it is an impulsive want but not what you actually need. it's a phrase to remind people that not all human desires are actually beneficial but most of the time causes more harm than good. it's like taking things into consideration before making a final decisions to avoid regrets in the end.
this expression is used to advice a person to choose carefully their hopes and desires, and also to weigh carefully the consequences of their desires before making a final decision.
be careful of what you wish for meaning you have to choose carefully when wishing because your wish might impossible to happen. so wish the thing that has the big chance to happen.
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