difference between variables inside and outside of __init__()

Is there any difference at all between these classes besides the name?

class WithClass ():
    def __init__(self):
        self.value = "Bob"
    def my_func(self):
        print(self.value)

class WithoutClass ():
    value = "Bob"

    def my_func(self):
        print(self.value)

Does it make any difference if I use or don’t use the __init__ method for declaring the variable value?

My main worry is that I’ll be using it one way, when that’ll cause me further problems down the road.