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9 Powerful Questions That Will Change Your Financial Life

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9 Powerful Questions That Will Change Your Financial Life

You’ve probably heard it said that to get to the “right” information, you have to ask the correct question. Makes sense, but when it comes to money, what exactly are the questions?

No matter what the current state of your relationship with the green stuff, there are nine questions that will empower you to be a more secure, confident, self-aware master of your financial fate. Revisit them often to re-tool and update your goals and keep your outlook grounded:

1. What is the role of money in my life?

Money is a tool. For many people, however, there is so much emotion tied up in having money, or the lack thereof, that all aspects of financial life are laden with emotion and fraught with tension. It is extremely difficult to make calm, rational, clear decisions when emotionally saturated, and wealth management is no different.

Before you tackle any other questions, first ask yourself – what role does money play in my life? How much time do you spend thinking about it? Worrying about it? Dreaming about it? When you have thoughts about money, are they tense, frustrated, disappointed thoughts; how do you feel? Do you dread making that monthly budget?

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Write it all down in a notebook or on a scrap of paper, and notice how your physical body reacts to your thoughts about money by tensing or relaxing. Commit to noticing how you feel, and working toward being as relaxed and neutral as possible each and every time you think about money.

2. What did my role models teach me about money?

You’ve learned attitudes about everything from politics to personal hygiene from those who raised you, and your attitude about money has also been heavily shaped by those who cared for you during formative years. While you can, and likely will, develop your own approach as you mature, your immediate response to stressful or new situations will be drenched in “what my parents thought.”

Take some time to identify their attitudes so you know on what foundation yours are built – how important was or is money to them? Did they talk about money openly and easily, or is it something secretive? Did they offer an attitude of abundance and gratitude for what they had, or were they constantly seeking more?

3. To what degree does money control my happiness?

Money may not be able to buy happiness outright, but it sure can buy a lot of things that contribute to happiness and well-being. There is always more than can be had, however, and in our modern technologically connected world, it is easy to become acutely aware of what we lack.

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Do you wake up with a smile, independent of your financial status? Do you have faith in your ability to work your way out of, and be delivered from, financial troubles? Can you appreciate a gift that is of low monetary value? Are you comfortable giving gifts of low monetary value, if that is what you have to give? Can you enjoy a date arranged on a budget, or a shoe-string vacation, or does everything have to be “five star” for you to have fun? If you lost your job, would you still be able to define yourself?

If your answers lead you to conclude that money is a vital part of your happiness and sense of self, commit some time to figuring out who and what you are, without the dollar signs. You can appreciate and enjoy money and all that you can experience with it without having your financial status become a core part of your identity.

4. How do I react to financial stress, disappointment, or fear?

No matter how much money you have, or don’t have, there will be events that cause you to experience financial stress. There will also be disappointing times when you take a gamble that doesn’t pan out, or when you fear for your ability to provide for a child’s education or an aging parent’s medical needs.

During these times, does your stress take over your life? Do you lash out; do you sabotage what you already have? Or, do you take a deep breath and develop a plan to acquire more resources, get back on track, or whatever action is required? If you are in need of new ways to cope, try turning off the television and avoiding advertisements, all of which compete to rearrange your priorities. Consider your answers to the previous point – what and who are you without money?

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5. Do I know what I want?

Once your basic needs of food, shelter, water, and so on are met, what are you earning money for? Be specific about both your current needs – do you want to own a car? Do you dream of being able to provide for a family when it’s time to have one?  Do you reasonably anticipate needs such as children or parental care?  Do you want to share your home with pets?  Are there places on the globe you want to trot around?  Would you enjoy daily life more with more leisure time or if you had more funds for a favorite hobby?

There is no point in earning money simply to earn it – you can’t take it with you when you kick the bucket. So why, exactly, are you earning it?

6. If not, what am I doing to determine what I desire?

You may not have ever paused to think about why you care about money and what you are saving for, and that is entirely understandable. If you don’t know what you want, acknowledge that fact and dedicate time and energy to figuring it out, at what point will you be able to sigh, relax, and say “I have more than enough?”  What does life look and feel like at that point?  Write it down if you need to, or create a vision board.

7. If so, do I expend resources in a way that is aligned with what I desire?

If you are able to clearly and specifically articulate what you desire and believe will transpire when you reach a certain financial point, to what degree are your resources of time and energy aligned with that financial goal? If you are working toward an ambition, are you spending the money you have today in a way that will help you reach that goal?

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If, for example, you want to own your own business, do you know what your financial launch point is? Are you spending time educating and preparing yourself to leave the conventional work force? Or are you watching a lot of television, spending money on expensive nights out, and daydreaming more than taking action?

8. Do I know how to budget, plan, strategize, and get to what I desire?

Once you have identified what, exactly, you want, be honest with yourself about how much you do or do not know about how to get there. There are many ways to budget, invest, save, spend, and handle money as there are stars in the sky, and there is always something to be learned about financial management.  Do you know what it will take to reach your financial goal?  If not, what are you doing to better inform and prepare yourself? Are you seeking out mentors, studying online, spending time conducting research in the library, scouting out online forums, attending classes?  There is a way to get to your desired end point, you just have to figure it out.

