10 Question Test on Money

1.    Do you eat differently on a cruise or a buffet than a place with a la carte dining? 

2.    Does the idea of giving all your money to your kids today create anxiety?

3.    Are you motivated by a free sample or gift?

4.    Have you ever bought something because it’s on sale even though you didn’t need it?

5.    Do you ever fear being taken advantage of financially?

6.    Do you choose vacation spots and time off based primarily on how much it costs? (Did you object strongly in your head to the last question saying, “Well… who doesn’t choose a vacation based on money, buddy?”)

7.    Do you hide the costs of certain items from close friends out of concern over their reactions?

8.    Have you ever quantified how much money is enough money to maintain your current lifestyle and/or to plan for your desired lifestyle in retirement?

9.    Have you ever put a number on how much you should spend each month?

10. When is the last time you delayed a purchase that wasn’t needed?

Let’s take a moment to look back at this short quiz. Here are the general themes I see with my friends and clients. See if they are your themes, too:

•               The wealthy feel guilt, and sometimes even shame, about their assets.

•               Nobody thinks they are truly wealthy because they all know some-one who makes more or has more.

•               No one really wants to budget.

•               The wealthy have a huge fear about asset protection.

•               Money doesn’t guarantee security because we rarely ask how much is enough.

•               The wealthy think they are never doing enough at work and never doing enough at home either—they feel like there is not enough of them to go around.

•               Most people have no clue, really, how much they are spending.

•               Having wealth doesn’t take away things like fights about money.

Many of us have issues with money. Some of us focus way too much time and energy on the numbers, the investment accounts, the net worth statements, and our cash flow. Others are largely ignorant of their own assets, choosing to turn a blind eye to the details for fear of what they might find there. 

The funny thing is, no matter what our experiences with money, most of us struggle alone. Most of us don’t really talk to anyone else about our thoughts or feelings about wealth. So why is the topic of money so charged? Why can’t we talk about it? If I were to disclose my net worth to you, would that change our relationship? If I were to share my income, would you think that was inappropriate?

Action Step: 

1)    Find someone to talk to about money. It could be a professional, or maybe a trusted friend. But find someone you can talk to. Start small and share about a struggle first. Likely you’ll find you are not alone as you thought. Our struggles are different but similar at the heart. 

2)    Reflect on the quiz. Figure out what aspect of money you struggle with most. What do you need to do with what you learned?