Earlier this month we had occasion to interact with 2 families. Both the families had almost similar configuration in terms of family members. Husband and wife - both working - in their late 30s and one child in the age group of 10-12 years. And more interestingly we ended up discussing the same topic with both the families - International vacation.
One family whose annual income was more than double of the other desperately wanted to go on an international vacation. Husband and wife both hail from high-net-worth families. Their 11-year-old daughter was studying in a reputed school. If they do not take their international vacation their child will not be included in her friends’ group discussion (after the school reopens) unless she is able to talk about having visited some foreign country during the vacation. So somehow, budget permitting or not, they have to plan an international vacation this summer.
The other family hails from a middle class background. Their 12-year-old son studies in a good school. They manage to save a decent amount from their salary. They have been wanting to have an international vacation and wanted to check whether with their finances they would be able to make it this year. We recommended that they should plan for it. If they start setting aside a small amount every month, they should be able to comfortably make it next year. They agreed and promised to start a SIP for this immediately.
When I mentioned about this to my better half, she remarked that atleast these 2 families can think about this, whereas our maid servant who is in the same age group as the working couple & who has children in the 10-12 age group can only dream about an international vacation.
This made me think about needs, wants and dreams.
Needs, wants, and dreams are concepts that are essential in understanding human behavior, motivation, and decision-making. These three terms are often used interchangeably, but they are very different and have different implications.
Needs refer to those that are necessary for survival and well-being, wants refer to things that are desired or preferred, and dreams refer to things that are aspirations or goals that a person hopes to achieve in the future.
Needs are the most basic and essential requirements for survival, without which a person's health and well-being would be compromised. These comprise mostly of physiological needs such as food, water, shelter, and sleep. These also include safety and security needs, such as protection from danger, physical harm, and financial security. Meeting these needs is critical for survival and forms the foundation of Maslow's hierarchy of needs, which suggests that human beings have a set of needs that must be met in a hierarchical order, starting from physiological needs and progressing to self-actualization needs.
At the next stage comes Wants - Wants refer to those that people desire or prefer, but that are not essential for survival. These can include material possessions such as cars, homes, clothing, and electronics, as well as intangible things such as social status, recognition, and admiration. Wants can be influenced by personal preferences, social norms, cultural values, and marketing messages. They are often driven by emotions such as pleasure, satisfaction, or social acceptance.
At the top of the pyramid are Dreams. Dreams refer to those aspirations or goals that people hope to achieve in the future. Dreams can be short-term or long-term, and can be related to personal or professional goals. Dreams are often motivated by a desire for personal growth, self-improvement, and fulfillment. Dreams can provide motivation and direction in life, and can be a source of inspiration and hope. They can also be a reflection of a person's values, beliefs, and identity.
While needs, wants, and dreams are distinct concepts, they are interconnected and can influence each other. For example, a person's wants can be influenced by their needs, as they may prioritize the purchase of goods or services that fulfill their basic needs. Similarly, a person's dreams can be influenced by their wants, as they may aspire to achieve certain goals or acquire certain possessions that they desire.
It is important to note that needs, wants, and dreams are not static and can change over time. As people's circumstances and priorities change, so too can their needs, wants, and dreams. For example, a person's needs may change as they age or experience a life-changing event, such as a job loss or illness. Their wants may change as they are exposed to new products, services, or cultural influences. Their dreams may change as they achieve certain goals or face new challenges.
Often times the same thing may be a need, want or dream to different people at the same point of time. We have seen this in the opening paragraphs of this article - visiting a foreign country for vacation may be a dream for a person from the lower middle-class background, a desirable want for a person from a middle-income group but a need for a High-Net-worth Family.
In addition, it is important to recognize that needs, wants, and dreams can be influenced by social and cultural factors. For example, in some cultures, status and prestige may be highly valued, leading people to prioritize their wants over their needs.
In other cultures, community and family may be highly valued, leading people to prioritize their needs over their wants. In some cases, social and cultural factors may also influence people's dreams, as certain aspirations may be more socially acceptable or desirable than others.
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