Financial Literacy Mr. Rotella.  Simply Put: Needs are Things you CANNOT Live Without  Necessary to Survive  Examples: ◦ Rent or a Mortgage Payment.

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Presentation transcript:

Financial Literacy Mr. Rotella

 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