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© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Exploring Values, Needs & Wants Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Exploring Values, Needs & Wants
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© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Exploring Values, Needs & Wants Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona 2.17.2.G1 Time capsule If you would put 3 items in a time capsule to describe who you are and what you feel is important, what would they be?
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© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Exploring Values, Needs & Wants Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona 2.17.2.G1 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 https://www.youtube.com/watch?v=6Y8d0XwPZTM https://www.youtube.com/watch?v=6Y8d0XwPZTM
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© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Exploring Values, Needs & Wants Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona 2.17.2.G1 Needs vs. Wants Need - something necessary or required for life Brainstorm examples of needs Food, water, clothing and shelter
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© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Exploring Values, Needs & Wants Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona 2.17.2.G1 How Much Money Does A Person Need? Some 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 they NEED? How do values influence needs? You need shelter, but do you NEED a mansion? You need clothes, but do you NEED designer clothes?
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© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Exploring Values, Needs & Wants Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona 2.17.2.G1 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
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© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Exploring Values, Needs & Wants Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona 2.17.2.G1 You Decide! Car Nike Sneakers Hot Tub Computer Food i-Pod Cell Phone Clothes
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© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Exploring Values, Needs & Wants Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona 2.17.2.G1 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?
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© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Exploring Values, Needs & Wants Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona 2.17.2.G1 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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© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Exploring Values, Needs & Wants Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona 2.17.2.G1 Remember the Time capsule?? Review your 3 items. Would you classify them as needs or wants? What does this reveal?
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