Hopefully, you took the time to complete the MoneyMind® exercise. Now you know your predominate MoneyMind® and have a better understanding of your emotional biases toward money and how you make money decisions.
And maybe you now have a better understanding of why there is sometimes a disconnect with your spouse when it comes to financial decisions. This disconnect can get in the way of collaboratively making good decisions when developing your best financial life.
Next, let’s have an “Honest Conversation.” Let’s work to identify and clarify your goals and priorities around money. This can be a very disjointed exercise and conversations can go all over the place. This is where the organizational skills of the Advisors come into play.
Everyone must be heard and define why their goals matters. Also important? Discussing what needs to happen over the next 12 months to feel satisfied that progress is being made.
It is important that there is not one dominant voice – but a collaborative discussion between the client and advisor. This might be an emotional process, but isn’t that more inspiring than discussing standard deviation?
At the end of the session you should have a collaboratively developed list of goals and priorities, and understand why these goals matter to the plan. You might walk away thinking “WOW – that was exhausting.”
But wait – the car ride home opens even more discussions and deeper meanings – discussions you need to have to achieve your best financial life.
Next month – Do you have the resources to accomplish these goals?