Nse module3

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  • 1. Copyright 2012 National Stock Exchange of India Ltd. All rights reserved.www.funancialquest.com Online Course Module Online CourseModule 3www.funancialquest.com Vol. 1.1-4n4

2. www.funancialquest.com Module 3Duration: 30 MinsNeeds Vs WantsVol. 1.1-4n4 Copyright 2012 National Stock Exchange of India Ltd. All rights reserved. 3. www.funancialquest.com Needs Vs Wants Module 3: Needs Vs WantsVol. 1.1-4n4 Copyright 2012 National Stock Exchange of India Ltd. All rights reserved. 4. www.funancialquest.com Module 3: Needs Vs Wants Copyright 2012 National Stock Exchange of India Ltd. All rights reserved.Needs Vs Wants What is it? Needs Wants Think before you spend Why is it important? How to tell the difference? Whats its use in real life? Examples Conclusion Vol. 1.1-4n4 5. www.funancialquest.com Module 3: Needs Vs WantsCopyright 2012 National Stock Exchange of India Ltd. All rights reserved.What is it?What is this concept all about?Need- something you have to haveWant -something you would like to haveNeeds are things which are absolutely necessary and can affect the day to day lifein case of their absence. Wants are things beyond our needs which may helpenrich our lives and make give us happiness. The secret is to balance both theNeeds and the Wants and never let the Needs suffer because of an uncontrolledpursuit of the wants.Vol. 1.1-4n4 6. www.funancialquest.com Module 3: Needs Vs Wants Copyright 2012 National Stock Exchange of India Ltd. All rights reserved.Needs Vs Wants What is it? Needs Wants Think before you spend Why is it important? How to tell the difference? Whats its use in real life? Examples Conclusion Vol. 1.1-4n4 7. www.funancialquest.comModule 3: Needs Vs Wants Copyright 2012 National Stock Exchange of India Ltd. All rights reserved.NeedsWhat are Needs?In actuality, you only need four things to survive:Roof Your house, room or dormitoryNutrition Food, water and supplementsHealth & Hygiene Necessary expenditure to maintain good health & hygieneClothing Decent clothes & attire to make you look presentable and give confidenceOthers Some important or urgent expenditures like taking an Auto rickshaw insteadof a bus to reach for an appointment on time. Vol. 1.1-4n4 8. www.funancialquest.com Module 3: Needs Vs Wants Copyright 2012 National Stock Exchange of India Ltd. All rights reserved.Needs Vs Wants What is it? Needs Wants Think before you spend Why is it important? How to tell the difference? Whats its use in real life? Examples Conclusion Vol. 1.1-4n4 9. www.funancialquest.comModule 3: Needs Vs Wants Copyright 2012 National Stock Exchange of India Ltd. All rights reserved.WantsEverything which goes beyond the basic needs can be termed as wants. Some of the examples can be:A new Toy Plane you saw at a friends houseA new bicycle when your current one is absolutely fineLatest iPhone when your basic phone has all the functionalities you currently requireEating out in an expensive restaurant for free toys Vol. 1.1-4n4 10. www.funancialquest.com Module 3: Needs Vs WantsCopyright 2012 National Stock Exchange of India Ltd. All rights reserved.WantsEverything which goes beyond the basic needs can be termed as wants. Some ofthe examples can be:While we are learning to differentiate between the Needs and the Wants, it does notmean that you should only buy things that you need. The key is to Balance yourNeeds and your Wants, with a priority always fixed on the Needs.Vol. 1.1-4n4 11. www.funancialquest.com Module 3: Needs Vs Wants Copyright 2012 National Stock Exchange of India Ltd. All rights reserved.Needs Vs Wants What is it? Needs Wants Think before you spend Why is it important? How to tell the difference? Whats its use in real life? Examples Conclusion Vol. 1.1-4n4 12. www.funancialquest.com Module 3: Needs Vs WantsCopyright 2012 National Stock Exchange of India Ltd. All rights reserved.Think before you spendHandle with CareBefore you buy something, ask yourself, Do I need this item, or do I just want it?You may be surprised at how many things are actually wants.A Balanced approach would not just ensure that your Needs are taken care of, itwould also ensure that you have savings to meet some of your wants too!Take the following steps to ensure a balance:-Make a habit to save regularly, even if it is in small amounts-Plan your expenses take note of even small expenses-Prioritise your wants too which of your wants to meet first?Vol. 1.1-4n4 13. www.funancialquest.com Module 3: Needs Vs Wants Copyright 2012 National Stock Exchange of India Ltd. All rights reserved.Needs Vs Wants What is it? Needs Wants Think before you spend Why is it important? How to tell the difference? Whats its use in real life? Examples