What’s Your Financial “Why” for the New Year?

Published: Jan 2, 2025

 

How Understanding Your Financial 'Why' Can Help You Achieve Your Financial Goals

As we enter the New Year, it's the perfect time to reassess what truly matters when it comes to your finances. Financial planning isn’t just about balancing numbers; it’s about aligning your decisions with your financial goals and deeper motivations.

At Hall Financial Advisors, we believe that understanding your financial “why” is key to setting meaningful financial goals that resonate with your values and long-term vision.

Your Financial Why: A Lesson from Everyday Life

Here’s a unique perspective shared by Kevin Knab, CFP®, CPFA™ at Hall Financial Advisors, in a recent video:

"As a parent of a young child, I hear the question 'but why?' constantly. My child’s curiosity to understand the deeper motivation behind things got me thinking—it’s a skill we can all apply in our own financial lives. Asking ourselves 'what’s my financial why?' helps us connect our decisions to what truly matters. Whether it’s building a secure future, taking a dream vacation, or leaving a legacy, understanding your 'why' brings clarity and purpose to your financial planning."

This thought-provoking idea highlights the importance of curiosity and intentionality in managing your finances.

Aligning Your Financial Why with Your Financial Goals

Establishing the “why” behind your wealth creates a strong foundation for achieving your goals. What does success mean to you? For some, it might be about flexibility and independence; for others, it could mean creating a lasting legacy.

For example:

• If your “why” is retirement security, your financial goals might focus on building a robust retirement portfolio.
• If your “why” is family experiences, your financial goals could include budgeting for vacations or saving for education expenses.

When you connect your financial decisions to your values, every step you take becomes intentional, bringing you closer to achieving your financial goals.

Using the 5 Whys Technique to Uncover Your Financial Goals

If you’re unsure about your financial “why,” consider starting with the 5 Whys Technique. This approach helps you identify your motivations and align them with your goals.

For example:

• Why save more for retirement? To retire early.
• Why retire early? To travel with family.
• Why travel with family? To create lasting memories.
• Why create memories? To strengthen family bonds.
• Why strengthen bonds? To feel fulfilled and connected.

By uncovering your deeper motivations, you can set financial goals that are rooted in purpose and aligned with what truly matters.

Clarity and Confidence: The Benefits of Intentional Financial Goals

When you align your financial “why” with your financial goals, you can enjoy greater clarity and confidence in your decisions. Instead of reacting to financial challenges, you’ll have a proactive plan that keeps you focused on what matters most.

Kevin Knab, CFP®, CPFA™ also shared this insight:

“By asking why, you connect your financial decisions to your bigger goals. Whether it’s paying down debt, planning for retirement, or leaving a legacy, aligning your actions with your financial goals allows you to make confident, intentional choices.”

This clarity fosters peace of mind and keeps your financial journey aligned with your vision.

Refining Your Goals with Hall Financial Advisors

The New Year is the perfect time to revisit your financial plan and ensure it aligns with your financial goals and values. At Hall Financial Advisors, we help you:

• Discover your financial “why.”
• Define meaningful short- and long-term financial goals.
• Create a personalized plan that connects your wealth to your life’s purpose.

Take the Next Step Toward Your Financial Goals

As you reflect on your financial “why,” let Hall Financial Advisors help you turn it into a clear plan for achieving your financial goals. Together, we’ll create a roadmap that connects your values to your wealth, helping you build a future that’s intentional and fulfilling.

Contact us today to explore your financial “why” and start planning for a purposeful New Year!

 

Any opinions are those of author and not necessarily those Raymond James Financial Services, Inc., or of Raymond James.  Investing involves risk and you may incur a profit or loss regardless of strategy selected, including diversification and asset allocation.  #677962

 

 

 

 

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