Ready to build wealth the lazy way? 👉

50 Money Questions to Assess Your Financial Health

If you are wanting to gain control of your finances or push past a financial barrier you keep running into, this article is for you. Taking the time to answer these money questions can help you gain clarity about your financial situation and evaluate any limiting beliefs that might be holding you back from your financial goals. Studies have shown that 2 in 5 adults feel completely lost when it comes to finances. If that’s you, then you are in good company! 

Taking the time to answer these money questions can help you find clarity and strategize your unique financial map to success.   

Overview:

  • What has been holding you back?
  • Money questions about debt
  • Money questions about income
  • Money questions about investing
  • Money questions about general financial health
  • Money questions about mindset 
  • The most common money questions we get ask

Money Questions 

What Has Been Holding You Back?

Before we begin, it’s important to understand why you are where you are. Maybe you have been avoiding the topic of finances for a while now. There is no shame around that– this happens to so many people, you are certainly not alone! But it will help you to understand why you have been avoiding it so that you can debunk any limiting beliefs and overcome your fears. When it comes to money, you don’t want to be the thing that is standing in your own way. 

Many people avoid addressing their financial health due to various fears and limiting beliefs. Here are some of the most common ones. 

Fear of Judgement 

Concerns about how others perceive your financial situation can be paralyzing, making you reluctant to discuss it. 

Fear of Failure

The fear of discovering that you are not in the financial position you had hoped for can be overwhelming and may discourage you from facing reality. 

Lack of Knowledge

Some individuals may believe they lack the financial knowledge required to assess their situation, leading to avoidance. 

Shame or Guilt 

Past financial mistakes or shortcomings can lead to feelings of shame or guilt, preventing open conversations about money. 

Money as a Taboo Topic

Societal taboos around discussing money can make it uncomfortable to have these conversations, even with oneself. 

Understanding what is holding you back from making progress in your financial situation can help you better understand your story and what you need to do to move forward. If you aren’t sure what is holding you back or are ready to make forward progress, these 50 money questions will help you. 

Money Questions About Debt 

  1. How much outstanding debt do I currently have?
  2. What is the interest rate on my highest-interest debt?
  3. Am I making minimum payments on all my debt?
  4. Do I have a plan to pay down my debt, and if so, what is the timeline?
  5. How does my debt-to-income ratio compare to recommended levels?
  6. What would I rather spend the money that is going towards my debt on? What do I need to do to make that happen?
  7. Do I need to explore options to consolidate or refinance high-interest debts?
  8. How much of my monthly income goes toward servicing debt?
  9. What strategies am I using to accelerate debt repayments? 
  10. Is there any debt that I should not try to pay off early in order to start investing?

If you aren’t sure about what debt should be paid off quickly and what debt you should make minimum payments on, this free class can help! 

Money Questions About Income

  1. What is my annual income after taxes? 
  2. How stable is my income, and do I have multiple income streams?
  3. Am I earning as much as I believe I am worth in my current job? What is the going rate for my position in my area?
  4. Have I negotiated my salary or rates in the past year?
  5. What percentage of my income am I saving and investing each month? 
  6. Is my current income comfortable for me or do I need to figure out how to make more?
  7. Am I investing in my skills and education to increase my earning potential?
  8. Should I consider additional streams of income like side hustles and passive income?
  9. Is my current job aligning with my long-term career goals?
  10. Do I have a clear growth plan or business strategy? 

Money Questions About Investing 

  1. Am I currently investing?
  2. Do I have a clear retirement goal and plan? 
  3. Am I taking advantage of tax advantages like IRAs and 401(k)s?
  4. What is my risk tolerance and does my investing portfolio reflect this?
  5. Am I taking advantage of employer-sponsored retirement plans? 
  6. Do I have a diversified portfolio that reflects my investing goals?
  7. Am I actively managing my investments? When was the last time I checked on my portfolio activity? 
  8. If I am working with a financial advisor, how do I know that they are investing in a way that I am comfortable with? Have I tracked their progress? 
  9. Do I have my investments automated?
  10. Do I need to increase my financial literacy to feel more confident about my financial future? 

