When we ask this question of clients, the answers are often enlightening because the question is different than asking about financial goals. Those are important too, of course. However, asking what is the purpose of your money digs deeper into the reason you work, why you save and spend.
One day recently I asked a long-time client this question. She and her husband are fine financially and have retired relatively young. She thought long and hard about the question and then said simply, “Security.” Her answer surprised me and it lead to a discussion about some of the reasons she feels in-secure sometimes. It was a good conversation for us both and I thanked the client for sharing her insights and feelings with me.
I don’t know why this simple question raises deep emotions for some people. Maybe because it touches on our reason for being. Maybe because it’s a unique question that people have never asked. I’m not sure. However, I suggest you ask yourself this question (and your partner if you have one) and pay attention to what comes up. It may give you some insight into yourself and the significance you give to your money.