Personal Finance Decisions: The Question Behind The Question

Money 2000 and Beyond In the book QBQ! The Question Behind the Question, author and motivational speaker John G. Miller introduces a strategy for framing the mental questions that underlie the decisions that people make at work and at home. According to Miller, personal responsibility has declined in the U.S. with many people blaming others for their problems and/or looking for others to take action.

Miller's premise is that people can make better life choices by asking better questions. He boils his advice down to three steps:
        
  1. Begin questions with "what" and "how" rather than "why," "when," or "who."
    2.     
  2. Use the word "I" instead of "they," "them," or "you."
    3.     
  3. Focus on some type of action step or solution.
According to Miller "why me?" type questions make people feel like powerless victims and increase stress. "When" questions (e.g., "when will they take care of this?") lead to procrastination and "who" questions (e.g., "who allowed this to happen?") only serve to lay blame on a scapegoat.

Questions Behind Questions (QBQs), on the other hand, are focused on individual solutions to problems and are more likely to lead to subsequent action. Some examples of QBQs are "How can I help you?," "What can I do to help solve this problem?," and "How can I be a more effective (worker, parent, manager, etc.)?"

Miller notes that we can't change other people and often can't control life events. The only things that people really have control over are their thoughts and actions in response to a situation. Mental questions that frame decisions should focus personal energy on solutions. This is the rationale for asking "what" or "how" questions that contain the word "I" and an action step.

According to Miller, the solutions to problems can be found in responses to the questions that people ask following the QBQ format. QBQs are designed to inspire action and avoid blaming others. They are a way of training ourselves to take increased responsibility for our behavior and our responses to life events. QBQ principles can be applied to many life situations, including personal finance.

Below is a list of four contrasting Incorrect Questions and QBQs. Answers to questions in the QBQ format can be used to prompt action to improve financial well-being.

Incorrect Question

    
When will the stock market turn around?


QBQ

    
What can I do now to reduce the impact of stock market volatility on my portfolio?


Incorrect Question

    
Why are prices so high?


QBQ

    
What steps can I take to reduce household expenses?


Incorrect Question

    
Who is responsible for corporate greed and accounting scandals?


QBQ

    
How can I reduce the risk associated with poor company management on my investment portfolio?


Incorrect Question

    
Why doesn't my employer offer a pension or 401(k) plan?


QBQ

    
How can I save for retirement on my own (e.g., in IRAs)?

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