Maslow's Hierarchy of Need

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Key Takeaways
(a) Maslow’s hierarchy of needs is a motivational theory in psychology comprising a five-tier model of human needs, often depicted as hierarchical levels within a pyramid.
(b) The five levels of the hierarchy are physiological, safety, love/belonging, esteem, and self-actualization.
(c) Lower-level basic needs like food, water, and safety must be met first before higher needs can be fulfilled.
(d) Few people are believed to reach the level of self-actualization, but we can all have moments of peak experiences.
(e) The order of the levels is not completely fixed. For some, esteem outweighs love, while others may self-actualize despite poverty. Our behaviors are usually motivated by multiple needs simultaneously.
(f) Applications include workplace motivation, education, counseling, and nursing.

Physiological needs - are biological requirements for human survival, e.g., air, food, drink, shelter, clothing, warmth, sex, and sleep.

Physiological needs are the base of the hierarchy. These needs are the biological component for human survival. According to Maslow’s hierarchy of needs, physiological needs are factored into internal motivation. According to Maslow’s theory, humans are compelled to satisfy physiological needs first to pursue higher levels of intrinsic satisfaction. To advance higher-level needs in Maslow’s hierarchy, physiological needs must be met first. This means that if a person is struggling to meet their physiological needs, they are unwilling to seek safety, belonging, esteem, and self-actualization on their own.

Physiological needs include:
(a) Air, (b) Water, (c) Food, (d) Heat, (e) Clothes,
(f) Urination, (g) Excretion, (h) Shelter, (i) Sex, and (j) Sleep

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Psychological needs

Simple Asset Allocations

Monthly Budget Worksheet (Example)

Why Is Budgeting So Important?

1. Budgeting Can Help You in an Emergency

2. Budgeting Can Help with Retirement

3. Budgeting Can Help You Fix Bad Spending Habits

4. Budgeting Gives You Control of Your Finances

5. Budgeting Ensures You Only Spend What You Can Afford

6. Budgeting Can Improve Family Life

7. Budgeting Can Reduce Financial Stress and Improve Mental Health

Safety needs - people want to experience order, predictability,
and control in their lives.

Once a person’s physiological needs are satisfied, their safety needs take precedence and dominate behavior. In the absence of physical safety – due to war, natural disaster, family violence, childhood abuse, etc. and/or in the absence of economic safety – (due to an economic crisis and lack of work opportunities) these safety needs manifest themselves in ways such as a preference for job security, grievance procedures for protecting the individual from unilateral authority, savings accounts, insurance policies, disability accommodations, etc. This level is more likely to predominate in children as they generally have a greater need to feel safe – especially children who have disabilities. Adults are also impacted by this, typically in economic matters, “adults are not immune to the need of safety”. It includes shelter, job security, health, and safe environments. If a person does not feel safe in an environment, they will seek safety before attempting to meet any higher level of survival. This is why the “goal of consistently meeting the need for safety is to have stability in one’s life”, stability brings back the concept of homeostasis for humans which our bodies need.

Safety needs include:
(a) Health, (b) Personal security, (c) Emotional security, and (d) Financial security

Maslow’s Hierarchy Of Needs

Maslow's hierarchy of needs is an idea in psychology proposed by American psychologist Abraham Maslow in his 1943 paper "A Theory of Human Motivation" in the journal Psychological Review. Maslow subsequently extended the idea to include his observations of humans' innate curiosity.

Abraham Harold Maslow (April 1, 1908 – June 8, 1970) was an American psychologist who created Maslow's hierarchy of needs, a theory of psychological health predicated on fulfilling innate human needs in priority, culminating in self-actualization.[1] Maslow was a psychology professor at Brandeis University, Brooklyn College, New School for Social Research, and Columbia University. He stressed the importance of focusing on the positive qualities in people, as opposed to treating them as a "bag of symptoms". A Review of General Psychology survey, published in 2002, ranked Maslow as the tenth most cited psychologist of the 20th century.

Qualities of Successful People

Success:
It’s a great feeling, knowing that you reached your goal.
That you won the race. Earned the promotion.
Passed the test. Climbed the mountain.
We have all, at one point or another, succeeded at something.
And most of us would like to keep succeeding in the future.
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(1) Add up your income, (2) List your monthly expenses, (3) Add up your expenses, (4) Subtract your expenses from your income, (5) Create your monthly budget, and (6) Review your budget regularly

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Personal finance is the financial management that an individual or a family unit performs to budget, save, and spend monetary resources in a controlled manner, taking into account various financial risks and future life events.
When planning personal finances, the individual would take into account the suitability of various banking products (checking accounts, savings accounts, credit cards, and loans), insurance products (health insurance, disability insurance, life insurance, etc.), and investment products (bonds, stocks, real estate, etc.), as well as participation in monitoring and management of credit scores, income taxes, retirement funds and pensions...Read more.

