6 Questions You Must Ask To Get What You Want Out Of Your Money

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6 Questions You Must Ask To Get What You Want Out Of Your Money

What do you want to get out of your money?

It’s sad but most of us never really ask this question. Yeah, we often daydream about what we’d do if we had a million dollars or how nice it would be if we could splurge on a family vacation, but we never seriously consider what we really want to get out of our money.

Most of us simply use our money as it’s available and never have a vision or plan of how to make the most of it.

Hopefully that’s about to change.

In order to make the most of our money, we have to create a financial vision—one that inspires, motivates, and gives our financial life direction. We want our vision to be so clear and so strong, that we stay the course regardless of how murky the future may seem or how tempting it may be to settle for something different.

Why Is Creating A Financial Vision So Important?

Have you ever heard Jesus’ parable of the wise man who built his house on a rock and the foolish man who built his house on the sand? 

If not, here’s a quick rundown: when the floods came and the winds blew, the wise man’s place stood strong while the foolish man’s house washed away.

Moral of the story—you need to build on a strong foundation.

Our financial lives are no different. We must build them on a strong foundation. A well established financial vision acts as a foundation to our financial life. It helps ensure that our money doesn’t simply get washed away when we’re hit with the financial floods and winds that are sure to come.

If we don’t have a vision or a purpose for our money, then it’s sure to get swept away without adding any real value to our life. I know plenty of people that earn a lot of money, but can’t afford a vacation, don’t invest for their future, and skip giving to charity all because they don’t have a goal of what they want out of their money. They simply use their money to get from point A to B without ever really planning where point B should be.

Creating a financial vision enables to decide where point B will sit. We become the master rather than the puppet.

If we don’t have a vision of what we want to accomplish financially, if we don’t tell our money what we want it to do, then eventually it will dictate what we can do.

Establishing a financial vision, a goal, and a purpose for our money enables us to become masters over our money rather than servants to it.

A strong financial vision gives our money and pursuit of financial freedom purpose.

How Do I Create A Financial Vision? How Do I Set Financial Goals? 

Alright, so how do we create this financial vision so our money doesn’t get swept away like the foolish man’s house did?

There are 3 essential steps in creating a powerful vision that will become the foundation of our financial life:

  1. Ask yourself the 6 key questions to help you visualize what you want out of your money 
  2. Set goals for each of your answers to the 6 questions
  3. Make plans of how you can achieve each goal within the allotted time frame

These 3 steps will help us create a vision that inspires, motivates, and gives our financial life direction. They will help us become intentional with our dollars and make the most of our money.

Here are the 6 questions we must ask ourselves in order to properly secure our financial vision and in turn, our financial freedom.

#1: What Do I Want To Achieve With Money?

This is by far the most important question of them all.

Hopefully we’re pursuing money for a far deeper reason than just accumulating more of it. If accumulating money is our pursuit, then we will always be left disappointed, unfulfilled, and empty.

Money is a tool, a means to an end. It shouldn’t be the overall aim. We should be shooting for something far more meaningful. We should be striving to fulfill our purpose in life and using our stewardship over money as a means to help us accomplish that purpose.

With that said, maybe a better way of wording this question is this: What do you want to accomplish with your life and how can you use money to help you fulfill that purpose?

You must give your money a why, a purpose, a reason for existing—one that aligns with what you want to get out of your life. After all, your financial vision is just a subset of your overall life mission.

Now here are some more specific questions to help you drill down and answer what you really want to achieve with your money, so it can help you achieve what you want with your life.

  • Why does money matter to you?
  • Why are you striving for financial freedom?
  • Why do you spend 40+ hours every week working for money?
  • Why do you want to save and invest your money?
  • What do you want to accomplish with your life? Why?
  • What do you want to accomplish financially during your life? Why?
  • Do you want to be able to spend more free time with family? Why?
  • Do you want to contribute more aggressively to a cause you find worthy? Why?
  • Do you want to be able to design and live the life of your dreams?
  • What do you want your financial legacy to be? Why?

