Budgeting/Essays & Confessions

11 Self-Reflective Questions That Will Help You Get Better With Money

By | Wednesday, September 19, 2018

A few years ago, I decided I was going to learn how to get wealthy. Up to that point, I knew nothing about money besides knowing when not to use a credit card (or the benefits of giving them up completely). I went all in on reading personal finance books and listening to money podcasts. I became obsessed. Then, I quit my job as a lawyer and became a financial planner. That was great. Then, I realized I was on the wrong side of the table for creating wealth. I personally needed to run my own business as an entrepreneur to really make a lot of money. I have since turned my six figure student loan debt into a six figure business.

I share this solely for the purpose of showing you that you can create whatever results you want in your future with respect to money. You don’t have to repeat more of the past. In this post, I’ll show you the most important money questions that you should ask yourself to start changing your money results in the future (because your results are always based on your thinking, so you have to change your money mindset first). I learned at the very beginning of my journey, years ago, that this is what matters the most if you want to build wealth. But it wasn’t until this year that it finally sunk in, and I feel totally in flow with earning, having, spending, and investing my money. What matters most is your money mindset. Tactics matter after you have an abundant money mindset. They don’t matter if you don’t have the right mindset because you’ll sabotage any chance you have at using the right tactics if you have the wrong mindset.

What you believe about money determines all the results you have in your life about money. A belief is just a thought in your head you keep on thinking so much you believe it’s true. Sit on that sentence for a minute, and it might just change your life. It did for me when I first heard it. Think about how much money you have (or don’t have), how much money you earn, the debt you’re in, the standard of living you think is “normal.” This is all because of the certain beliefs you have about money. Most people have such deep-rooted beliefs that they think are normal based on the class they’re in. We tend to think everyone outside our socioeconomic status is a unicorn, like the guy you know who is super freaking wealthy, and you have know idea how, so you consider him an outlier. The truth is he’s just an outlier because you think he is. Really, a lot of people have countless avenues to create any amount of wealth they want for themselves. You just need the tactics of how to do it, but before you can get to the tactics you have to have the mindset for it. Below is a list of questions that will help you transform how you think about money.

Current Money Beliefs 

If you believe that time creates money, you will always think you have to trade your time for money. On the other hand, if you believe that value creates money, you’ll focus on providing so much value to the world without thinking about time. This small difference is everything for creating wealth. Answer the questions below to identify and change what your current money beliefs are.

1. What do you believe about earning money? Do you think time creates money or value?

2. What do you believe about saving and having money?

3. What do you believe about debt? How do you feel about paying your debts?

4. What do you believe about spending money? How do you feel when you spend money?

5. What do you believe about rich people? Poor people?

6. Are you open to receiving money?

Money Past 

These questions revolve around what you believe about money from your past so you can figure out where your beliefs stem from. By figuring out where they are coming from, you’ll be more aware of thinking, instead of assuming that your way of thinking is automatically true. Your past only exists in your head. The past is over. Your thoughts about the past are all that exist. Making this distinction is everything because it allows you to change the story you’re telling about your past if you want to.

7. What story are you telling about your financial past?

8. What were you taught about money growing up (saving, investing, debt, earning, etc.)?

Money Future 

What you believe about your ability to earn, save, invest, and get out of debt in the future will determine all the actions you take and, therefore, determine the results you have. The person making $10 million per year believes he’s going to do that. It’s all he can see. He knows how to do that. The person making $50k per year believes that maybe $100k per year is the goal, but is really just limited by their own beliefs. You can believe anything you want about money. When I learned this, I felt total freedom. The questions below will get you to think about making money in your future.

9. What do you believe about money for your future (saving, investing, debt, earning, etc.)

10. What do you wish you believed?

Money Philosophy 

Most people don’t have an intentionally set money philosophy. Instead, they’re just spinning their minds thinking about bills they have to pay and how to make more money. The question below helps you think intentionally about what you want to think about money for your life. This way, you can proactively create the financial life you want for yourself. Remember, what you think and believe about money is what will cause you to take certain actions and get certain results in your life. So, if you want to change the results you have in your life, you need to change your money beliefs. That starts with intentionally creating a money philosophy to do it. Answer the question below so you can figure out whether you have your own money philosophy.

11. What is your money philosophy?

Bonus Question 

I heard this exercise from Brooke Castillo, and if you actually write down the answers, in detail, it will reveal a lot about your money beliefs. How would you spend $1,000,000 dollars if you received it right now? Would you tell people? Why or why not? What would you make this money mean? What would other people make it mean?


Despite what you believe about money right now, you can change your money beliefs to be entirely different. Why not make 10 times what you’re currently making? Why not have that be your belief?

Natalie Bacon is an online entrepreneur. Prior to this, Natalie practiced as a certified financial planner, at a firm that managed over $1B in assets under management. Before her financial planning career, Natalie practiced as a business attorney. Natalie has been featured in CNBC, Forbes, and other publications. Natalie is most passionate about helping young, professional women design their dream lives. Read Natalie‘s full story here

Image via Unsplash


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