Money Questions About General Financial Health 

  1. When was the last time I did a financial health review? Is there anything about my financial health that I need to readjust for?
  2. What is my credit score? Do I need to improve it?
  3. Am I taking advantage of health insurance benefits I may receive from my employer like HSAs? 
  4. Do I have an emergency fund worth 3-6 months of expenses to cover me in case of an emergency?
  5. Am I taking advantage of credit card points for things like travel and cashback?
  6. How am I tracking my expenses? Is this working for me or do I need to explore different options?
  7. Am I regularly keeping a budget? Do I need to make changes to the budget or am I consistently able to keep my goals?
  8. Is there any area of my spending that I want to cut back on? How can I plan for this?
  9. Is my savings in a High-Yield Savings Account? 
  10. Do I have a clear financial plan I am following? How can I maximize my financial efforts and minimize the time commitment? 

If you want help answering that last question, this free class can help you learn how to build wealth on autopilot. 

Money Questions About Mindset 

  1. What are are my short-term goals I am working towards?
  2. What are the long-term goals that I am working towards?
  3. How do I view money? As a tool for achieving success? As a struggle? 
  4. What do I want to improve about my relationship with money?
  5. How do I handle unexpected financial setbacks?
  6. Am I actively seeking financial education and improvement? (hint: If you are reading this blog, I think you can check this one off!)
  7. What do I feel in my body when I think about money? Do I get anxious and tight-jawed? Do I feel at ease? 
  8. How would unlimited income change my life? What would I use my time for instead of my current day-to-day?
  9. What was my childhood exposure to money like? How is this still influencing me today?
  10. How do I use money to improve and enrich my life? How can I add more of this? 

The Most Common Money Questions We Get Asked

Where do I start? 

We get it– financial literacy isn’t usually taught in school and then all of a sudden you realize you need it and it can feel overwhelming (to say the least). Here are some easy steps to get started on your financial literacy journey:

  1. Education, education, education. 

There is tons of free information out there! But if you want to cut down on how long it takes you (and how many mistakes you make along the way), it can be helpful to have someone teach you as well. There is a free resource library in this guide to help you get started. 

  1. Focus on building wealth, not just getting rid of debt.

One of the biggest mistakes we see people make is solely focusing on getting rid of debt. But is that really the end goal for you? To see $0 in your bank account? Of course not! While managing debt is an important part of financial success, building wealth is what is really going to make a difference in your life. One of the best sources of wealth-building and passive income is learning how to invest. You can learn for free in 1 hour in this class. 

Am I going to be able to retire?/Is it too late for me?

The short answer? It is not too late! The most common age for people to start saving for retirement is in their 30s. Yes, some people start even earlier. Why? Because time is one of the biggest factors for compound interest to do its magic. But what does that mean if you are in your 30s, 40s, 50s, and beyond? It just means that now is the time to act. There is still lots of hope and plenty of opportunity to build wealth. The sooner you start, the better off you will be. 

Read more about building wealth in your 40s here. 

What is a High-Yield Savings Account and which one should I use? 

Everyone should have a High-Yield Savings Account. It’s a great way for the money you need to stay liquid to be growing. There is this popular saying that “you can’t save your way to wealth”, but what do you do if you need to have some cash on hand (like an emergency fund)? That’s where a HYSA comes in. 

A HYSA typically pays you monthly a percentage of interest for the money you have in the account. In recent years, this has sometimes been as much as 4%-5% interest! That’s almost as good as bonds and you maintain instant access to the money. 

Most HYSA will be similar. You will want to make sure that they have a competitive interest rate and the ability to withdraw as much and as often as you want throughout the month. Some HYSA will have limits on this, so be aware of that. You might also want to consider a HYSA that has savings buckets. Savings buckets are internal categories to help you sort out what the money in the account is for. This way, you can keep your vacation fund separate from your emergency fund and you don’t have to keep track in your head or in a separate document.  

You can read more about why everyone needs HYSAs here. 

Final Thoughts

Finances are a personal topic and no financial situation will look exactly like any other. It’s important to do the work to ask yourself these money questions so that you can better understand your unique situation and find a plan that will work for your specific financial goals. If you feel like you keep running into the same barriers in your finances, it might be worth exploring what limiting beliefs you have around money that are holding you back from your idea of success. These 50 money questions are just a starting point!

One of the main reasons we hear why people haven’t felt like they could make a change in their personal finance situation is a lack of education. That’s why we created this free guide to help you get started.  

Pin This Post:

Leave a Comment

Your email address will not be published. Required fields are marked *