How to ask important money questions
September is the other January. It brings that fresh start vibe, with new school supplies and energy to tackle new projects. September is also known as the time to get back to our routines after summer fun. Even if you haven’t been in a classroom in years, you know the feeling…
Obviously, this September is different than those in the past.
Anxiety and uncertainty hang heavy in the air, and life feels murky. Things aren’t clear right now. For my friends in California, life has taken on strange new colors as they look out the windows of their homes and see a red sun or orange sky. (Sending love to my peeps on West Coast!)
As we seek more clarity in our lives overall, many of us are searching for more understanding with our finances specifically. To help you find bring more simplicity and knowledge into your financial well-being, try this technique: ask open-ended questions.
Years ago, as a focus group moderator, I learned the importance of asking open-ended questions. Open-ended questions spark dialogue, promote thinking, and allow space for creativity. Questions that only allow for yes or no responses limit our minds.
When exploring your own money mindset and your financial goals, ask yourself these 3 questions. Grab a pen and paper, write down the question and let your pen do the rest. Open-ended questions encourage reflection and will likely bring new thoughts – and emotions – to the surface.
How would I behave if all of my financial worries went away?
What matters most to me about my money?
What money decisions have I made this year that are (and are not) aligned to my values?
By asking these 3 simple questions, you’ll open the door to learn more about yourself. As you observe your answers, you may recognize what lights you up or frustrates you. Armed with this knowledge, you can move forward ready to make decisions aligned to what matters to you in your life.
Open-ended questions are powerful tools to get to know others too. If hiring a financial professional has been on your 2020 To-Do List, be sure to ask these questions as you interview - and yes, you should ALWAYS interview the person you’re considering trusting with your wealth.
How will our relationship work?
Tell me your story of how you became the advisor you are today…
How do you get paid?
Answers to these questions can help you know what kind of relationship you’re entering. You should know how often you’ll meet with your advisor and what kind of support you’ll receive. Do you have unlimited access to ask them questions? Can you book video consultations as needed or is your meeting schedule predetermined?
If you felt your brow furrow or your shoulders tighten as you listened to their explanation of how they make money, do not ignore these signs from your body. By asking open-ended questions, you’ll get a sense of how you feel when the other party engages with you to answer. Did they simplify concepts for you or make them more complex? Was there a subtle (or overt) condescending tone? If so, walk away. Don’t settle if you don’t like what you feel.
How will you be making this September a fresh start in our wild, uncertain world?
Start by getting curious and asking questions. You might be surprised what you uncover!