What Does Money Mean To You?

Money has no meaning other than that which we give it.

A screwdriver can be used in different ways. It can, of course, screw in a screw but it can also open a can of beer (the old days), break-up a block of ice like an ice pick, scrap paint off the wall, etc., etc.

So, the question is what does money mean to you?

What message about money did you receive growing up?

What’s been your most joyful or positive experience relating to money?

What’s been your most difficult or negative experience relating to money?

How do you feel your answer to these questions affects your thinking about money and the decisions you make about your money?

When you think about money, your money, how do you think about it - food & energy, investments, taxes, kid’s education, travel, retirement, health care, estate planning – what do you think about … when you think about it?

Here’s some fun stuff from the Grable-Lytton (GL) Scale.

You have just finished saving for a “once-in-a-lifetime” vacation. Three weeks before you plan to leave, you lose your job. You would:

• A. Cancel the vacation
• B. Take a much more modest vacation
• C. Go as scheduled, reasoning that you need the time to prepare for a job search
• D. Extend your vacation because this might be your last chance to go first-class

If you unexpectedly received $20,000 to invest, what would you do?

• A. Deposit it in a bank account, money market account, or an insured CD
• B. Invest it in safe high-quality bonds or bond mutual funds
• C. Invest it in stocks or stock mutual funds

Suppose a relative left you an inheritance of $100,000, stipulating in the will that you invest ALL the money in ONE of the following choices. Which one would you select?

• A. A savings account or money market mutual fund
• B. A mutual fund that owns stocks and bonds
• C. A portfolio of 15 common stocks
• D. Commodities like gold, silver, and oil

There are tons of questionnaire we can review to see how we feel about money, but the bottom line is, what is most important to you and how do you think money relates to that?

Any opinions are those of the author and not necessarily those of Raymond James.

This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected, including diversification and asset allocation. Prior to making an investment decision, please consult with your financial advisor about your individual situation.