Presentation on theme: "Financial Literacy Mr. Rotella. Simply Put: Needs are Things you CANNOT Live Without Necessary to Survive Examples: ◦ Rent or a Mortgage Payment."— Presentation transcript:
Simply Put: Needs are Things you CANNOT Live Without Necessary to Survive Examples: ◦ Rent or a Mortgage Payment ◦ Transportation ◦ Utility Bill ◦ Food ◦ Basic Clothing Jeans without designer label
Things that Would be Nice to Have Not Vital to Survival If it is Possible to Delay Buying an Item it is a Want Discretionary Expenses Example ◦ Going Out to Eat, Going to the Movies, New Clothes, Cable TV
There are many different levels of wants and needs Example #1: A Winter Coat when it is Snowing Outside is a Need but a New Shirt to Update your Style is a Want. Example #2: Cooking Inexpensive Meals at Home is a Need and Eating out at a Fast Food Restaurant is a Want.
Do I Need this Item, or do I just Want it? Never Shop to Feel Good ◦ Euphoria is Gone when the Bills Arrive Think About what Things are Necessary for your Day to Day Existence
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