakers that just got launched but you just bought T-shirts and sneakers months ago, but you keep desiring to have this new product with its exceptional design and style. With this hunger to acquire this want, you might likely hunger more for the latest designs which put you in financial traps and increase your expenses.
THREE TYPES OF WANTS
The three types of wants are:
There are wants that makes you alive and if you do not have these things you can’t live on earth and you can’t do without them. They are water, food, clothes, house and many more. You need to eat to be alive. You need shelter over your head and you want water to quench your thirst. All these wants are important for your well-being.
Without comforts, you can’t live. Only comforts give makes life conducive and better for you. It makes you more efficient and effective. Table, chairs, bed, fan, computers and many more. These wants makes us desire comfort.
Luxuries surfaces when you are living comfortably. After dreaming of many things, you want to live in exclusive house, drive an expensive car and live the high standard of living. These desires are luxury and reduces your value.
7 THINGS TO KNOW ABOUT WANTS
1.) WANTS ARE INSATIABLE
Your wants are never completely meet or satisfied and will never be, as long as you are alive. Once you quench the test for one, another one erupts, and this is an unending cycle. If you buy that flashy car three to six months ago, there’s probability of you disposing that car to acquire the latest car to show off or meet up to the standard of your pairs.
2.) WANTS ARE SATIABLE
No matter how large that want is, it is satiable if you have the resources to and the desire can be curbed to control the wants. If you want that product and you have the money, surely you will get it.
3.) WANTS VARY WITH PLACE AND TIME
Want changes as time does with individual wants. People want different things in different place and in different times too.
A man in one country wants a car and another in different country also wants a car too but they are not the same because of what both men want in the car.
4.) WANTS CHANGE DUE TO MODERNISATION
With modernization, the wants of people have changed and their desire have increased too. The wants of people in the village and city is not the same. The wants of people in the city desires the latest of every new product released and that hunger is extremely growing and insatiate.
5.) WANTS BECOME HABITS
Once you desire for a particular wants all the time and you try to satisfy it but this hunger do not quench, it becomes an habit that causes financial woes for you.
6.) WANTS ARE INFLUENCED BY YOUR EARNINGS.
When your income increases, your mind tells you, you need to live up to the standard of your new status and your wants also changes too, you want to meet this new desire to living to the standard of your pairs.
7.) WANTS ARE INFLUENCED BY ADVERTISEMENT
Our wants can be influenced by the bill-board, posters and online adverts you see and start desiring to have them because the image of that product has been captured by your mind and your emotions are already attached to it.
With these, you know what wants are, the types of wants and how wants influence your hunger for things and how it makes you buy things frivolously and what to do to curb, manage or cut down your wants.