45. Creating a Family Money Mission Statement

Here’s this week’s letter:
I’ve been taking a more active role in managing my money and my family’s money and I want to look for ways for us to all get on the same page. My partner, I think, just wants to make as much money as possible. For me, it’s more than just growing our money, I also care a lot about how we make the money and how we show up in the world. Our kid, honestly, I don’t think he’s ever thought about money. For his birthday he gets money but he tends to throw it aside honestly. I would like for us to show up better as a family when it comes to our money. Not sure if my question makes sense, but I’m looking for any suggestions on how we can step up as a family who uses its money intentionally to reflect what we think is important.

Thank you so much for this question, I love this question!

Consider creating a family money mission statement. I’m sure you’ve heard about mission statements for organizations. They can really run the gamut and reflect what’s important to a group of people. Patagonia used to have this mission statement, “build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis” but they have shortened and simplified it, now their mission statement is “we're in business to save our home planet.” Compare that to Gucci’s mission statement. They are both clothing companies, but here’s Gucci’s mission statement “to become the leader in luxury market at worldwide level.” LOL Big difference.

Your family’s money mission statement can reflect your family in a similar way. It can reflect your shared values and your shared intentions for your money.

The first step is probably going to be getting some clarity on your values as individuals and then as a group. I’m going to link a piece on ElleVest’s website about creating a family mission statement and they offer a few options for what you might identify as your primary values. Connection, justice, religion, serenity, service to others, achievement, truth, education? Those are just a few to get your brainstorming going, they recommend choosing 3 or 4 core values.

And I think it’s important to share all of these questions with your family before you meet to discuss, so each individual can think about what’s important to them. Of course, they can clarify and update their thoughts after discussing as a group, but I do think it is helpful to do some deep reflection as individuals first.

Once everyone has had an opportunity to think through their personal values, I think it’s time for a family meeting! This is where everyone will come together and hear each others’ values. Let the youngest people go first, then the quietest people go next, and then end with the chattiest most opinionated person last. That way everyone gets heard.

Family’s will usually make this discussion special. They might do it while they’re on vacation- especially if they are creating a multigenerational family mission statement and everyone is finally together for the holidays or other vacation. Or you can make it an event where you pack a picnic or make it an ice cream party at home. Make it fun, make it special, make it memorable.

And then once you’ve come up with a family money statement, I would encourage you to post it where everyone in the family can see it. And let your family know it is a dynamic document, it can change as the family changes, as our experience in the world changes. Sometimes your family structure changes. Sometimes your family becomes aware of community issues in a new light.

If you’ve got the money to do it, you can hire a facilitator to help your family create this mission statement. I’ve seen families bring a facilitator to meet their family on vacation somewhere to work through this exercise together. And it can be a powerful discussion. Just thinking about that for your kid is so exciting! The type of intentionality it is modeling for your kid.

A clear family money statement can help inform how you make all of your money decisions. How you’re spending, how you’re donating, and how you're investing.

To the listener, who sent in this topic, please do get in touch if you decide to go on this path. I’d love to hear about it.

And thanks everyone for joining for today’s discussion. If you know someone else who might be thinking about the same thing, please share this episode. You can find more episodes at spend donate invest dot world. There’s a monthly-ish email newsletter that you might enjoy. Like the show, it is concise, hopeful, and offers concrete ideas on how we can line up our values and our money. Please send in your topics or questions anytime and let’s talk again soon.

https://www.ellevest.com/magazine/personal-finance/family-mission-statement