Conclusion Vol. 1.1-4n4 14. www.funancialquest.comModule 3: Needs Vs Wants Copyright 2012 National Stock Exchange of India Ltd. All rights reserved.Why is it important?Balanced Living is Important!Life is but a balancing act. Too much of anything thus is bad. Sometimes, we getconfused between our priorities and for some wants, get deprived of our needs.Thus it is important to keep the balance and be aware of the needs and the wants. Itis important to save and plan expenses. Vol. 1.1-4n4 15. www.funancialquest.com Module 3: Needs Vs Wants Copyright 2012 National Stock Exchange of India Ltd. All rights reserved.Needs Vs Wants What is it? Needs Wants Think before you spend Why is it important? How to tell the difference? Whats its use in real life? Examples Conclusion Vol. 1.1-4n4 16. www.funancialquest.com Module 3: Needs Vs WantsCopyright 2012 National Stock Exchange of India Ltd. All rights reserved.How to tell the difference?The JudgementHere are a few questions which can be asked in case there is a confusion.-Would you be able to afford it with your current savings?-Would not having the thing affect your day to day living?-Would delaying the buy affect your day to day living?-Would buying a cheaper version affect your day to day living?-Would it affect your long and short term saving goals?-Would you be making the purchase just because it feels good?Vol. 1.1-4n4 17. www.funancialquest.comModule 3: Needs Vs WantsCopyright 2012 National Stock Exchange of India Ltd. All rights reserved.How to tell the difference?The JudgementIf the answer to most of the above questions is NO,You should term the item as a Need and go ahead and make the purchase! In anyother circumstance, it is merely a Want and its purchase should be delayed aslong as possible.Vol. 1.1-4n4 18. www.funancialquest.com Module 3: Needs Vs Wants Copyright 2012 National Stock Exchange of India Ltd. All rights reserved.Needs Vs Wants What is it? Needs Wants Think before you spend Why is it important? How to tell the difference? Whats its use in real life? Examples Conclusion Vol. 1.1-4n4 19. www.funancialquest.com Module 3: Needs Vs WantsCopyright 2012 National Stock Exchange of India Ltd. All rights reserved.Whats its use in real life?The Yin-Yan of Life.Our resources are always scares when it comes to meeting all our needs andwants.Thus, life is a balancing act of choices between Needs and Wants. If we pursue thewants without a check, our Needs may be left unattended and thus may affect ourday to day lives.Vol. 1.1-4n4 20. www.funancialquest.com Module 3: Needs Vs Wants Copyright 2012 National Stock Exchange of India Ltd. All rights reserved.Needs Vs Wants What is it? Needs Wants Think before you spend Why is it important? How to tell the difference? Whats its use in real life? Examples Conclusion Vol. 1.1-4n4 21. www.funancialquest.comModule 3: Needs Vs WantsCopyright 2012 National Stock Exchange of India Ltd. All rights reserved.Example 1Identify the Need and the Want among the following:A Laptop which can take care of all homework and study needsA Gaming Laptop which can take care of all the latest game specs.Vol. 1.1-4n4 22. www.funancialquest.comModule 3: Needs Vs WantsCopyright 2012 National Stock Exchange of India Ltd. All rights reserved.Example 2Identify the Need and the Want among the following:A New Illustrated book of Atlas for your Geography lessonsA new comic book your friends were talking aboutVol. 1.1-4n4 23. www.funancialquest.com Module 3: Needs Vs Wants Copyright 2012 National Stock Exchange of India Ltd. All rights reserved.Example 3Identify the Need and the Want among the following:A Pen drive to save your important project work filesAn iPod which can store 5000 songs Vol. 1.1-4n4 24. www.funancialquest.com Module 3: Needs Vs Wants Copyright 2012 National Stock Exchange of India Ltd. All rights reserved.Needs Vs Wants What is it? Needs Wants Think before you spend Why is it important? How to tell the difference? Whats its use in real life? Examples Conclusion Vol. 1.1-4n4 25. www.funancialquest.comModule 3: Needs Vs WantsCopyright 2012 National Stock Exchange of India Ltd. All rights reserved.ConclusionWhat have we learnt today?We have got the following learning in this module What are needs and Wants Why is it important to understand Need Vs Wants A few examples to help distinguish between a Need and a WantVol. 1.1-4n4 26. www.funancialquest.comModule 3: Needs Vs WantsCopyright 2012 National Stock Exchange of India Ltd. All rights reserved. -End of Module 3- When ready, test your knowledge and receive a score! Note: The test contains 10 Objective Type Questions to be finished in 10 mins duration. For more interesting updates and information, visit us on www.facebook.com/funancialquestVol. 1.1-4n4