As it happens, we asked some advisors these questions.
Maslow’ s Hierarchy Of Needs
Before we consider how our subjects answered, let’ s consider some of the theories of human motivation. We can start with psychologist Abraham Maslow.
In the 1940s and 1950s, he developed his famous“ Theory of Human Motivation” also known as Maslow’ s Hierarchy of Needs. This hypothesis( though he never tested it empirically) has been very influential, informing the way we think about what drives us as humans. It has a lot to say about how we perceive our professional lives.
Maslow proposed that humans have certain needs that are universal and non-negotiable. And he separated the“ needs”( the things we must have, like food and shelter) from the“ wants”( things we desire but can live without).
He theorized that we meet those needs in a specific sequence— starting with food and water and a place to sleep. Once we meet those needs, we seek safety and physical comfort. Then we look for a sense of belonging and acceptance. After we’ re accepted, we might go on to want status. Then we look to grow and be creative.
The parallels in the workplace aren’ t difficult to find— it goes from being paid, to job security to a good culture to a promotion to a chance to invent.
This elegant theory helps us understand a lot about career satisfaction and workplace behavior, and in fact we have some data to test it.
In the first quarter of 2025, my firm the Ensemble Practice conducted a survey with a Facebook“ Moms Group,” an informal group of mothers working in the advisory industry.“ Moms” is the term they use and that we adopted. The 137 responses give us a very good overview of how female professionals in our industry feel about the interactions of their lives and careers. Yes, this data only speaks to the experience of a non-random sample of mothers, but as they say:“ What’ s good for the goose is good for the gander.” So I am pretty sure this applies to all of us.
Does Money Make You Happy?
The relationship between money and happiness depends somewhat( though not entirely) on how much you make. When we ask people if they’ re happy with their careers, those who make more than $ 150,000 are more satisfied than those who make less. Yet those who make more than $ 200,000 are not happier than those who make $ 150,000 to $ 200,000.
In the words of the great Austrian philosopher Arnold Schwarzenegger:“ Money doesn’ t make you happy. I have $ 50 million now and I am just as happy as when I had $ 48 million.”
The point is that once you have a certain amount, the satisfaction curve flattens quickly. In our industry at least, the break point seems to be that $ 150,000 figure.
We then asked,“ If you could achieve one thing in the next two years, what would that be?” The group making less
In the words of the great Austrian philosopher Arnold Schwarzenegger:“ Money doesn’ t make you happy. I have $ 50 million now and I am just as happy as when I had $ 48 million.”
Maslow ' s Theory Of Human Motivation
Growth, Advancement, Creativity
Self-respect, Prestige, Status
Affection, Belonging, Love
Security, Stability, Freedom from threat, Comfort
Food, Water, Sleep, Warmth
than $ 150,000 said right off the bat they wanted higher income— and then a promotion. When they reached $ 150,000, the top answer changed: They wanted to purchase equity in their firms. At $ 200,000, the answer changed again: The top goal was to work fewer hours.
These answers align with economists’ notion of the“ backward-bending labor supply curve”— the idea that as we make more money, we prioritize free time. So the conclusion we could reach is that money would make you happier if you didn’ t have much— but it takes you only so far. It’ s easy to see that new motivations take over— the need to feel safe and perhaps the needs for control and status.
Being In Control
Another theory developed in the 1980s is self-determination theory. It follows closely Maslow’ s ideas and proposes that
SELF – ACTUALIZATION
ESTEEM
SOCIAL
SAFETY
PHYSIOLOGICAL
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