What Does Money Mean to You? Why This Question Is the Foundation of Holistic Financial Planning

When you sit down with a holistic financial planner, one of the first questions might catch you off guard:
“What does money mean to you?”

It’s not just about spreadsheets or stock picks. It’s about your story.

As with any values-based question, there is no wrong answer. But for many people, this question can feel confusing or even intimidating. If your first thought is, “Money is money,” you’re not alone.

Many of us like to believe we’re purely rational when it comes to finances, that money is just numbers on a screen to be optimized. But in reality, your relationship with money is deeply personal. It is shaped by a lifetime of experiences that often begin in childhood.

For example, someone who experienced food insecurity growing up may view money as safety or control. Someone who never had to worry about basic needs might associate it with freedom or opportunity. Ask ten different people what money means to them and you’ll likely hear ten different, deeply personal answers.

So why do financial advisors ask this question?

Because effective financial planning goes far beyond budgets and investment returns. It begins with understanding your values.

Why Values-Based Financial Planning Matters

Holistic financial planning is about more than just growing wealth. It involves designing a plan that works for your entire life. A good plan reflects your goals, emotions, fears, and values.

Understanding your relationship with money helps your financial planner recommend strategies that are not only financially sound but also emotionally sustainable. A financial plan must do more than look good on paper. It must work in real life, especially when times get tough.

As Mike Tyson famously put it,
“Everyone has a plan until they get punched in the mouth.”

Your financial plan needs to hold up under pressure. That can only happen if it is grounded in your personal values.

Real Answers: What Money Means to Different People

Here are three examples of how individuals might answer this question and how those answers shape their financial strategies:

Sarah: Freedom

"To me, money means freedom. The freedom to live life on my own terms and reclaim my time. I want to be able to pay others to do the tasks I dislike, like yard work, so I can spend more time with my family. Money allows me to make choices that align with what matters most to me."

Planning Insight: A values-driven plan for Sarah might prioritize flexibility, time savings, and lifestyle preferences. Her strategy could involve more aggressive growth and early retirement planning. 

Daniel: Security

"Having money means having security. I want to know that missing work for a day or a week won’t threaten my ability to cover basic expenses. With savings, I don’t have to take the first job that comes along. I can wait for the right one."

Planning Insight: Daniel’s plan may focus on building emergency reserves, managing risk, and creating reliable income streams. 

John: Legacy

"To me, money is a legacy. It is something I can leave to my spouse and children. Even if I’m no longer here, I want them to feel supported. I want to continue caring for them, even in my absence."

Planning Insight: John’s priorities may lead to estate planning strategies, life insurance, and a focus on long-term financial stability.

Your Financial Plan Should Reflect You

As these examples show, even if everyone wants more money, the reasons why and the best approach to get there vary greatly.

That is why values-based financial planning is so powerful. When your financial plan reflects what truly matters to you, you are more likely to follow it during both good times and challenging moments.

We are not robots. We are emotional, complex, and human. Our financial decisions are influenced by more than numbers, and acknowledging that helps us build stronger, more durable financial plans.

Barry Investment Advisors (“BIA”) is an SEC registered investment adviser. The opinions expressed by BIA on this blog are their own. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. 

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed.   

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Readers are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.  Past performance is not indicative of future performance. 

.