In order to get to where you want to go, you need to get a clear picture of where you are. Part of that is understanding your current behaviors, and part of it is understanding how and why you have those behaviors.
Much like when you go to the doctor, they ask you questions about your health history. They ask you questions about your family’s health history. They’re trying to get a thorough picture of why your current health is the way it is.
When you’re talking with your doctor, it’s important to be brutally honest. To tell them the good, the bad and the ugly.
I believe the same is true when you’re working to get better with money.
You need to interrogate your current reality. Be honest with yourself about the good, the bad and the ugly parts of your financial life.
I developed this self-assessments from the thousand of client interactions I’ve had over the course of my 20+ year career as a financial advisor. It’s designed to help you get a clear picture of your financial wellness and overall financial health.
As you’re going through it the first time, don’t overthink your answers. Just write them down. You can reflect on them later.
Also, don’t judge yourself or your answers. Most important thing is to be honest with yourself.
This is also a valuable tool to use should you and your partner be working to get on the same page with money. Both of you can go through it individually and have a conversation about it.
Here are the sections:
Get a fresh piece of paper to record your answers and let’s get started.
How are you with money? How well do you understand it and how are you using it? This section is designed to help you diagnose your current financial situation.
What are your thoughts and feelings about it?
On a scale of 1 to 10 (10 being the highest), where are you?
How would you like to feel about it on a scale of 1 to 10?
What changes will you need to make to feel that way?
What would happen if you made those changes?
What will you do?
What keeps you up at night? What is causing stress and giving you anxiety? This section is designed to help you identify your biggest money concerns.
For myself
For my partner (If applicable)
Other
Taking ownership of our lives and for our success is an essential step in getting the results we want. This section is designed to help you determine your level of personal financial responsibility.
What are your thoughts and feelings about it?
On a scale of 1 to 10, where are you?
How would you like to feel about it on a scale of 1 to 10?
What changes will you need to make to feel that way?
What would happen if you made those changes?
What will you do?
We spend the majority of our waking hours working. Many of us find meaning in what we do and how we earn an income. This section is designed to help you diagnose your current satisfaction with your work.
What are your thoughts and feelings about it?
On a scale of 1 to 10, where are you?
How would you like to feel about it on a scale of 1 to 10?
What changes will you need to make to feel that way?
What would happen if you made those changes?
What will you do?
Where does your household income come from?
Where did your household assets come from?
What are your thoughts and feelings about it?
On a scale of 1 to 10, where are you?
How would you like to feel about it on a scale of 1 to 10?
What changes will you need to make to feel that way?
What would happen if you made those changes?
What will you do?
So many of our current habits are influenced by our childhood experiences. Oftentimes, we’re not even aware of it. The good news is, if you’re not happy with your habits, you can change them by getting to the root of where they came from.
What are your strongest childhood memories about money?
How did that make you feel?
Looking back, what do you think about it now? How has that impacted your financial habits?
Growing up, was money discussed in your family? How was it discussed (casually, seriously, happily, angrily)? How consistently was it discussed? Were you involved in the conversations?
How did that make you feel?
Looking back, what do you think about it now? How has that impacted your financial habits?
Did your family have enough money? How would you describe your family’s socio-economic status? We you living in poverty, lower middle class, middle class, upper middle class, affluent? How aware were you of your family’s situation?
How did that make you feel?
Looking back, what do you think about it now? How has that impacted your financial habits?
Did you know someone who lost a lot of money? What about someone who made a lot of money? How was that talked about in your family, if at all?
How did that make you feel?
Looking back, what do you think about it now? How has that impacted your financial habits?
When you were little, what did you think your future with money would look like? Did you think you were going to be rich? Did you think you were going to be poor?
How did that make you feel?
Looking back, what do you think about it now? How has that impacted your financial habits?
What did your family spend money on? Going out to eat? Toys/gadgets/technology?
How did that make you feel?
Looking back, what do you think about it now? How has that impacted your financial habits?
Did your family go on vacations? Did you travel? How often?
How did that make you feel?
Looking back, what do you think about it now? How has that impacted your financial habits?
Were there specific brands or products your family favored or consistently used?
How did that make you feel?
Looking back, what do you think about it now? How has that impacted your financial habits?
Did your family give money, or volunteer?
How did that make you feel?
Looking back, what do you think about it now? How has that impacted your financial habits?
With more than half of Americans living paycheck-to-paycheck, debt is a burden on far too many households.
Do you have consumer debt outside of a mortgage or car payments such as credit cards? For how long?
What are your thoughts and feelings about it?
On a scale of 1 to 10, where are you?
How would you like to feel about it on a scale of 1 to 10?
What changes will you need to make to feel that way?
What would happen if you made those changes?
What will you do?
The current version of keeping up with the Jones’ is keeping up with the Kardashians. Social media and many other aspects of modern living make comparison easier than ever. The dangers of it remain the same.
As Teddy Roosevelt wisely said “Comparison is the thief of joy.”
Do you compare yourself to other family members, friends, coworkers, or neighbors? What about public figures or celebrities?
In what ways?
What are your thoughts and feelings about it?
On a scale of 1 to 10, where are you?
How would you like to feel about it on a scale of 1 to 10?
What changes will you need to make to feel that way?
What would happen if you made those changes?
What will you do?
Do you have a budget? If yes, do you stick to it? How often do you update it? Do you track your spending and cash flow? When you make a purchase, are you confident because you know you can afford it? Or on the other hand, do you know you shouldn’t buy something, but do it anyway?
Do you shop online? From your phone? Do you make impulse buys?
What are your thoughts and feelings about your spending?
On a scale of 1 to 10, where are you?
How would you like to feel about it on a scale of 1 to 10?
What changes will you need to make to feel that way?
What would happen if you made those changes?
What will you do?
Are you currently saving money? When making a large purchase, how far in advance do you save?
What are your thoughts and feelings about saving?
On a scale of 1 to 10, where are you?
How would you like to feel about it on a scale of 1 to 10?
What changes will you need to make to feel that way?
What would happen if you made those changes?
What will you do?
Are you currently investing money? Do you consider yourself to be an investor?
What are your thoughts and feelings about investing?
On a scale of 1 to 10, where are you?
How would you like to feel about it on a scale of 1 to 10?
What changes will you need to make to feel that way?
What would happen if you made those changes?
What will you do?
What money situations are uncomfortable or difficult for you to deal with?
How do you feel when you’re in that situation?
When you have those feelings, what types of negative thoughts do you have?
How do you act in response to those thoughts and feelings?
If you could feel differently in these situations, how would you like to feel?
What kind of thinking would help you to feel better about these situations?
Would having a strong understanding of your money make you feel more confident?
What would you do with your increased confidence?
What are your overall thoughts after completing this?
I encourage you to spend additional time thinking about and paying attention to how you interact with money. The more you’re able to get to the root cause of your financial behaviors, the better your chances of improving your situation.
If you’re interested in accelerating your personal growth and financial success, have two-week long, intensive learning Sprints that can help.
Want more, you can have a no-cost conversation with one of our coaches to help you in your process.
You can also access our Goals and Values courses at no-cost.
Financial success is available to you. Take the next step!
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