Exploring Needs vs Wants for 4th Graders

The video introduces money management, focusing on four key ways to use money: saving, spending, sharing, and investing. It explains the concept of investing, highlighting its potential benefits and risks. A survival exercise is used to illustrate the difference between needs and wants, encouraging viewers to evaluate their own priorities. The video concludes with examples of how different items can be classified as needs or wants based on individual circumstances.

What are the four key ways to manage money mentioned in the video?

• Reserve, Use, Contribute, Finance

• Budget, Donate, Purchase, Fund

• Earn, Give, Buy, Learn

• Save, Spend, Share, Invest

What happens to your money when you invest it?

• It is hidden under your mattress

• It is given to a company

• It is used to buy goods

• It is stored in a bank

What is the risk associated with investing in stocks?

• You will always gain more money

• You could lose all your money

• There is no risk involved

• You will receive a fixed return

In the survival scenario, how many items were students initially allowed to choose?

• 5 items

• 8 items

• 15 items

• 10 items

What is a 'need' as defined in the video?

• Something essential for survival

• Something nice to have

• Anything you desire

• Items for luxury

Which of the following is considered a 'want'?

• Water

• Candy

• Shelter

• Food

How can a dog be classified as a need?

• If it is used for hunting

• If it is cute and cuddly

• If it can perform tricks

• If it guides someone who is blind

What makes a bike a need?

• If it is used for performing tricks

• If it is a rare model

• If it is used for commuting to work or school

• If it is expensive

Under what condition can an iPad be considered a need?

• If it is used for playing games

• If it is used for school work

• If it is on sale

• If it is the latest model

What should you consider to determine if something is a need or a want?

• Its color

• Its price

• Its popularity

• Your personal circumstances