How do each of the buckets fit together?
In his 1943 paper ‘A Theory of Human Motivation’, Abraham Maslow presented a theory around a hierarchy of needs and he looked at how these needs influence human motivation. Maslow’s Hierarchy of Needs states that the most fundamental needs, related to survival itself, are to be addressed first before any other needs can be satisfied.
The goals-based approach to investing is based on this thinking and the three buckets of goals fit together in a similar hierarchy. The most important and fundamental needs are at the base as they are needs that are to be met first, and the aspirational goals are towards the top.