About a month ago, I saw a post on Budgets Are Sexy about 5 questions to ask yourself about money. J. Money borrowed the questions from a quiz by a fellow blogger, but the questions are great nonetheless.
The questions revolve around money, retirement, your career, and how you shop. From time to time, it’s eye opening (and fun) to answer questions like these. You’ll learn a lot about yourself and how you look at the world.
My answers to 5 questions to ask yourself about money
I liked the questions so much I wrote almost 400 words in the comments section of the post. Now, I want to use my blog to expand upon my original comment. I feel like these questions and my answers are so important to get on the “official” record here.
In the future, I want to look back on these answers some day and see how I’ve changed. Here you go. What do you think of my answers? How would you answer them differently?
1. If you won $25,000 in the lottery, what would you do with it?
If I won $25,000, I’d instantly pay off the rest of our student loans. We’re making student loans are main focus this year. Even though we plan to finish by the fall, I would still use all of the money to pay them off.
After that, I’d route the unlocked monthly income to other investments.
We’ve made a bunch of progress on student loans since I wrote these answers. However, my answer would still be the same. Our main financial goal this year is to pay off all student loans.
We wouldn’t need the full $25,000 to do so which means we’d have some left over. We’d be able to max the rest of our Roth IRAs and increase our savings rate for the year.
Basically, if you come across a chunk of money, don’t be stupid. There are so many stories of people being stupid with sizable lottery winnings. Use the money with a purpose.
2. What’s your biggest fear in terms of retirement?
My biggest fear is losing the kid in myself. I’m 30 and the kid in me still shines. I never want to lose it and I don’t want to let life beat it out of me. I want to have a ton of fun in retirement. You won’t find this guy sitting in a lawn chair on the porch.
Money can always get you down. Sometimes it’s a struggle to make ends meet. However, I’ve learned over the years my body and well-being is much more important.
I’ve dealt with ankle issues and other things over the years. When those problems come up, that’s when I struggle with depressing thoughts.
The thought of not being able to be a kid for the rest of my life scares me. I’m trying all the time to avoid being too serious and do too much “adulting.” Enjoy your life and always have fun.
I’ll leave you with this. When dying people are questioned about regrets, they say: “I wish I’d had the courage to live a life true to myself, not the life others expected of me.” Remember that.The thought of not being able to be a kid for the rest of my life scares me. Click To Tweet
3. When interviewing for a job, besides salary, the most important thing you want to know is…
I want to know there’s trust and integrity. Honesty, no matter how harsh it can be sometimes, is one of the things I value most. Companies where it’s normal to stab people in the back are never on my list of places to work.
Honesty generally translates well into other company wide traits as well. Honesty means the company understands that life happens and people need to do things outside of work. Honesty is understanding flexibility matters. Most importantly, honesty leads to respect and loyalty.
You don’t want to work with people who don’t respect you. Most of us can put up with the mundane and boring. Much like life however, the people you surround yourself with matter most.
Employee burnout is a real thing. Most of the reasons for burnout relate to honesty. Honesty is knowing when people are overworked and admitting it’s not a long-term strategy.
Better yet, honest companies are perfectly ok with people having lives outside of work. These companies realize inspiration can come from the most unlikely of places.
If you’re struggling at your job, ask yourself how you would interview for a new job. What would you value most in a new job? If you current employer doesn’t pass the test, move on.
4. When shopping for a new wardrobe, what’s your first priority?
I’m with you on this one. A great wardrobe must breed confidence. You have to look great AND feel great. If your clothes are too tight and your legs start to chafe, you aren’t going to have very much fun – no matter what you’re doing.
Other than that, quality matters to me. You can usually find a nice sweet spot in price range that takes quality seriously. I don’t want to buy jeans only to find holes in them a month later.
When I started to play golf, I bought a few cheap golf shirts. A few rounds later I decided that was a terrible idea.
When you’re on the golf course on a hot day, normal golf shirts soak up your sweat. The shirt sticks to you and becomes twice as heavy. It’s not a pleasant feeling.
I had to budget for some nicer golf clothing and get rid of feeling nasty on the golf course.
You spend your whole life wearing clothes (well, at least most of us). It’s ok to buy some quality gear every now and then. As long as you’re budgeting properly, you should be able to manage.
5. What quote best describes your feelings towards money?
One of my favorites is this: “It’s good to have money and the things that money can buy, but it’s good, too, to check up once in a while and make sure that you haven’t lost the things that money can’t buy.” — George Lorimer
Money isn’t everything. Those other things are what makes us as humans so beautiful. Competition, love, creativity, art, integrity, respect, discipline, grit, hustle, empathy – you can have all of those things without money. And that’s awesome.
I know I say this all the time. Money isn’t everything. If I retire with a modest fortune but my family and friends hate me, I’ve failed. I’m not even sure I could make it that far without friends and family in the first place.
Work toward your goals, but enjoy yourself along the way. Don’t get stuck sacrificing everything else to build your retirement fund. Don’t feel ashamed if you’re not saving as much as other people on the internet.
Your situation is completely different from anyone else. Make your situation work for you. Most importantly, have fun along the way.
Thanks to J. Money at Budgets Are Sexy for prompting me to think about the answers to these questions. I learned a lot about myself thinking about how my mind works.
I hope you go through these questions and type up your own answers. Come back to the answers in a few years and see if you’re the same person. You might find you’ve changed a bit because your life situation is slightly different. You may have kids or you may not.
After you write your answers, go check out what others have said and see how you compare.
[Featured Image Credit: https://unsplash.com/@d_mccullough]