As we experience life’s journey, we should write down our needs, values, and goals.
In 1943 Abraham Maslow’s “Hierarchy of Needs” included five motivational needs, often depicted as hierarchical levels within a pyramid.
1. Biological and Physiological needs – air, food, drink, shelter, warmth, sex, sleep.
2. Safety needs – protection from elements, security, order, law, stability, freedom from fear.
3. Love and belongingness needs – friendship, intimacy, affection and love, – from work group, family, friends, and romantic relationships.
4. Esteem needs – achievement, mastery, independence, status, dominance, prestige, self-respect, and respect from others.
5. Self-Actualization needs – realizing personal potential, self-fulfillment, seeking personal growth and peak experiences.
In the 1970s three other level were added, making level #5 becoming level #7.
5. Cognitive needs – knowledge, meaning, etc.
6. Aesthetic needs – appreciation and search for beauty, balance, form, etc.
7. Self-Actualization needs – (formerly level #5)
8. Transcendence needs – helping others to achieve self-actualization.
Money and security are a critical element starting with level one. Our Personal Roadmaps can start with writing down what each of the eight levels of the pyramid mean to ourselves.
A starting question could be “Why is money important to me?”. The answer might be because I want a car. Then I want a car to date and get married and have a partner to experience the other levels of the pyramid, etc….
Then define your goals along the way. What does each level of the pyramid mean to you? When do you want to be at that level? How do you get there financially?
This article is for informational purposes only and is not a complete summary of information needed to recommend any investment. Consult the appropriate professional to determine how this information applies to your unique situation.
About the Author: Charles Marsala is a LPL Financial Advisor with Benchmark Investment Group with Securities offered through LPL Financial, a member FINRA/SIPC. He can be contacted at Charles.Marsala@lpl.com