Financial Mission Statements: Put Wealth To Work

Financial Mission Statements: Put Wealth To Work

The Prelude:

Mission statements give our dollars a purpose. They help us to develop a sound strategy in our portfolio. Find out whether you’re effectively putting your money to work for you.

The Bass Lines:

Why Mission Statements?

  • [5:26] – Your dollars need a purpose. Giving each dollar a mission statement allows you to analyze how that dollar is performing and whether it’s invested in the most effective manner. If you want your wealth to work for you, you can’t just leave it sitting around while banishing your financial statements to a lonely drawer to collect dust. A collection of investments won’t do you much good if you don’t employ them as part of a larger plan. You must develop vision for your wealth. We’ve developed seven different mission statements as part of our retirement planning process.

Mission Statement #1: Emergency Fund

  • [5:52] – Your emergency fund is the most important of your mission statements. You want to have cash available at a moment’s notice. This is money that really does sit in a bank account somewhere. Its primary purposes are liquidity and safety.

Mission Statement #2: Big Ticket Items.

  • [6:04] – When your old jalopy goes kaput, or when you finally get around to that kitchen renovation, how are you going to fund that particular expense?

Mission Statement #3: Predictable Monthly Income.

  • [6:11] – Even though you’ve entered what we like to call “permanent unemployment,” you still need a consistent paycheck in retirement.

Mission Statement #4: Growth.

  • [6:14] – Quite simply, make sure the value of your money is outpacing inflation.

Mission Statement #5: Fun Money.

  • [6:17] – Remember, it’s not all about the dollars and cents. We want you to be able to enjoy your retirement. With a little planning, you can take that trip to Europe, spend more time with your grandkids, or simply head out for a weekly date night.

Mission Statement #6: Healthcare.

  • [6:23] – No this doesn’t just cover your monthly insurance premiums. Be sure you have the funds necessary to cover long-term care costs. You don’t know what health issues you might face as you begin to age.

Mission Statement #7: Legacy.

  • [6:30] – Some of you will want to set up a trust, send your grandchildren to college, or leave money to your loved ones. Others will want to spend every last dollar. That’s a personal decision only you can make. We want to ensure you have a choice.

The Crescendo:


The Encore:

The host: John Stillman – Contact –  Book – Call: 919-391-3446