All of these questions help build a mission statement for your money. They give your dollars purpose and meaning.

How seriously you consider each of these questions will determine how strong and motivational your financial vision will be.

As I mentioned above, this is the most important question to consider. Take it seriously and it will make a world of difference. Be as specific as possible with your answers. Specificity drives action and results.

The following 5 questions are more specific and help you set goals for the different financial stages in your life. They serve as building blocks that help you to achieve what you want with your money. They help guide you so you can turn your financial mission into a reality.

 

 

#2: What Are My Long-Term Financial Goals?

You’re probably familiar with Stephen Covey’s The 7 Habits of Highly Effective People (it’s one of my personal favorites). The second habit Covey detailed in his book is that highly effective people begin with the end in mind.

This essentially means that highly effective people know where they want to end up before they even start the journey. They have a purpose and know what they want to accomplish.

That’s why we started with the question “what do I want achieve with money.” The answer to that question should dictate how we answer the remaining 5 questions.

With that end in mind, we can more effectively reverse engineer our financial vision and turn it into an actual reality.

So staying true to the “end in mind” principal and keeping in mind what we want to accomplish with our money, we must ask ourselves the second question that’s essential in making the most of our money: What are my long-term financial goals?

Here are some more specific questions to help guide your vision:

  • What do you want to accomplish with money in the next 20 plus years? Why?
  • What kind of lifestyle do you want in retirement? Why?
  • How much money will you need saved to have that lifestyle?
  • When do you want to retire?
  • Do you want to start a foundation or become a philanthropist? Why?
  • What do you want your net worth to be? Why?
  • What types of vacations are you going to take?
  • How are you going to reward yourself for accomplishing your goals?
  • What do you need to have accomplished in 20 years to be on track to achieving your overall financial goal (question #1)?

#3: What Are My Medium-Range Financial Goals?

This is where you set your financial goals for the next 5-20 years.

As with above, keep in mind your overall financial goal and your answers to the above questions to determine what your medium-range financial goals should be. Inherent in your medium range goals, should be milestones to ensure you’re on track to achieve your long-term goals.

Here are some examples of the types of questions to ask:

  • What do you want to accomplish financially within the next 5-20 years? Why?
  • What do you want your net worth to be? Why?
  • What do you want you income to be?
  • Do you want to save for kids’ colleges, missions, or weddings?
  • Do you want to buy a house, invest in real estate, or start a business?
  • Do you want to be debt free?
  • What kind of vacations do you want to take within the next 5-20 years?
  • How are you going to reward yourself for accomplishing your goals?
  • What do you need to have accomplished within the next 20 years financially to be on track to achieving your long-term goals?

#4: What Are My Short-Term Financial Goals?

This is where you set your financial goals for the next 5 years.

Again, keep in mind your overall goal and your answers to the above questions to ensure your 5 year plan is consistent with your big objectives. Your short-term goals should be stepping stones towards achieving your medium range goals.

Here are some example questions to ask yourself:

  • What do you want to accomplish within the next 5 years with your money? Why?
  • What do you want your net worth to be?
  • What do you want your income to be?
  • How much debt, if any, do you want to have?
  • Do you want to buy a car, a boat, a camper or any other big “toy?” Why?
  • What vacations do you want to take?
  • What memories do you want to have that require money?
  • Do you want to buy a home, start a business, or invest in real estate?
  • How many streams of income do you want to have?
  • What type of investments do you want to own?
  • How are you going to reward yourself for accomplishing your goals?
  • What do you need to have accomplished within 5 years to ensure you’ll hit your overall financial target?

#5: What Are Your Annual Financial Goals?

This is where you set what you want to accomplish financially within the next 12 months. Your annual goals should drive you towards hitting your short-term (5 year) goals.

