Chapter 6: What's Important to You About Money?

The following is an excerpt from

Big Picture Retirement Planning

A BIRD’S EYE VIEW FROM 3,000 FEET
Les Goldstein, M.B.A.

Personal Financial Strategies, Inc. PARK RIDGE, ILLINOIS

Copyright © 2018 by Les Goldstein.

The following content is for non-commercial educational use only. All rights reserved. No part of this publication may be reproduced, distributed or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the publisher, except in the case of brief quotations embodied in critical reviews and certain other non-commercial uses permitted by copyright law. For permission requests, write to the publisher at the address below.
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Big Picture Retirement Planning/ Les Goldstein. —1st ed.
ISBN 978-0-0000000-0-0

CHAPTER 6

What’s Important to You About Money?

 

Readers, please do not minimize the importance of this short chapter and this conversation! Having interviewed literally thousands of clients and prospective clients, I can tell you very confidently that people do not have this conversation either with themselves or with their significant other. Knowing what’s important to you about money will help you focus on what matters to you most. Eliminating junk from your budget will only help you move forward quicker and easier. I do it in my own life, and so should you!

Accumulating wealth may be about more than just having enough money to live on for yourself and your partner. For PFS financial advisors and our clients, money is a tool. We use it to achieve our desired goals. So ask yourselves the following questions, and write down the answers right here in this book. Or, like before, make a copy of this exercise, and then you can share this chapter with others.

Questions To Ask Yourself:

1. What is important to you about money?

2. Whom do you want to help with your money? (Myself or our-selves is a perfectly acceptable answer.)

3. Do you have a specific bucket list of items you wish to achieve during your lifetime? What are they? When do you want these things to happen? Have you planned for the expense of these bucket list items in your comprehensive financial plan?

4. Is it okay to spend every penny during your lifetime so that the last payment to the funeral home barely clears, or does leaving a financial legacy matter? Which people or organizations should receive a financial legacy? (Please know that there is no wrong answer here. All that matters is what matters to you.)

5. What would happen if you or your spouse got sick/disabled prior to death? What would the impact be on your loved ones? Would everyone be okay financially?

6. What do you think may be missing from your comprehensive financial plan right now?

 

Money is a very personal topic. Sharing your thoughts about money can be uncomfortable, especially if you and your life partner feel very differently about the subject. There are no right or wrong answers, just feelings that can change over time. If you have never thought about money in this way before, this can be a very powerful and revealing exercise. So, don’t gloss over this exercise. Complete it carefully and thoughtfully.