Financial Meditations: Introspections to Consider Part 2

Ken Weingarten |
Categories
Behavioral Finance

In our last blog, we discussed several questions to answer when contemplating your relationship with money. This exercise is meant to stimulate a self-analysis of the role of money in your life. Given the amount of questions, we have split them up into two parts. Below is Part Two of said questions.

(The following questions are taken from “Financial Planning 3.0” by Richard B. Wagner)

  1. Why are you in the profession you are in now? Is it money motivated?
  2. How you do feel about your present financial situation? Are you financially fearful or resentful?
  3. If you are well off today, how do you feel about the financial situations of others? If you feel poor, how do you feel about others’ financial situations?
  4. How do you feel about begging? Welfare?
  5. If you are well off today, why are you working?
  6. Do you worry about the financial future?
  7. Are you generous or stingy? Do you treat? Do you tip? Why?
  8. Do you give more than you receive or the reverse? Would others agree?
  9. Could you ask a close relative for a business loan? For rent or grocery money?
  10. Could you subsidize a friend? How would you feel if that friend bought something you deemed frivolous?
  11. Do you judge others by how you perceive they deal with their money?
  12. Do you feel guilty about your prosperity?
  13. What part does money play in your spiritual life?
  14. Do you live your money values?

As we have stated, these are not easy questions to answer. You should take your time to consider the depth of each question. Freely talking about or even thinking about money has been considered taboo for a long time, but it does not have to be this way. Opening up and having a fee-only financial advisor on your side on this journey can be rewarding.

Weingarten Associates is an independent, fee-only Registered Investment Advisor in Lawrenceville, New Jersey serving Princeton, NJ as well as the Greater Mercer County/Bucks County region. We make a difference in the lives of our clients by providing them with exceptional financial planning, investment management, and tax advice.