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.
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:
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:
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.
Once your discussions reveal recurring themes, write down your family’s core money values. Common examples include:
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.
The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of the author and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. This information was developed by Oechsli, and independent third party, for financial advisor use. Raymond James is not affiliated with and does not endorse, authorize or sponsor Oechsli. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.