Stop Asking How Much Money You Should Save. Ask This Instead.
I get these questions a lot:
- How do I start saving?
- How much should I save?
- What sort of savings or investment account should I use?
But there’s a much more important question you should ask first. And it’s one only you can answer.
Why do I want to save and for what?
Yes, you should save money. But before you rush to open a brokerage account or establish a goal, you need to understand why you are saving and what you intend to use the money for.
“Retirement” is not the best answer.
Lacking a clear understanding of why you are doing something is often the reason you don’t have the drive or dedication necessary to see your goals to completion.
But by knowing “why”, you’re able to link your emotions to your actions. You become passionate and committed to achieving goals. There’s a greater purpose and deeper meaning that guides your decision-making. Plus, it’s a lot easier to stay motivated and on track when your goals are tied to how you want to live and the impact that you desire to make on the world.
To answer the question honestly and clearly takes time. Often the answer is buried deep inside, but it can be surfaced through reflection. Ask the question repeatedly and then note whatever comes up.
Your ultimate “why” should include:
- Values — the qualities that are important to you and define how you make decisions and show up in the world
- Vision — a clear picture of your life, including the imprint you will leave, the activities you will partake in, and the abundance you will experience
To maximize the potential of achieving your goals, they must align with your values and vision.
Ready to stop setting meaningless targets? Don’t skip the inner work. Trust me, it’s the best part. For help with starting the process, check out my self-paced Visioning Workshop.
