We all want to make more money, save more money, reduce financial stress and live a more comfortable life. There is nothing wrong with these things and feeling frustrated when we don’t have them.
There are practical habits and systems that we can put into place to achieve these. But before we begin this journey we have to fill our emotional tanks with the jet fuel that will get our financial plan soaring.
I big problem with getting our financial house in order is that our goals fail to excite us. We don’t jump out of bed, excited that we can contribute another twenty-four dollars and thirty-two cents into our 401k that we can’t touch for another thirty years.
Delayed gratification sucks.
It takes hard work to reduce financial stress in our lives so we need to dig deep for the motivation.
George Kinder, founder of the Kinder Institute of Life Planning—which trains financial advisers in life planning—and author of “The Seven Stages of Money Maturity,” has developed three questions to try to elicit what people want from their lives.
Question No. 1: Imagine you have enough money to satisfy all of your needs, now and in the future. Would you change your life and, if so, how would you change it?
Question No. 2: This time, assume you are in your current financial situation. Your doctor tells you that you only have five to 10 years to live, but that you will feel fine up until the end. Would you change your life and, if so, how would you change it?
Question No. 3: Your doctor tells you that you have just one day to live. You look back at your life. What did you miss out on? Who did you not get to be? What did you fail to do?
Take some time to write out the answers to these three questions. The answers will help you tap into the deep motivation you need to begin to build your personal and family money habits.