9. How much, and in what ways, do I give?

Finally, what good are you doing in this world? If you are able to contribute financially to a cause or to help others, are you doing so in a way that reflects your values, morals, and personal areas of interest? If you are not able to contribute financially to a cause, are you sharing your time or wisdom? It’s not all about money, and it’s not all about you; your satisfaction with the human experience will increase exponentially when you give to others.

Craving more?  Check out these 12 Things You Can Do Now To Improve Your Financial Life.

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Featured photo credit: Dollars via flickr.com

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Last Updated on January 5, 2022

33 Painless Ways to Save Money Now

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33 Painless Ways to Save Money Now

In a difficult economy, most of us are looking for ways to put more money in our pockets, but we don’t want to feel like misers. We don’t want to drastically alter our lifestyles either. We want it fast and we want it easy. Small savings can add up and big savings can feel like winning the lottery, just without all of the taxes.

Some easy ways to save money:

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  1. Online rebate sites. Many online sites offer cash back rebates and online coupons as well. MrRebates and Ebates are two I like, but there are many others.
  2. Sign up for customer rewards. Many of your favorite stores offer customer rewards on products you already buy. Take advantage.
  3. Switch to compact fluorescent bulbs. The extra cost up front is worth the energy savings later on.
  4. Turn off power strips and electronic devices when not in use.
  5. Buy a programmable thermostat. Set it to lower the heat or raise the AC when you’re not home.
  6. Make coffee at home. Those lattes and caramel macchiatos add up to quite a bit of dough over the year.
  7. Switch banks. Shop around for better interest rates, lower fees and better customer perks. Don’t forget to look for free online banking and ease of depositing and withdrawing money.
  8. Clip coupons: Saving a couple dollars here and there can start to add up. As long as you’re going to buy the products anyway, why not save money?
  9. Pack your lunch. Bring your lunch to work with you a few days a week, rather than buy it.
  10. Eat at home. We’re busier than ever, but cooking meals at home is healthier and much cheaper than take-out or going out. Plus, with all of the freezer and pre-made options, it’s almost as fast as drive-thru.
  11. Have leftovers night. Save your leftovers from a few meals and have a “leftover dinner.” It’s a free meal!
  12. Buy store brands: Many generic or store brands are actually just as good as name brands and considerably cheaper.
  13. Ditch bottled water. Drink tap water if it’s good quality, buy a filter if it’s not. Get 
      a reusable water bottle and refill it.
    • Avoid vending machines: The items are usually over-priced.
    • Take in a matinee. Afternoon movie showings are cheaper than evening times.
    • Re-examine your cable bill. Cancel extra cable or satellite channels you don’t watch. Watch the “on demand” movie purchases too.
    • Use online bill pay. Most banks offer free online bill paying. Save on stamps and checks, and avoid late fees by automating bill payment.
    • Buy frequently used items in bulk. You get a lower per item price and eliminate extra trips to the store later on.
    • Fully utilize the library. Borrowing books is much cheaper than buying them, but in addition to books, most local libraries now lend movies and games.
    • Cancel magazine/newspaper subscriptions: Re-evaluate your subscriptions. Cancel those you don’t read and consider reading some of the other publications online.
    • Get rid of your land-line. Do you really need a land-line anymore if everyone in the family has a cell phone? Alternatively, look into using VOIP or getting a cheaper plan.
    • Better fuel efficiency. Check the air pressure in your tires, keep up with proper auto maintenance, and slow down. Driving even 5MPH slower will result in better fuel mileage.
    • Increase your deductibles. Increasing the insurance deductibles on your homeowners and auto insurance policies lowers premiums significantly. Just make sure you choose a deductible that you can afford should an emergency happen.
    • Choose lunch over dinner. If you do want to dine out occasionally, go at lunchtime rather than dinnertime. Lunch prices are usually cheaper.
    • Buy used:  Whether it’s something small like a vintage dress or a video game or something big like a car or furniture, consider buying it used. You can often get “nearly new” for a fraction of the cost.
    • Stick to the list. Make a list before you go shopping and don’t buy anything that’s not on the list unless it’s a once in a lifetime, killer deal.
    • Tame the impulse. Use a self-enforced waiting period whenever you’re tempted to make an unplanned purchase. Wait for a week and see if you still want the item.
    • Don’t be afraid to ask. Ask to have fees waived, ask for a discount, ask for a lower interest rate on your credit card.
    • Repair rather than replace. You can find directions on how to fix almost anything on the internet. Do your homework, and then bring out your inner handyman.
    • Trade with your neighbors. Borrow tools or equipment that you use infrequently and swap things like babysitting with your neighbors.
    • Swap online. Use sites like PaperBack Swap to trade books, music, and movies with others online. Also, look for local community sites like Freecycle where people give away items they no longer need.
    • Cut back on the meat. Try eating a one or two meatless meals every week or cut back on the meat portions. Meat is usually the most expensive part of the meal.
    • Comparison shop: Get in the habit of checking prices before you buy. See if you can get a better price at another store or look online.

    Remember that saving money is not about being cheap or stingy; it’s about putting money into your bank account rather than giving it to someone else. There are many ways to save money, some you’ve never thought of, and some that won’t appeal or apply to you. Just pick a few of the ideas that sound doable and watch the savings add up. Save big, save small, but save wherever you can.

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    Featured photo credit: Damir Spanic via unsplash.com

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