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Understanding Values, Needs, and Wants: A Guide to Personal Decision-Making

This guide explores the concepts of values, needs, and wants, illustrating how they shape individual decisions. Values are what we find desirable and important, influenced by various aspects of our lives. Needs are essential for survival, such as food and shelter, whereas wants are additional desires that enhance our quality of life but are not necessary. Understanding the difference between these concepts helps individuals make informed financial decisions and navigate their priorities effectively, ultimately leading to a fulfilling life.

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Understanding Values, Needs, and Wants: A Guide to Personal Decision-Making

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Presentation Transcript

  1. Exploring Values, Needs & Wants

  2. What are Values? • Something that is desirable, worthwhile, and important • Influenced by family, friends, teachers, coaches, television, and movies • Each person has different values which guide his/her daily decisions

  3. Best Friend Advertisement • Write an advertisement for a best friend • Include at least five qualities or characteristics you desire or value in a friend • Describe why those qualities are important

  4. Needs vs. Wants • Need - something necessary or required for life • Brainstorm examples of needs • Food, water, clothing and shelter

  5. How Much Money Does A Person Need? • Families in India earn $1.00 to $2.00 a day. • Could your family live off $1.00 to $2.00 a day? • What do you think families in India think theyNEED? • How do values influence needs? • You need shelter, but do you NEED a mansion? • You need clothes, but do you NEED designer clothes?

  6. Needs vs. Wants • Want - something unnecessary but desired • May increase the quality of living or make a person happier • Brainstorm examples of wants • MP3 player, Play Station, designer clothes • How do values influence wants? • If being popular or having all of the newest gadgets is valued, a person may have a lot of wants

  7. Car Nike Sneakers Hot Tub Computer Food i-Pod Cell Phone Clothes You Decide!

  8. Spending Money • How do values influence how people spend money and make financial decisions? • If an individual values helping others, he may decide to give money to a church or other charitable groups • How do needs and wants influence how people spend money and make financial decisions?

  9. Remember… • Value - Something that is desirable, worthwhile, and important • Need - something necessary or required for life • Want - something unnecessary but desired • A person’s values and perception of needs and wants influence personal financial decisions!

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