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Published in 1943, Abraham Maslow's Hierarchy of Needs outlines how human needs progress from basic necessities (like food and shelter) to higher-level desires (like affection and self-esteem). This hierarchy is essential because addressing needs out of order doesn't work. Your financial well-being follows a similar pattern.READ THE ARTICLE
The two types of money problems: Type 1 problems are straightforward and include necessities like food, water and shelter. They can be resolved with more money. Type 2 problems, however, involve more nuanced psychological issues like self-esteem and achieving your full potential. When Type 1 problems are solved, you can face more complex questions, like the fulfillment of your work, fear of failure, maintaining your lifestyle, etc., which fall under Type 2 problems.
Type 1 problems are static and individualistic, as they are about personal survival. On the other hand, Type 2 problems are dynamic and pluralistic, involving comparisons with others and adapting to changing life circumstances. This goes to show that material problems don't disappear with wealth; they transform into intrinsic problems.
Your hard-earned dollars can keep a roof over your head and food on your table, but without understanding the meaning behind the money, how can you expect it to bring you a purpose-filled life?