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A budget is just a plan. It’s not a restriction on spending—it’s a plan for what you’ll do with your money. It’s a plan for what’s coming in and what’s going out. When you learn how to make a budget—and do it every month—you’re giving your money purpose. You’re taking control. Goodbye, money anxiety. Hello, money goals. Keep reading to see how to make it happen so you can make a budget that works for you...Read more

Why Budgeting Is Important?

How To Create a Successful Budget

Even as the national economy was enjoying one of its longest-ever periods of growth in 2018, a survey by Bankrate showed that nearly two-thirds of Americans were limiting their spending each month. And with economic fortunes changing rapidly, that number is only likely to grow.
Stagnant incomes, growing debt burdens and rising housing and medical costs are among the reasons so many Americans have looked to tighten their financial belts in recent years, regardless of what the GDP and employment figures say. But just as it’s difficult to shed pounds when you don’t know how many calories you’re consuming, it’s equally difficult to cut the fat out of your spending and whip your finances into shape without a budget to shine a light on where your money is currently going...Read more

Why Budgeting Is Important?

Contributed by: Amy Bell
Reviewed by: Pamela Rodriguez
Fact checked by: Suzanne Kvilhaug

A budget is a spending plan. It takes what you spent last month to anticipate what you'll spend this month.
Making one isn't easy—and sticking to it can be even harder. Once you start, though, it might not seem as bad as you feared. And over time, it might get easier. Though it's possible that you'll be one of those people for whom a budget will always feel like a burden—and that's okay—the reality is that budgeting should be like brushing your teeth: just a part of your life, whether you like it or not.
In any case, here's how to get it done, and why it matters...Read more

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Monthly budgeting is a common challenge. Whether you’re managing your family’s finances, running a business, tracking your personal spending, or planning for college, the costs can seem endless. Creating a monthly budget spreadsheet is a useful way to keep track of all these expenses and compare them with your income, so you can gain control over your finances.
Of course, there are many different ways you can budget money, depending on your income source, family size, and the level of visibility you want into your finances. You may also want to create separate budgets for special purposes, such as retirement, college savings, or home improvements, in addition to your personal monthly budget. Perhaps you’re interested in creating a budget for monthly business expenses or corporate projects. That’s why we created this comprehensive list of monthly budget templates. No matter what you’re budgeting for, this collection has a template to meet your needs...Read more

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Personal Monthly Budget

Free Monthly Budget Spreadsheet for Microsoft Excel® and Google Sheets - Updated 9/8/2021

Download our free monthly budget spreadsheet and get your personal finances under control.
Compare your budget and actual spending on a monthly basis.
Also try our yearly personal budget to make a budget for an entire year.
If you have a family, try our family budget planner for a more detailed set of budget categories.

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Budgeting - Insurance - Savings

Budgeting — Establishing a budget is an important part of managing your personal finances. A budget helps you keep track of your spending patterns and plan how you are going to spend your income each month. Start by calculating your total monthly income, then use MyMoney to track all of your expenses each month. This will help you see where your money is going, where you can save and where you can spend a little extra each month.
Insurance — Purchasing insurance is another large part of managing your personal finances. According to Investopedia, by purchasing insurance — like health insurance, life insurance and car insurance and homeowner’s insurance — you are protecting yourself from risk and ensuring the security of your material standing.
Savings — Whether you’re in your 20s and just starting to learn about personal finances, or are in your 30s and looking to better manage your funds, one thing is certain, you should be saving for the future. It is important to establish an emergency savings fund to cover any financial hardships and a retirement savings plan to help you in the future.

