Personal Finance Mission Statement

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Personal Finance Mission Statement

Everyone has ideas of what their life should be like. There are many steps needed to achieve your ideal life. Ensuring that you have an in depth plan to back up your dreams is key to achieving financial happiness and peace of mind. My financial mission statement will go over important values, goals and steps to achieve financial success for my family.

Personal Values

Growing up, I had a pretty stable life. My father worked, and my mom stood at home to take care of us. Although we may not have had many luxuries, our family always had food, clean clothes, a house and utilities paid. My current values are similar but I like travel and decided to put both of my kids in extracurricular activities. My husband serves actively in the military which leaves me to take care of many of the household affairs. To supplement our income, I work part-time to make sure I am around for our children as well.

Financial Goals

Currently, we are focused on reworking our budget and cutting down expenses so we can pay off our credit cards in the next few months. Another short term-goal includes taking a vacation. Mid-term goals include paying off student debt and getting our children through college. My husband’s G.I. Bill will help with the cost of college additionally each of our children each has college funds set up. As part of our long-term goals, we are in the market to purchase a home. My husband and I have been able to set money in savings and start a portfolio for our investments. Our investments serve as long-term goals for retirement.

Vision

When I think of my vision, I always picture myself traveling. “Your personal vision statement guides your life and provides the direction necessary to chart the course of your days and the choices you make about your career,” Heathfield (2018). To achieve my vision, I will need to secure a corporate position, preferably in the financial field. I will work hard to provide a stable living for my children and continue to save for my retirement. Once my children become financially stable, I will scale down my finances so I can focus on retirement. That has always been my dream.

Simple Action

There is very little money left over from the variance of the budget and the expenditures. The bills are being paid off. However, we would like to pay them off faster. As of now, my family budget needs to be worked on. One thing that is missing from our goals is a timeline for accountability. Additionally, I am looking into getting a full-time job with benefits that can help boost my financial plan. We have an emergency fund equal to four months of pay, but it would be prudent to take out a life insurance plan in the event that one of us may get severely injured or pass away. Opening a savings account would also help for major purchases in the future.

Complex Action

The complex action would include several things. Once I leverage a stable career, our income will change substantially. We will have to rework our budget again for unexpected expenses due to taxes and other life events. I may have to take additional development courses to progress in my career. Once my girls are college bound in a few years, we have to plan how to finance their courses and life throughout that time. After the girls get out of college, my husband and I can aggressively pay down our mortgage and save our surplus income for retirement. At that time, we may need to revamp our estate plans as well.

Conclusion

Becoming an adult means that you are in charge of your wellbeing. In my twenties, I made some irresponsible decisions with the income that I made. With age comes wisdom, and making a personal financial mission state has put things into better perspective. It is easier to make choices with a financial plan in place. I feel more confident with this mission statement.References

Heathfield, S. M. (2018). Create a Personal Vision Statement That Can Guide Your Life. Retrieved from https://www.thebalancecareers.com/create-your-personal-vision-statement-1919208