Wants vs Needs. First of all we all need the basics food, shelter, clothing but what about the gas bill or the electricity bill. When we are young we know what we need such as the things that I just listed but how? We all want to live the lavish life style but not every body can have that life style. On a teachers salary which is $50,000 a year gets more than $10,000 away because of taxes. Lets also not forget the car payment to get to and from work. Things are expensive you really can't get though life with out owing someone something.