Most people have heard of Abraham Maslow’s Hierarchy of Needs at some point in their lives.
The basic notion is that human needs are grouped and ranked such that the basic needs — food, water, shelter, sleep, clothing — are the most important. Unless those needs are met, higher needs such as friendship, self-esteem, career advancement and the like do not become primary motivators in day-to-day life.
In Maslow’s pyramid, financial security is in the second layer, along with personal and emotional security, health and well-being, and safety.
I think it’s more important than that. For the majority of people, financial security is a base-level concern that directly affects all of those other basic needs.
Many of us have made financial mistakes. I’m certainly no exception.
Mistakes are the currency of experience, and experience is the fertile ground in which better future decisions are based. So while I won’t say it’s all bad … I could have done these things better.
I wish I would have: Continue reading
People often think of money as the goal — what we’re all after that will make our lives easier or better. But money is just the concept by which we measure the value of something. It is only a proxy for something else.
What is that something else? Continue reading
I’ve started doing some pro bono calls to help people in debt understand their finances better and make a plan to put their debt behind them.
In just the few calls I’ve had, I’ve been surprised how many different ways there are to accrue debt that aren’t just the stereotypical splurging on consumer goods. Debt is a complex animal, and it burrows in, lunges out and breeds in unique ways for each family and situation.
There are, however, some universal suggestions to help anyone in debt move toward a better situation. Here are my top tips. Continue reading
Do you know your credit card’s superpowers?
Oh sure, you probably know about fraud protection and cash back or travel rewards.
But did you know your credit card can reimburse you for something that was damaged, stolen or (possibly) just lost? Or that you automatically get an extended warranty beyond most manufacturer warranties just by purchasing something with your card? Continue reading