What Motivates You to Save, Spend, or Invest in the Future?
October 13th, 2020
To truly understand why people make the decisions they do, it’s important to understand what motivates them. Psychology is crucial in helping them see how they can have their deeper needs and wants align with their behavior.
I’m a financial coach and not a psychologist. When meeting clients I ask what is important to them and inquire on their motivation.
I’ve seen people who had worked for many months and sometimes years on saving money. Just as they approached their home down-payment goal, they made a large purchase, delaying and in a few cases erasing their opportunity of homeownership. It’s almost as if they were working against themselves. It is hard to see this and not wonder why things occurred as they did. Asking them how their choices are helping them reach their goal helps keep focus and demonstrates clearly that they are in control.
At the end of the day, we all must answer to ourselves. What could I have done different, or what was working and what was not? Sometimes I ask my clients to give advice and counsel to someone in a similar situation. How would you help them reach their goal?
We know people are unique and have their own decision-making rationale; helping align client needs and wants is one of the benefits of financial coaching among many others.
So what motivates you, and how are your choices affecting your goals? If you’re unable to answer those questions on your own, we have a wonderful group on non-judgmental coaches that can help!