Discover Your Financial Values for a More Fulfilling Life
Though you might not think about them, your financial values are important to your happiness and future. Do you know your financial values? Have you ever considered them?
If you possess a clear understanding of what’s most important to you, you’re much more likely to experience the financial life you desire.
Take the time to discover your financial values:
1. Last wishes. Suppose your doctor told you that you only had 5-10 years to live, how would you spend your money? Would you buy a boat and sail the world? Would you scramble to save as much as possible for your children’s education?
2. Think about your non-financial goals. Is it your dream to visit Paris? Do you want to take your parents on a special trip while they can still travel? Do you want to start or expand your family?
Your most important non-financial goals will help to determine your financial values.
3. Imagine how you would live if your income dropped. If your household income dropped by 20%, what activities would still make the cut? How would you spend your leisure time? Consider which activities and luxuries would be the first to go.
4. Imagine how you would live if your income increased significantly. Imagine you’re earning an extra 50%. How would you live? What new items, activities, and services would you add to your life?
The changes you would make can tell you a lot about your financial values.
· You might enjoy playing your $500 keyboard, but the thought of sailing in your boat makes your heart soar higher. Do the activities you’re currently engaging and things you are buying reflect your deepest values?
5. Consider your retirement. How would you like to live? Where would you like to live? What activities would you like to do in retirement?
7. Which charitable organization means the most to you? Even if you can’t afford to give it any money now, which organization resonates the most with your values? If you had extra funds available, would you give to that charity? Would you like to help the homeless or send an economically challenged child to college?
Are you living your financial values?
Do your financial habits match your core financial values?
Take the time to discover your financial values. They will motivate you to stick to your savings goals and financial plan so that you can live a more fulfilling life.