What if your wealth could do more than grow—what if it could reflect your deepest values? How you choose to spend your money is important, and when done thoughtfully, it has the potential to make a bigger impact. Financial planning isn’t just about crunching the numbers and achieving financial goals; it’s also about aligning wealth with what truly matters in your life.

If you haven’t given much thought to your financial mission, we’re here to help. Below, we’ll walk you through the process of identifying your financial mission and aligning your wealth with the values that drive who you are and what you believe in.

The Importance of Knowing Your Values

Let’s start by defining what “values” means financially. Simply put, your values are the principles and beliefs that drive your life choices.

Say you grew up with parents who were conservative with their spending. They clipped coupons weekly, prioritized their retirement savings over big splurges, and tended not to take many risks. Or, perhaps you grew up in a household with a single parent who struggled to make ends meet—and that’s led you to never take the small things for granted. 

Other people may have grown up with parents who enjoyed spending their wealth on big family vacations, frequent dinners, or other indulgences.

How you were raised likely shapes some of your values today. You may also be influenced by your experiences as an adult; perhaps you lost a job and learned the importance of an emergency fund. Or, you took on too much debt and saw its toll on your financial well-being. You may also have succeeded in saving for a particular goal and become a more diligent saver.

All these experiences come together to form your values, which then influence your financial decisions regarding investments, charitable giving, and spending or saving habits.

Discovering Your Financial Mission

To figure out what your financial mission may be, start by answering a few self-reflection questions, including:

• What causes or issues am I passionate about?
• What legacy do I want to leave behind?
• What brings me joy and fulfillment?

Next, use the answers to these questions to identify some more specific goals that could align with your financial life. For example, suppose you’re most interested in leaving a lasting legacy for future generations or paying for a grandchild’s college tuition. Perhaps setting up a trust or a 529 plan might be a top priority in that case.

As another example—if you find immense joy in traveling, perhaps you’d like to establish a separate savings fund to cover the cost of future trips.

Once you’ve had time to reflect, use these goals and values to create one concise personal financial mission statement. Your mission statement should be clear, concise, and all-encompassing, detailing who you are and what you value.

It may help to examine the mission statements of some of your favorite companies or organizations for inspiration and ideas. Don’t be afraid to run your mission statement by your family and friends, get feedback, and revise as needed until you reach something you’re totally happy with.

Aligning Your Wealth With Your Mission

Once you have determined your financial mission, values, goals, and mission statement, your next step is to start aligning your wealth with them.

Impact Investing

Now more than ever, finding investment opportunities that align with your beliefs and values is possible—without sacrificing returns or performance. You and your advisor can leverage screening tools to identify companies that follow specific values, such as:

• Use green energy or pledge to use green energy by a certain date
• Do not participate in poor labor practices domestically or internationally
• Follow similar religious beliefs
• Incorporate diversity and inclusion initiatives

Spending and Budgeting

How you spend your money daily should reflect your mission and beliefs. For example, you may grab your morning latte from a local coffee shop instead of buying from a big retail chain. You may also purchase clothing from ethical brands prioritizing sustainability over fast fashion.

You make a statement with every dollar you spend, and over your lifetime, your spending can make a big difference in the companies you patronize.

Philanthropy and Legacy Planning

If you’re especially charitably minded, you may find it worthwhile to pursue a more advanced charitable giving strategy. Aside from the traditional holiday donation, you and your advisor can look into giving strategies like a donor-advised fund (DAF), charitable trusts, establishing foundations, or creating endowments. Being strategic with your donations can help you not only maximize the impact of your gifts but help you reap some tax benefits as well.

Estate Planning

Your legacy doesn’t end with you—with some proper planning, it has the potential to live on for many years to come. The key is to work with your advisor, estate attorney, and family to build a legacy plan consistent with your mission statement and values. Again, this is where tools like trusts can be helpful in ensuring your wishes are fulfilled.

Need Help With Your Financial Mission?

Most people who embark on a journey to align their finances with their values find it helpful to work with a financial planner or advisor. They can help you discover and articulate your values while adjusting your financial strategies accordingly. An advisor may also have greater access to funds and investments that align with your socially responsible investing (SRI) goals.

Our Mission Street Wealth Planning team can provide personalized advice that considers your financial goals (like retirement) and your deeply held values. Together, we can review your financial plan, make adjustments as needed, and ensure your wealth is working to reflect your evolving mission statement.

To learn more about our value-driven financial planning services, contact us today.