Money Matters: Values, Vision, Mission and You

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Financial Planning for Life

C H A P T E R P L A Y L I S T S O N G S :

D a y s L i k e T h i s ” b y V a n M o r r i s o n

“ W i l l t h e C i r c l e B e U n b r o k e n ” b y

N i t t y G r i t t y D i r t B a n d , J o h n n y C a s h ,

R i c k y S k a g g s a n d O t h e r s

Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.

McGraw-Hill/Irwin

Learning Objectives

LO 17-1 Assess your financial plan against your values, vision, and life goals.

LO 17-2 Evaluate the sustainability of your financial plan, as it is the key to your plan’s success.

LO 17-3 Recognize the importance of reevaluating your life goals and your progress on an annual basis.

17-2

Definition

FINANCIAL

SUCCESS

IS….

17-3

Balance

Assess your financial plan against your values, vision, and life goals

Prioritize

Minimize

Organize

Economize

Energize

If you know your values, decisions are easy.

17-4

Balance

“Life is more than the money you have in the bank, the cars you drive and houses you own. When you come to your last days, your investment portfolio won’t matter nearly as much as the relationships into which you have invested your time.

Make your emergency plans, set aside your savings, put some of your money into investments but all the while be sure that you are putting as much time and energy into those precious relationships that surround you.

If your investments ever fail or emergencies deplete your savings, having strong bonds with friends and family will pull you through. These are the investments that really matter.” ~ America’s Cheapest Family

17-5

Sustainability

Frugality is NOT deprivation and it is NOT about being cheap; frugality IS about NOT being wasteful

Focus on values-driven goals

Reassessments

Monthly budget review

Annual budget review

Reassessment of investments

Insurance reviews

Continual reassessment

17-6

Learn

Money is only one of many resources that can be used to accomplish your goals

Goals should be based on your values, vision, and mission

Money does not bring happiness, but using money as a resource in alignment with your values, vision, and goals can increase happiness

90/10 or 80/10/10 – it’s up to you

Everything has an opportunity cost

Personal finance is personal…It is all about YOU!

17-7

Plan & Act

Planning is futile unless you provide the action…now it is up to you to act

Don’t be afraid to ask for help along your path to financial success

Refer back to this book for specific strategies

Share your successes and strategies with others to encourage their financial success

Use your life experiences to help others succeed

If you really want to learn something, teach it to others.

17-8

Evaluate

Expect your goals to change as you and your circumstances change

Constantly reevaluate, learn, and act on new information you gain

Life your life to the fullest and use all of your resources wisely

Your future looks bright!

17-9

One More Song

Final Play List Song: Circle Game by Joni

Mitchell

The rung of a ladder was never meant to rest upon, but only to hold a man's foot long enough to enable him to put the other somewhat higher. ~ Thomas

Henry Huxley, an Address to the Students of the

Faculty of Medicine in University College, London,

May 18, 1870

17-10

Financial Success – You’re On Your Way!

17-11

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