Discover Your Financial Values and Find Life More Fulfilling
Imagine you are dying. Suppose your doctor told you that you only had 5-10 years to live, how would you spend your money and manage your finances? Would you buy a boat and sail the world? Would you scramble to save as much as possible for your children’s education? Think about your non-financial goals. Is it your dream to visit Paris? What are your health goals? Do you need assistance losing 25 lbs.? Do you need to see the dentist more regularly?
Your most important non-financial goals will help to determine your financial values.
Imagine how you would live if your income dropped. If your household income dropped by 20%, what would your family budget look like? 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. How would you change your saving and investing habits?
Imagine how you would live if your income increased significantly. Imagine you are earning an extra 50%. How would you live? What new items, activities, and services would you add to your life? You might even drop a few activities to make room for something new.
· The changes you would make can tell you a lot about your financial values. Would you spend much of the increase and save little? Would you save the entire amount?
· Would you finally be able to afford something very meaningful to you? You might enjoy playing your $500 keyboard, but the thought of sailing in your boat makes your heart melt. The activities you are currently engaging in might not be your first choice if you had more money available to you.