A personal finance blog dedicated discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance.


Saturday, December 04, 2004

Mission Statements & Financial Planning

It is hard to believe that it has been almost a month since I last posted! Time flies!

The end of 2004 is near, making December a perfect time to reflect on the happenings of this year and begin planning for 2005. I was reviewing my personal mission statement when I started thinking about how a personal mission statement can and should be part of a financial plan. If a personal mission statement is a summary of one's life purpose, shouldn't it be reflected in their financial plan? I think so!

That said, the first step is to develop a personal mission statement. Questions one might ask may include the following:

Why am I here?

What do I want to accomplish in life?

What or who is important to me (also known as "values")?

What are my priorities?

Before I wrote my mission statement I read Stephen Covey's Seven Habits of Highly Effective People. Although I don't agree with everything Mr. Covey writes, I do agree with most of this book. I highly recommend it for everyone to read! In order to effectively write a personal mission statement, one must know what is important to them. What's important to me is:

My relationship with God

My wife

My kids

My job



Once a person knows what is important to them, they then need to know what their different roles are in life. My roles are:

Follower of Christ



Financial Planner

Den Leader

Of course these aren't all the roles I play in life. I listed just those that are most common to me. Once a person knows what's important to them and their roles, they can begin composing their mission statement. Here's my mission statement (altered a bit for privacy purposes):

My mission in life is to first and foremost live for Christ. A man must decide whom he is going to follow. I will follow Christ and seek God's will in all that I do. I will do this by studying the Bible and by praying on a daily basis and by walking in His ways.

Secondly, I will be a loving husband to my wife. I will strive to love her like Christ loved the church. I will practice selfless love, striving to put her needs before my own.

As a father, I will strive to be loving and accepting. I realize that my kids are different, each possessing different talents and abilities given to them by God, and I will strive to treat them accordingly. I will discipline them with love. I will strive to be a good role model for them.

As a financial planner, I will always strive to do what's best for my clients, even it if might not be what's best for me. I will study and keep up on what is happening within the financial planning field. My goal is to develop my firm into a top-notch planning firm with over $50,000,000 in assets by the year 2010! With God's blessing, it can be done.

As a successful financial planner, I will give back to my community. I will teach classes on financial planning and will dedicate myself to worthy causes. I will also strive to be the best Cub Scouts Den Leader that I can be.

Finally, in order to live out this mission, I must be healthy. Therefore, I will eat a proper diet and exercise daily.

I will read this every day!

That's my mission. That's what I'm about. Now, that's not saying that I ALWAYS act in a way that is congruent with my mission. After all, I am human. But, by having my personal mission statement, I can refer back to it daily and it brings me back to where I need to be.

So, what does all this have to do with financial planning? In my next post I'll attempt to explain it.

Until next time...