I am emboldened to do this post because as an IFA sometimes you tend to ignore these questions. You do not give enough emphasis on “attitude” towards money. When I speak to a person and he says “can I get at least 18% in equity” my question is “why do you need 18% in equity” – and normally they do not have an answer. Instead try these probing questions:
- What do you think are your 3 smart money moves in your life?
- Did your parents fight over money?
- Who managed money in your parental home?
- Who manages money in your current home?
- Why do you think you are better than your spouse for handling money?
- If you had all the money that you needed to live, what will change in your life?
- How important are your goals?
- Do you realize that there is too much clutter in your life – investing and otherwise?
- What are your top 3 financial worries?
- How much do you think you can spend on your kid’s education / marriage?
- In your happiest 3 moments of your life, did money play a role?
- What time do you reach the railway station for say a 6 pm train?
- What time do you reach the railway station for say a 6 am train?
- What is the minimum amount with which you can live in a worst case scenario?
- If you are out of work how long can your savings/ other assets last for you?
- Even if you have money, will you panic if you were told your job is over?
- How prepared are you for a long illness? financially, mentally, and physically?
- Name 4 friends who are financially smart and WHAT DO YOU THINK they got right?
- Do you compare with your friends?
- Are your hobbies sucking your money?
Honestly many more questions….but how many will you remember?
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