Many of us seek knowledge and fulfilling experiences in the expectation that it will enable us live a great and meaningful life. However, for many this exercise usually occurs in the subconscious and it’s power is never fully leveraged. A popular way to take this effort to the next level is to develop a personal vision and mission statement. Your vision and mission statements will help you clearly articulate the things in life that are most important to you. These statements will also help you steer your life in the direction that you want it to go. In addition your life’s mission and vision will assist you develop your financial plan's goals and objectives, which are an important element in the financial planning process.
When all is said and done, your personal vision and mission statement should be the focus of your financial plan. This is due to the fact that your financial plan is a tool that will help you gather the financial resources needed to live your life the way you want to. Thus before you develop your financial plan, you need to have a good idea what you want to accomplish in life.
Determining Your Life's Vision
A vision statement is an inspirational description of your life's overarching purpose and values. When illustrating your vision you can choose to focus on describing the person you want to be. This includes areas in life such as family, leisure activities, education, community involvement and personal relationships. Here are a few examples of a vision statement for inclusion in your financial plan:
"I am a hardworking and dedicated small business owner who believes in spending quality time with my closest family and friends."
"I am a nurturing Mother of 3 who values education, loyalty and giving to those less fortunate."
"We are a strong, yet independent couple, who believes in building successful careers and enjoying travel to exotic locations."
When developing your vision statement remember it’s important to focus on the values that are most important to you. Our values influence our financial decision making process and help form our priorities. When using a list of your values to guide the development of your goals and objectives you will effectively steer your life in the right direction.
Determining Your Life's Mission
Your mission statement should be a declaration of what matters to you the most and what you are setting out to achieve. When writing your mission statement there are a few key factors to consider. First, what are a few of the most important things in your life? What do you value the most? Second, what does success look like? Describe what you are working towards. Below are a few examples of a mission statement for financial planning purposes:
"My mission is to increase the standard of living of my family through financial discipline and providing the best education available."
"My mission is to become a respected proponent and spokesperson for disabled Veterans and their families."
"My mission is to increase the adventure in my life through engaging in a variety of outdoor activities."
The critical element in your mission statement is a description of what you want to achieve, or in other words, what should be the results of your life’s work. Your mission should be a concise statement of your sole purpose.
Developing your personal vision and mission statement will help you live a fulfilled and enriched life. By understanding your values and purpose in life you can increase your chances of accomplishing your personal goals and objectives.