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Answer 1

To decide what we want versus what we need, a good idea would be to think of a need as something required for survival, such as water, food, clothing, and shelter. A want could refer to something like a luxury, but not necessarily a necessity. An imbalance of these two could lead to debt, in a sense, because if you were to spend all your money on the “wants” in your life, then you wouldn’t have anything to pay for your “needs”.

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