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You might be familiar with Abraham Maslow’s hierarchy of needs which is a motivational theory in psychology and human development framework comprising of a six-tier hierarchical model of human needs.
Denis Waitley created a similar hierarchy for achieving financial independence and wealth that he terms the “Overflowing Buckets Concept of Wealth.”
While Maslow’s hierarchy is a pyramid, Denis describes his framework as steps that lead down to financial independence.
Under this framework, the journey to abundance, personal fulfillment, and financial independence becomes a downhill flow instead of the typical uphill struggle.
And if you read Denis’ classic personal development title and worldwide bestseller, The Psychology of Winning, everyone can make this journey with a little discipline and patience.
Essentially this is a blueprint for how to chase your passion and not your pension, which is another life principle touted in Denis’ teachings
Overflowing Buckets Concept of Wealth
The objective is to fill each bucket with money as you progress down the stairway so that when one bucket overflows, it begins to spill into the next bucket.
Like Maslow’s hierarchy of human needs, this hierarchy for wealth is progressive which empowers you to put first things first in their order of importance when it comes to your financial life.
In other words, the financial needs like Survival and Financial Stability must be satisfied before you can attend to anything else.
For example, you can’t have financial security without having your basic survival needs of food, shelter, physiological needs, and so forth met.
These five-tiers or buckets to financial independence are:
This is where you determine what standard of living will give you the type of life you desire: your home, education, recreation, possessions, travel, etc.
To satisfy this bucket, you must have:
This truly does make chasing your passion and not your pension one of the greatest goals you can set and reach.
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