For many years advisers have referred to Maslow when coaching clients on why earning or growing money matters to them.

Maslow hierarchy is a brilliant tool to memorise because it helps to understand what the important needs in life are.

With money, once we have financial security, it’s good to find a purpose for further wealth creation. Just building wealth for the sake of it, may seem like it’s a good idea, but once you have a meaningful purpose and what matters to you, you will connect with wealth on a different level.

Purposes could be to experience the world, to start a business, to work less to pursue passions, to help family and friends or to support social causes and charities. It’s pretty clear, that having money gives us options, but in order to appreciate the true impact it can make, we need to align those options with purposes that truly matter to us.

With thanks to Chris Bates in Australia for reminding us.