DOES THE FUTURE YOU HAVE IN MIND REALLY ADD UP?
When it comes to looking at your long-term future, has Covid-19 made you change track, think differently, or change your priorities altogether? If your a business owner, are you still pursuing your same business goals? What does academic theory tell us about our thoughts during this pandemic?
In 1943 an academic journal published an article by an obscure 35-year old psychologist based in New York City. It was a theory about human behavior, and Abraham Maslow’s ‘hierarchy of needs’ has as much relevance today as it had then, especially during these turbulent times.
Maslow was interested in how his fellow Americans prioritised their lives and the choices they made. In simple terms, his pyramid (see diagram) shows that those needs at the base (physiological, security) must be largely met before we can attend to the needs higher up. It’s a really useful model when it comes to considering a life lived in balance; it’s not all about material things but neither can we live happily when our financial circumstances create a wobbly base.
It’s interesting to consider the Maslow model in these times of COVID-19. Forced to live our lives in a fundamentally different way, we’ve all had time to reflect on our priorities, on the things we value – and what we don’t miss.
Our cars have been gathering dust, it’s been hard to spend money, there’s nothing to dress up for and many of us have embraced new activities (home cooking, jogging, gardening and a thing called Zoom). We’ve reconnected with our family, friends, and the local community. We’re more aware of the importance of good health and the natural world, now benefiting from reduced levels of pollution.
Despite the government’s support schemes, many have experienced financial hardship and increased anxiety about the future. It’s a reminder of how crucial those lower layers of the pyramid are, as indeed are the friendships and social bonds that now come largely from an online interaction.
This pandemic may have turned our world upside down, but it’s also made us reassess what’s really important in our lives. We now have a blank sheet of paper, a chance to create a fresh blueprint; but we need an advisor, a bit like an architect, who can help us visualise the future and make concrete plans. And, as with any building project, you have to factor in the finance.
When you’re reassessing the present and looking to the future, it’s incredibly useful to bring in a trained financial advisor to look at your life goals and put numbers around that plan. It starts with some crucial questions:
Do you want to work more, or less? If you own a business, will it survive the next few years – or indeed the next few months? Have you chosen to bring forward your retirement and tick off some ‘Bucket List’ items; could you do some of those things without having to retire?
These are important questions and now, for than ever before, is the ideal time to be asking them. But it’s impossible to make those plans without a full understanding of your personal financial situation, and this is where we can help.
Book a FREE consultation today and let’s see what kind of future is possible for you and your family. Call us for a FREE discussion on: 01925 396122.