Defining Your Money Values
Understanding your money values helps to ensure that your financial decisions align with what matters most to you and your family. These values serve as a foundation for making consistent, purpose-driven choices, while reducing financial stress and potential arguments.
For instance, prioritizing education might mean setting aside funds for college rather than opting for an extravagant vacation. It’s not that you wouldn’t vacation, family memories are important too, but opting for something in-state may align better with your family’s goals than taking three weeks in Bali.
Let’s get practical and discuss some steps to help arrive at meaningful goals as a family. We think you’ll find the exercise itself to be rewarding and insightful.
Reflect on Past Decisions
Take a moment to examine major financial decisions your family has made. Were these decisions driven by a need for security, a desire for freedom, or a spirit of generosity? For example:
- Did you prioritize saving for a rainy day over purchasing luxury items?
- Are you involved in philanthropy, showcasing the value of giving back?
- Are there values represented by your parents and grandparents that you’d like to carry forward?
Have a Family Conversation
The only way to establish family values is… to talk as a family. Host a family discussion and ask a series of questions to each adult or near-adult. Consider sharing the list of questions in advance to help everyone prepare. Think along the lines of:
- Fill in the blank. As it relates to money, our family values _________.
- What does financial success look like to you?
- What are your top three life priorities, and how does money help achieve them?
Involving the younger generation in these conversations not only gives them a voice but also instills a healthy financial mindset early on. For example, discussing how money supports family goals like education or vacations can help children grasp the importance of saving and planning.
List Core Values
Once your discussions reveal recurring themes, write down your family’s core money values. Common examples include:
- Security: Building financial safety nets like emergency funds or insurance
- Education: Saving for college or lifelong learning opportunities
- Generosity: Supporting causes or helping others in need
- Freedom: Reducing debt and saving for travel or retirement
- Legacy: Preserving wealth to pass down responsibly
Defining and living your money values is a journey, not a one-time exercise. It requires reflection, open communication, and regular commitment. By aligning your financial decisions with your values, you not only strengthen your family’s financial health but also cultivate a sense of purpose and harmony.
Start today—your money values can be the compass that guides your financial choices and secures your family’s future.
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If you have questions about your retirement strategy, call us at 602.343.9301 or schedule a meeting with one of our advisors.
This content is provided for informational purposes only. It is not a guarantee of future success, is subject to change, and is not intended to serve as the basis for an individual’s financial decisions. Strategy Financial Group does not provide specific legal or tax advice. Please consult with a qualified professional for guidance on your individual situation. All investments are subject to risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Any references to lifetime income generally refer to fixed insurance products, not securities or investment products. Insurance and annuity product guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Investment advice is offered through Strategy Financial Services, LLC, a registered investment adviser. Insurance products are offered through Strategy Financial Insurance, LLC, an affiliate of Strategy Financial Group, LLC.