Questioning Your Why

If I were to ask you 

• Why do you invest a certain way,  

• Why do you spend the way that you do, or  

• Why do you save as much (or as little) as you do,  

What would it take for you to answer these "why" questions? 

I believe many people are scared about what they may discover about themselves when they attempt to answer these questions.  Why?  Because you may not want to know the answer. 

For example, if I say that time with my kids is the most important thing in my life, but I work long hours to manage a significant spending habit, I'll be forced to deal with that conflict.  

One aspect of financial planning is helping people deal with that conflict.  Because if you can't or won't deal with the conflict, how do you expect to lead the life you want and make sound personal and financial decisions? 

This type of self-examination isn't easy.  But it's likely one of the key reasons we do dumb things with money.  We are scared to know why we do what we do, so we don't take the time to question our behavior. 

When I meet a family for the first time, and I can hear the fear in their voices or see it in their eyes, I tell them it is okay to be afraid.  Our conversations are a safe place to flush out your purpose and develop objectives and action items to help you get there. 

Conversations, more than numbers on a spreadsheet, are the most critical part of the financial planning process I work with families on. 

When was the last time you asked yourself, "Why?"