This Relax Teams video featuring Dennis Harabin speaks about Maslow’s hierarchy of needs in financial terms on the July 15th, 2020 Team Central Jersey.
Dennis is taking Maslow’s hierarchy of needs on another level where every individual needs to focus on the financial perspective. The main focus is to help people to understand why satisfying physiological needs is not enough if you want to get over the tipping point.
The key is getting over the cash flow hump. He is helping people to optimize the big three in order to reach a self-actualization level in the financial aspect.
These big three are:
Dennis covers the following topics:
- Maslow hierarchy of needs vs Harabin’s Hierarchy of Finances
- Physiological needs (air, water, food) relative Cash on Hand
- Safety needs (health, property) for Financial it is Credit Score.
- Need to be loved (friendship, intimacy, family) are the Big Three
- Need to be respected (status, self-esteem) relates to tax-deferred tools
- Self-actualization is active investments in financial terms
To quote Dennis:
- “When it comes to the financial perspective, Maslow actually talks about expenses.”
- “22% of the population is stuck at underbanked.”
- “Credit score is king.”
- “No one likes paying taxes. The simple fact is the less you plan, the more you pay.”
- “Insurance removes the risk.”
- “Decisions are based on personal values. There are no wrong answers.”
- “Money makes money.”
See more in the video above.
Dennis Harabin is a passionate financial problem solver. His primary role is as an Insurance Optimizer with Liberty Mutual assisting individuals to protect the things that are most important to them.
More about Dennis Harabin on LinkedIn.
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