What Are Your Money Values?


Growing up, money was a scarce resource in our humble household. But coming from this background motivated me in positive ways. I told myself I never wanted to live paycheck-to-paycheck. I wanted to be in control of my financial situation and not be entangled in debt. I wanted to have financial abundance so I can be a financial blessing to the world. Fast forward to today, Financial Independence, Debt Freedom, and Generosity top the list of what I call my MONEY VALUES.

Money values are a set of external and internal factors that determine how you feel about money. We don’t normally think about how money and values are linked together, but our money values shape the financial decisions we make. Your attitudes about money are what define everything that matters to your financial situation - how much money you need, how hard you are willing to work, how much money you spend, save, and invest, how much debt you acquire, etc.

If you are not sure what your money values are or if you are questioning what they ought to be, figuring it out is not difficult. Let’s do this short exercise together:

Step 1️. Make a list of where money impacts you the most.

E.g. Faith, Health, Career, Family relationships, Long term planning, etc. This list represents your core values and provides the ‘why’ behind everything you do. Rank your list in order of importance.

Step 2️. Use your values to set goals.

Consider the following question: What do you have to change to better live by your money values? This question can help you set short, medium, and long-term financial goals. E.g. Retire in 10 years, change jobs, etc.

Step 3. Living out your values.

This means making sure that your behaviors and decisions with money match up with your values. You won’t see those values start to impact your life until you put them into action. E.g. With early retirement, ask yourself what you need to do on a daily basis to reach that goal. It might mean finding ways to make more money or prioritising debt payoff.

Think of your money values as the map and your financial decisions like the vehicle. When you are not sure which way to turn, refer to the map. Sometimes you may veer off or get lost - it happens to all of us. But, if you have a reliable map to guide you back onto the right road, you will inevitably reach your desired final destination.

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Categories: Financial Planning
Oyenike Adetoye

About Nike

Oyenike Adetoye (aka Nike) is an impactful speaker, author and personal finance expert. A Chartered Management Accountant by profession. Nike is the founder and CEO of LifTED Finance, a private financial firm that educates, coaches and supports people on their journey through financial fitness and wealth management.