Financial Management: Self Review
- personal995
- May 18, 2024
- 5 min read
Updated: Dec 5, 2025
Index
Purpose
Financial Management: Self Review is a section of Financial Management.
This page and section exists to check in and objectively review your Financial Management.
The more objective and honest your are, the more likely you are to face reality accurately, and in turn, the more likely you are to get beneficial outcomes.
Introduction
Richard Feynman, the great physicist, once said, “The first principle is that you must not fool yourself — and you are the easiest person to fool.”
We need to check in with ourselves and keep ourselves honest. We all stray from our Values, Goals and The Path. That is normal, that is okay. What we do when we realise we have strayed is what matters.
The Socratic method is a form of cooperative, argumentative dialogue to stimulate critical thinking and illuminate ideas. It is named after the classical Greek philosopher Socrates, who employed this method in his teaching.
In the Socratic method, instead of providing direct answers to questions, a person engages in a dialogue to explore and clarify their own (or others) thoughts and beliefs. This process involves asking and answering questions to stimulate critical thinking and uncover underlying assumptions or contradictions.
When applied to the self, the Socratic method becomes a means of self-inquiry and reflection.
Process
In the tradition of the Socratic method, the below is a series of questions to consider when checking in with yourself as you progress:
Review each question one at a time. Are you being honest with yourself? Do you truly know your position and progress?
The Self Review Worksheet in The Workbook can be used to help document your thoughts, answers and plans for moving forward.
Based on your review, thoughts, answers and plans for moving forward:
Do you need to adjust your Models & Theories to course correct or move forward?
Do you have further Lessons to learn to adapt your approach?
Are there Tactics that could assist you to better handle specific scenarios?
Whatever the answers are you discover about yourself, whether positive or negative, it doesn't really matter. What matters is what you do next.
Continually learn, continually improve and move forward.
Self Review
1. What are my primary financial goals or intentions in managing my finances effectively?
By clarifying your objectives, you can ensure that your financial efforts align with your desired outcomes and values.
2. What specific financial habits or practices do I enjoy and find most fulfilling?
Identifying habits that bring you joy and satisfaction can enhance motivation and adherence to your financial management strategies.
3. How well do I understand my current financial situation, including income, expenses, assets, and liabilities?
Gaining clarity on your financial status is crucial for making informed decisions and setting realistic goals.
4. What steps am I currently taking to save and invest for the future, and are they aligned with my long-term financial objectives?
Evaluating your saving and investment strategies helps ensure they support your goals and aspirations.
5. Am I effectively managing my debt, and what strategies can I implement to minimize interest costs and expedite debt repayment?
Addressing debt burdens strategically can free up resources for other financial priorities and reduce financial stress over time.
6. Do I have adequate insurance coverage to protect against unforeseen risks, such as illness, disability, or property damage?
Ensuring proper insurance coverage provides peace of mind and safeguards your financial well-being against unexpected events.
7. How am I preparing for retirement, and are my retirement savings on track to meet my future income needs and lifestyle expectations?
Planning for retirement early and regularly assessing your savings progress helps ensure financial security and a comfortable lifestyle in retirement.
8. What adjustments can I make to my budget or spending habits to better align with my financial goals and values?
Reviewing your budget and expenses allows you to identify areas for improvement and optimize your financial resources.
9. Am I taking advantage of tax-efficient strategies and opportunities to minimize tax liabilities and maximize savings?
Exploring tax-saving strategies can help optimize your financial plan and maximize the value of your assets over time.
10. How can I integrate financial management practices into my daily life to support my overall well-being and fulfillment in life and work?
Identifying ways to incorporate financial habits seamlessly into your routine fosters consistency and long-term success in managing your finances.
11. What are my attitudes and beliefs about money, and how do they influence my financial decisions and behaviors?
Examining your underlying beliefs about money can provide insight into your financial mindset and guide you in making more intentional choices.
12. How do I handle financial setbacks or unexpected expenses, and what strategies can I employ to build resilience in times of financial stress?
Developing coping mechanisms and contingency plans strengthens your ability to navigate financial challenges and maintain stability.
13. Am I actively seeking opportunities for financial education and growth, and how can I continue to expand my knowledge and skills in managing money effectively?
Prioritizing ongoing learning and self-improvement in financial literacy empowers you to make informed decisions and adapt to changing circumstances.
14. What role does materialism play in my life, and how can I cultivate a healthier relationship with money and possessions to foster greater contentment and fulfillment?
Reflecting on your relationship with material possessions helps you prioritize experiences and values over material wealth, leading to a more fulfilling life.
15. Am I effectively balancing short-term desires with long-term financial goals, and how can I cultivate patience and discipline in managing delayed gratification?
Striking a balance between instant gratification and long-term planning supports your ability to achieve meaningful financial milestones while enjoying the journey.
16. What are my financial boundaries and limits, and how can I assertively communicate and uphold them in my personal and professional relationships?
Setting boundaries around financial obligations and expectations empowers you to make decisions aligned with your values and goals, even in social or professional settings.
17. Do I have a support network or accountability partner to help me stay accountable and motivated in pursuing my financial goals?
Surrounding yourself with supportive individuals who share your financial values and aspirations strengthens your commitment to achieving success.
18. How can I leverage my strengths and talents to increase my earning potential and create additional income streams to support my financial goals?
Identifying and capitalizing on your unique skills and abilities opens up opportunities for financial growth and diversification.
19. What legacy do I want to leave behind, and how can I incorporate philanthropy or charitable giving into my financial plan to make a positive impact on the world?
Integrating philanthropic goals into your financial strategy allows you to align your wealth with your values and contribute to meaningful causes.
20. How do I define financial success and fulfillment, and how can I celebrate achievements and milestones along my financial journey?
Cultivating gratitude and celebrating progress towards your financial goals reinforces positive habits and reinforces your commitment to living a fulfilling life.
By posing these self-reflective questions you can deepen your awareness of your current position. In turn, enhancing the clarity and most important steps of your strategic approach moving forward.
Output Checklist
Completed Self Review Worksheet from The Workbook guided via the above Financial Management: Self Review.
Next Steps
If you feel you have key learnings to takeaway, return to Financial Management: Main to integrate into your Output Checklist.
To continue to learn more, move on to Financial Management: Lessons.
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