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Success isn't a destination; it's a journey.
Achieving success requires the adoption of certain traits and habits
that will help you stay on track with your goals.
There are many qualities that successful people share,
but these 10 traits stand out the most.
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(1) They are goal oriented (2) They are results driven (3) They are action oriented (4) They are people oriented (5) They are health conscious (6) They are honest

Successful people tend to have a positive attitude and exhibit a number of traits and habits that help them achieve their goals:

(a) Determination: They have clear goals and are committed to overcoming obstacles.
(b) Passion: They are passionate about their work and are fully invested in their tasks.
(c) Positive mindset: They view challenges as opportunities for growth and maintain an open mind.
(d) Resilience: They don't give up easily and use setbacks as motivation to keep going.
(e) Persistence: They understand that success takes time and effort and are willing to put in the hard work.
(f) Self-belief: They have strong self-belief and take personal responsibility for their actions.
(g) Self-awareness: They are aware of their strengths and weaknesses.
(h) Commitment: They have a mindset of perseverance and are determined to keep going regardless of obstacles.
(i) Organization: They plan, set priorities, and make to-do lists.
(j) Relaxation: They take time to relax, either by meditating or avoiding distractions.
(k) Teamwork: They understand the importance of teamwork and collaboration.
(l) Risk-taking: They are willing to take calculated risks...Read now

Generally, successful people have several common behaviors. They stay positive and motivated, finding meaning in their work and fully committing to their tasks. They have clear goals, think constructively, and are goal-oriented.

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“The only person who never makes mistakes is the person who never does anything.” You’ve heard sayings like this before, and although you know there is truth in them, miscalculations, errors and blunders are still not easy to deal with....Read more

In just over a decade, cryptocurrencies have grown from digital novelties to trillion-dollar technologies with the potential to disrupt the global financial system. An increasing number of investors now hold bitcoin and hundreds of other cryptocurrencies as assets and use them to buy a swath of goods and services, such as software, digital real estate, and illegal drugs...Read more

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Mistakes can be excellent learning opportunities, but it's not always easy to maintain that sort of mindset when you're reeling from a mishap. Whether you've chosen the wrong career path or the wrong romantic partner, these tips will help you put things into perspective, so you can recover and move on.
Try to fix it. Even some of the worst mistakes are fixable if we approach them with genuine accountability. Think of all the ways you can try to repair your mistake. Have you really done everything you can to minimize the negative impact on yourself and others? If not, roll up your sleeves and try to make things better. If you've already tried unsuccessfully, it's time to accept the outcome and adjust your outlook according to the new circumstances. If you have not done everything you can to fix your mistake, try. If you have, give yourself permission to move one...Read more

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The Biggest Mistake
I Made In My Life

There are many mistakes I have made in my life. I hope that as I have learned from them, the lessons I’ve shared so far will help you avoid the pain and regret that follows from them.
Today, I want to share the biggest mistake I made with you...Read now.

Ignoring good advice, believing it didn’t apply to me, because I was not yet ready to receive it – and wasting years of my life until I finally came around and understood how valuable that information was.

The Biggest Mistake I Made In My Life Is This...

I didn’t truly value my time or the opportunities it afforded me: I pretended I would get another chance, and so instead spent time on things that didn’t matter in the long run and that I did not have to do – missing out on the single chance I had.

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Psychology today...
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Most people try to avoid making mistakes, and some people experience great degrees of apprehension and anxiety about committing mistakes. We may labor over making decisions out of this fear, which tends to paralyze us. Yet, we don't usually stop to consider exactly what constitutes a mistake...

Your mistakes are actually valuable life lessons

We all make mistakes, that’s a fact. But, ever thought of them as life’s best teachers?
The truth is, our missteps are not just errors to be swept under the carpet. They’re more like valuable life lessons wrapped up in the guise of blunders.
Making a mistake means you’re trying, you’re evolving. And the best part? Each mistake comes with a hidden lesson, ready to propel you forward...

Reasons Why Making Mistakes Helps You Get Stronger

Making mistakes is scary, and you may feel like a failure after you have made one. You aren’t a failure, though, because you can keep pushing through and find another way to reach your goal. As you go through the process of overcoming your mistake, you will grow stronger. If you have never thought of making mistakes as a benefit, it is time to start thinking that way. Mistakes can help you grow, develop, and become more successful than if you hadn’t made a mistake. This is because you learn from everything that happens, and you become more confident as you learn what doesn’t work...

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Expert Explains

A Life Mistake...

A life mistake is an error that people make in life, which can be an opportunity for learning, growth, and building relationships. In fact, making mistakes is a natural part of life.

Here are some tips for learning from mistakes:
Own your mistakes: Admitting that you made a mistake is the first step to learning from it.
Reframe the error: How you view your mistakes affects how you react to them and what you do next.
Analyze your mistake: Take a look at what happened.
Put lessons learned into practice: Apply what you've learned to your life.

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