The famous psychologist, Abraham Maslow, created what he called a human “Hierarchy of Needs,” a pyramid representing an individual’s most basic needs. One of the foundational needs at the base of the pyramid is safety and security...having a roof over our heads and a secure place to lay our heads at the end of the day, and the ability to provide for ourselves and our families. Once that need has been met, people move up the pyramid to concerns about belonging, finding affiliations…and love.
There is a common thread running through Maslow’s interpretation of human need; the ability to stay focused, disciplined, and not let things slide.
Let’s take maintaining that roof over your head and building security. Maintaining a home and financial planning have more in common than may meet the eye. As a homeowner, you know that you have to perform regular maintenance to keep your place in good condition. The same principle applies to managing your finances. You should be doing regular checks on what may need attention.
Systematic upkeep is essential. As a homeowner, you regularly clean your gutters, check the HVAC system, repair leaks, and keep the lawn mowed. The same attention applies to your financial systems. You should regularly monitor your spending habits, review your investments and savings, and reassess your financial goals.
As a homeowner you know that costs can add up quickly and which contractor, handyman, or landscaper you choose to do the work can make a big difference in the quality of the outcome and the bottom line.
Likewise, financial decisions can make a big difference. Spending habits, investment choices, and debt accumulation and management can have a serious impact on one’s long-term financial outcome.
As with all maintenance, whether of a home, a relationship, or your financial future, prevention is always better than a cure.
By creating and following a comprehensive financial plan, you can help prevent financial emergencies and unexpected expenses from derailing your long-term financial goals.
Seeking expert advice, finding the most experienced contractor, or the most qualified financial advisor is always beneficial.
Our One Financial Services team believes in regular maintenance, too. Your OFS financial advisor is here to help guide you into a secure financial future from long-term, retirement, and tax planning to regular reviews, we’re with you every step of the way.