Here are some examples:

  • What do you want to accomplish financially within one year? Why?
  • How much income do you want to generate?
  • What’s your net worth going to be in one year?
  • How much do you want to have saved for your emergency fund?
  • How much debt, if any, do you want to have?
  • What types of investments are you going to own to generate wealth?
  • What big purchases are you going to make?
  • Are you going to buy a home, start a business, or invest in real estate?
  • How many streams of income do you want to have?
  • What vacations are you going to take over the next year?
  • How are you going to reward yourself for accomplishing your goals?
  • What do you need to have accomplished within the next 12 months to ensure you’re on track to hitting your short-term goals?

#6: What Are Your Immediate Financial Goals?

Remember, the goal is to maximize the benefit our money provides to improving our life and the lives of those around us.

In order to do that, we must set weekly and monthly goals too. Make sure these goals are consistent with your other longer-term goals. Your weekly and monthly goals should help you achieve your annual goals.

  • What do you want to accomplish financially within a month? Why?
  • How much do you need to invest per month to reach your other goals?
  • How much money do you need to make per month?
  • How much do you want to save each month?
  • How much do you need to spend on groceries, fuel, dining out, etc. per month to reach your goals?
  • How much money do you want to give to charity per month?
  • How much debt are you going to pay off each month?
  • What’s one thing you could do this week to move one step closer to achieving your annual goals?
  • What financial systems are you going to implement to automate your finances?
  • What can you do to make your cash management easier and more effective?
  • What habit are you going to break that’s preventing you from making the most of your money?
  • What do you want to achieve with your money within the next couple of days?
  • How are you going to reward yourself for achieving your goals?
  • What do you need to do this month to ensure you’re on track to hitting your annual goals?

Conclusion – Get What You Want Out Of Your Money

We all hope to get something out of our money, yet many of us fail to seriously consider how to make it happen. We daydream but never create an actual vision, a set of goals, and a plan to turn those hopes into realities.

In order to make the most of our money, we must create a vision that becomes foundational to our financial life. We do so by seriously considering what we want to accomplish with money throughout all stages of our life. We begin with the end in mind and work backwards creating stepping stones that lead to achieving our overall financial goal. We build a financial road map that leads us to where we want to take our life.

Once we have a clear vision of what we want to accomplish, the goals to motivate us to take action, and the right plan in place, then we’ll get exactly what we want out of our money.

Remember, money is a tool to help us fulfill our purpose in life more abundantly and more effectively. We must ask ourselves what we want to accomplish with our life and then ask how we can use money to help fulfill that purpose. 

Action Steps To Creating Your Financial Vision – How To Set Financial Goals

Create your financial vision by asking these questions:

  1. What Do I Want To Achieve With Money?
  2. What Are My Long-Term Financial Goals?
  3. What Are My Medium-Range Financial Goals?
  4. What Are My Short-Term Financial Goals?
  5. What Are Your Annual Financial Goals?
  6. What Are Your Immediate Financial Goals?

After seriously considering your answers to each of these questions, set SMART financial goals that will enable you to accomplish what you want.

  • Specific – be very specific with each goal
  • Measurable – have a way to measure how well you’re doing at achieving the goal
  • Attainable – make yourself stretch but make sure it’s realistic
  • Relevant – make each goal consistent with your overall purpose of money
  • Time-bound – give yourself a specific time frame to accomplish each goal

After setting SMART goals, make plans and take ACTION to turn your financial hopes into realities!

Disclaimer – Money Is A Stewardship

Now I know I mention several times that money is yours, but I don’t really believe that. Rather I believe that money is a stewardship—a divine responsibility you’ve been charged to watch over. 

With that said, we must all be wise stewards over what we’ve been trusted with. We must strive to make the most of it. Money can do much good if we’re smart with it and have a plan for it. But if we’re not, perhaps it will all get taken away like it did with the slothful servant from the Parable of the Talents.

Just as with the parable, we must magnify our stewardship, not simply return to the Master what he originally gave us.

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