Behavioral scientist Abraham Maslow wrote “A Theory of Human Motivation” in 1943, arguing that humans worldwide are influenced by a “hierarchy of needs”. This theory organizes human needs across five levels, where needs in the lower end must be satisfied before progressing onto the next level. At one end are physiological needs such as sleep …
Continue reading “Visualizing the Hierarchy of Financial Needs”
In the wake of the COVID-19 pandemic, many young adults have been forced out of work and back into the family home. As the pandemic stretches on, how can you manage the added cost of supporting your children – and help them get back on their feet? There’s no question young people have been hit …
Continue reading “When Your Adult Children Become Long-Term Residents in your Home”
As people age and progress through their careers, their financial goals continuously evolve. Understanding one’s current goals, while also planning for those in the future, are two important elements of financial planning. In this Markets in a Minute chart from New York Life Investments, we outline the investor lifecycle, a three-staged theory designed to help …
Continue reading “Identifying Your Stage on the Investor Lifecycle”
The potential financial results of investing can feel limitless, and it can be tempting to think that just one stock pick could make you an overnight millionaire. Yes, stock-picking can have a place in your investment strategy, but if you’re focused on the allure of a “get rich quick” mentality, you may be gambling, not …
