What Does Money Mean to You?
/As a financial planner, one of the most important things I need to understand about my clients is what money means to them. However, I almost never ask this question directly. I’ve found through the discovery process I usually hear the answer as I’m getting to know each client’s unique story and background. Some recent events in my own life started me thinking about this question, so I sent out a small survey to my colleagues to find out what money means to them. Not surprisingly, over 90% of the responses I received started with the word “security.”
Achieving financial security seems to be the common thread among every person I have worked with, each from different backgrounds, on different career tracks, and at different points in their lives. Financial security brings the ability to keep panic at bay when a financial emergency arises. It also provides the confidence and ability needed to overcome all of the obstacles we face on our journey toward financial freedom.
Freedom is another word that is often associated with the meaning of money and was the second highest ranking response I received to my survey question. So often, freedom is what clients are seeking when they are requesting our help with creating their financial plan. They want the freedom to choose whether to keep working or retire, or maybe just the freedom of opportunities or choices that may not otherwise be available without the money to create such an environment of choice.
Some of the other responses mentioned words like success, peace of mind, or ability to take care of family. All this being said, money has different meanings to each and every one of us. I encourage you to think about this question the next time you’re ready for a financial planning check-up. Try to remember the reasons you’ve made financial sacrifices or adjusted your long-term plan over the years to fit all the reasons money has meaning to you. Then, be sure to share that information with your financial planner.
- Margaret Gooley, CFP®, CDFA®, Worley Erhart-Graves Financial Advisors
