Making It Personal: Crafting a Personalized Mission Statement

Jeff Motske, CFP®

January 14, 2019

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I am a big believer in personalization in all aspects of life. The road to your goals, financial or otherwise, is paved by the personalized steps you’re willing to take and in the direction you wish to work. Driving all of that should be more than an idea or a simple plan. What is needed is a personal mission statement. A mission statement creates a sense of purpose and authenticity that acts as a compass and drives all your decisions in the right direction.

When creating your mission statement, be sure to keep it brief. Just one to two sentences will do. Approach it the same way you would approach starting your own company, reflecting your goals, your dreams, and your values. At the same time, be sure that it extends beyond your professional life and encompasses your personal life and your lifetime goals as well. Once you have your personal mission statement, be sure to read it or recite it daily.

Lastly, make sure that your actions reflect your personal mission statement. Your mission statement is meaningless if you’re not committing action to it. If your statement reflects your family values, be sure to make time for your family. If your mission statement focuses on financial independence, make sure that you’re sticking to a budget and have an all-encompassing plan. Be sure what you’re doing reflects what you claim to value.

Life can move fast, and everyday decisions can distract from your long-term vision. To ensure that you stay true to what you value and on course with your goals, create a mission statement to act as your compass and ensure that your life truly reflects you.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

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Family & Relationships Advice

Making Sure Your Spouse is the MVP of Your Financial Team

Jeff Motske, CFP®

March 10, 2020

It’s no surprise that I often talk about the need to have a strong, supportive financial team to pursue financial independence. These financial teams can consist of a CPA, an estate planning attorney or a real estate agent, with your trusted financial advisor acting as the general manager of your team. While each one provides a specialized level of expertise, for individuals who are married, there is another person that can make or break your route to financial independence: your spouse. Often, we underestimate the value your spouse brings to your financial house, which is why it is so important to make them the MVP of your financial team.

In order to pursue financial independence, couples must be on the same page and work together towards common goals. For many, though, that is just not the case. Nearly half of U.S. couples argue over finances.[i] These disagreements can be based on resentment over spending rather than saving. Sometimes arguments arise over differing risk tolerance. The heart of these issues lies in goal mismatch, a situation that arises when your combined goals are not aligned. When you and your spouse are not working together towards your combined financial independence, chances of reaching it are slim.

While some couples argue, others simply don’t communicate. Both people in a marriage need to be involved in their finances, agreeing on their financial goals and the steps they’re taking to get there. Being unaware of your financial household, whether it’s because only one person in the relationship is in charge of the household finances or because both parties have decided to keep separate financial lives, simply causes problems. When you don’t know what the other is doing with their money, you can’t be sure that you’re both working towards the same goals in the most effective way. Additionally, you may be setting yourself up for unfortunate complications if your partner unexpectedly passes or becomes incapacitated. Honestly, I’d rather have my clients argue than avoid discussing finances. At least they’re talking about it.

So how do you and your spouse get on the same page? You can start by taking my financial compatibility quiz. Not only will the quiz show you what areas the two of you are like-minded and what areas you need to work on, but it’ll also give you the conversation starters to mine those areas you may not see eye-to-eye on. If you need a little more guidance on what to talk about, you can check out my book, The Couple’s Guide to Financial Compatibility. Also, make sure to get some time for yourself for date night – particularly a Financial Date Night. Make the investment for a babysitter to ensure some consistent quality time where you can have open, honest discussions on big-picture issues and long-term goals. For those really tough topics, you can use a trusted Financial Advisor to help you navigate the conversation.

I am a firm believer in investing in your future. Whether you invest in a book, a babysitter or your time, these investments go a long way to ensure your marital financial health. It’s when you make sure that you’re working together with your spouse that you build a strong and sure route to your financial independence.

[i] https://nypost.com/2017/08/03/the-reasons-most-couples-argue-about-money/

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine what is appropriate for you, consult a qualified professional.

Making It Personal: Crafting a Personalized Mission Statement

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