Why You Need a Money Mission Statement

“Fortune favors the brave,” an ancient proverb reminds us. The attitude that accompanies these words influences many of the conversations we have with our clients about their long-term plans.

When we begin working with clients on their financial goals and strategies, we acknowledge that, for many women, discussing money matters with loved ones can often be a tense and stressful experience. As we’ve highlighted in previous blogs, we realize a variety of factors can affect how we talk (or don’t talk) about money — so we first take a step back and look at the “big picture.” We ask clients to examine what matters most to them in their professional and personal lives when it comes to:

  • Accomplishments, abilities and goals
  • Responsibilities
  • Priorities
  • Challenges
  • Values
  • Dreams

But we don’t stop there. As our advisors continue to craft savings and investment approaches that consider these factors, we also encourage our clients to develop a money mission statement. A client’s mission statement can reflect their values and priorities, and help them clarify and commit to their specific goals. Additionally, a mission statement may improve how they communicate with others about what they value in their life and what they want to achieve in the future.

When we ask women to answer the following questions, we remind them that possessing a “fortune” can mean much more than accumulating money:

  • “What do I want to accomplish financially (get out of debt, own a home, travel, pursue more education, etc.)?”
  • “Why do I want to accomplish this (to be independent, to create a support system, to remain engaged professionally, etc.)?”
  • “What motivates me and inspires me, professionally and personally (my values, my family, my co-workers, my community, etc.)?”
  • “What else would I like to accomplish or achieve in my life (forge a new career path, create a financial legacy, establish a foundation, etc.)?”

A mission statement not only can help you clarify the next steps and end goals of your financial planning journey, but it can also help reduce the stress and strain of difficult conversations with those closest to you about money matters.

We realize that delving into our dreams and pursuing our goals — and sharing our dreams and goals with those closest to us — can be nerve-wracking. But as women continue to gain independence and power, we know they are brave enough to take important, meaningful steps toward defining their long-term goals and gaining financial security.

Contact The Humphreys Group for advice on how a mission statement can help you move forward to your own, unique fortune.

Diane Bourdo, CFP®
Diane Bourdo, CFP®

Diane Bourdo is the President of The Humphreys Group. Diane has dedicated her life’s work to helping women make smart financial decisions. For nearly 30 years, she has developed investment management and financial planning strategies that allow her clients to create lives that reflect their values. Diane was named an InvestmentNews 2020 Women to Watch and has been recognized in Forbes, SF Chronicle, NY Times and more for her work and writing.

Diane Bourdo, CFP®
Diane Bourdo, CFP®

Diane Bourdo is the President of The Humphreys Group. Diane has dedicated her life’s work to helping women make smart financial decisions. For nearly 30 years, she has developed investment management and financial planning strategies that allow her clients to create lives that reflect their values. Diane was named an InvestmentNews 2020 Women to Watch and has been recognized in Forbes, SF Chronicle, NY Times and more for her work and writing.

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