Episode 113 – Maslow, Money and Happiness

Sep 27, 2024

Explore the fascinating intersection of Maslow's Hierarchy of Needs and money in this enlightening discussion. Discover how finances impact survival and self-esteem, and learn why relationships often outweigh wealth in achieving happiness. Find out practical tips for saving on family meals and the surprising ways cash can support your social connections. Examine the pitfalls of tying self-worth to net worth and hear strategies for financial planning that align with life goals. It’s a thought-provoking dive into living well with money!

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ANECDOTE

Tradesman's Extreme Frugality

Chris shared a tradesman's extreme frugality: he washes dishes with a single cup of soapy water reused across items.
The tradesman also boasted he saved £1 per month by fixing his energy price just before a hike.

ADVICE

Weekly Shopping Slashes Food Bills

Shop weekly at lower-cost supermarkets and plan meals to cut grocery bills significantly.
Redirect grocery savings to experiences like holidays rather than premium brands.

ADVICE

Use Supermarket Cafes For Cheap Family Meals

Use family-friendly supermarket cafes and holiday meal deals to save on eating out with children.
Seek out promotions (e.g., children eat free) to keep family costs low during holidays.

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Episode 113 – Maslow, Money and Happiness

We’re diving into Maslow’s famous hierarchy of needs – you know, the pyramid that breaks down what humans need to be happy, starting from food and shelter all the way up to self-actualization. But here’s the twist: we’re throwing money into the mix! Does having more cash help us climb the pyramid, or can it sometimes hold us back? We’ll explore each level and look at real-world examples of how finances play a role in finding happiness. Get ready for an insightful, practical, and fun conversation on how money fits into the bigger picture of living well. Along with some cracking Tightasstommo money saving tips you do not want to miss. . .

Welcomes & Introductions

Haven’t read Chris Budd’s Financial Wellbeing books? Take a look here

Want to have a chat with Tom Morris and the team at Ovation? Contact details here

Whats on Todays Podcast?

The psychological model of Maslow’s Hierarchy of Needs and how it connects with our money and happiness for a link with financial wellbeing.

Tight Ass Tommo

Featuring Chris’s scaffolders dodgy washing up tips and David’s new shopping habits.

Tip of the week – Producer Tommo has a money saving tip for kids lunches in the summer holiday, just in time for back to school!

The Main Event

Understanding Maslow’s Hierarchy of Needs
Breaking down Maslow’s model and its relevance today.

The Role of Money in Fulfilling Basic Needs
How finances impact our survival and safety.

Money and Self-Esteem: Striking the Right Balance
Can wealth boost self-worth, or does it sometimes get in the way?

Achieving Self-Actualization: Does Money Help?
Finding fulfillment and purpose—what role does financial security play?

Maslow’s Hierarchy: Is It Still Relevant?
A look at exceptions and updates to the original theory.

How Financial Planners Can Guide Wellbeing
The role of advisors in helping clients balance wealth and life satisfaction.

Universal Income and Basic Needs
A case study on how income support can improve lives and productivity.

Why Focusing on the Essentials First Matters for Happiness
How to decided the right financial and emotional needs for long-term wellbeing.

(cover image created by Dall E)