“Needs” versus “Wants” Form Topic of Financial Literacy Essay
Americans today have never been in greater need of a sound financial background. And according to a recent financial literacy essay published by the National Financial Educators Council, one of the keys to becoming money savvy is to learn how to separate “needs” from “wants.” Having a viable savings plan in place is the only way we will become able to reach our financial goals. And in order to save more money, we must know the difference between these two concepts.
A “need” is something we have to have, like food, shelter, clothing, water, and positive relationships with our fellow man. A “want” is something we wish we could have, but that we won’t die or suffer without. Examples of “wants” might be expensive cell phones, Rolex watches, Mercedes cars, 80” flat screen televisions, trips to Europe, leisure boats, or an Xbox One. Any financial literacy project that’s worth its salt will help people understand that they must use their income first to support “needs” and only purchase “wants” when they have extra money set aside.
The NFEC offers many such financial literacy tips to give people a head start toward financial success. This leading provider of personal finance t raining offers practical, fun, engaging lessons for all ages that guide individuals toward solid short- and long-term money planning. Many of the NFEC materials are available complimentary.
Some of the financial literacy tools the NFEC offers include curriculum packages, workshops, online and multimedia learning centers, student workbooks, games, and live celebrity events. These materials can be consumed one at a time, or combined into a full-scale financial literacy campaign or initiative to achieve a variety of objectives.
Research has shown that gaining a financial literacy education is perhaps the single best way to succeed in today’s uncertain economic climate. Distinguishing between needs and wants is just one step in that direction.
For those writing a financial literacy essay – forward it to the NFEC when you are complete and we may publish it for you.