Jorgen Vik: Reflecting on values to shape financial priorities | Lifestyles
How would your life change if you won $10 million?
Would you buy a bigger house, a much nicer car, and whatever else you desire?
Or would it eliminate worries about how to pay nursing home or medical bills?
Maybe you’d give it to the people and causes you care about. Imagine the impact that kind of money could have.
Or maybe your first thought was all the extra time you would need to play and do what you want without worrying about the financial consequences?
You might even be one of the people whose life wouldn’t really change.
Whatever your answer, I think it reflects your mindset about money and life in general.
Of course, it’s a bit awkward to imagine a bargain like this – it’s a big part of the appeal of lotteries, however. But I think it can be a good way to force a person to take a step back and consider their financial concerns.
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If you’re struggling to cover basic needs like food, shelter, and medical care, the value of more money is obvious.
However, once you go beyond basic needs, I think it becomes a matter of personality and priorities.
The value of money differs from person to person. Some see it as a way to free yourself up to spend your time as you wish.
Others see in it security, the absence of worries for the future.
Some feel guilty about their wealth with so many having so little.
Yet others see it as a power tool. The more money there is, the more wheels there are to set in motion.
I encourage you to spend some time on the original question. The more you know about your financial thoughts and how they can weigh on you, the easier it will be to prioritize how you manage your money.
Jorgen Vik is a certified financial planner and partner of SKV Group LLC.