We would like to extend a huge “thank you” to everyone who joined us on Tuesday March 21st for our monthly Women, Wine & Wisdom event. Despite the last-minute venue change we had a great turnout with lots of new faces and a very informative discussion on the Hierarchy of Financial Priorities.
For those who haven’t heard of or seen CovingtonAlsina’s Hierarchy of Financial Priorities, it is based on Maslow’s Hierarchy of Needs; a theory that organizes universal human needs in order of priority with the understanding that the basic physiological needs at the bottom need to be met before you can move up the pyramid towards self-actualization. For example, an individual struggling to provide basic food and shelter for themselves will probably find it difficult to achieve their career and relationship goals until those needs further down the pyramid have been met. The same thinking can be applied to your financial planning. Rather than trying to figure out everything all at once, establish what you need to do first and work your way up. You probably shouldn’t be concerned with investing outside your 401(k) if you haven’t yet paid off your credit card debts or established some protection in the event of a life-changing catastrophe.
The Hierarchy of Financial Priorities
We will be looking at each level of the pyramid in more detail over the coming weeks. If there is any particular area you have questions or concerns about we would love to hear from you, please send us an email so that we can address them in a future blog.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.