Align Your Financial Plan with Your Values

In Estate Planning, Wealth Management by Mission Wealth

 
Align Your Financial Plan with Your Values HERO

Many people are discovering that their financial journeys are even more fulfilling when they align their plans with their values. Read on to learn a few investing, spending, and giving strategies that could help you grow your nest egg while also putting your values in action.


1. ESG Investing

These investment funds contain companies that make positive Environmental, Social, and Governance impacts while also creating sustainable returns on investment. Some investors also use ESG as a strategy to invest a portion of their portfolios in specific companies that they feel rank highly in these areas or exhibit other important corporate values beyond just profit.

If you’re interested in ESG we can review how your current portfolio aligns with these values. We do, however, caution folks against making broad judgements about specific investment sectors. For example, if you have strong negative feelings about large tech companies, we can dig a little deeper and find innovative, investible companies that are trying to improve their industries. Learn more about our Social Values Portfolio here.

2. Charitable Giving

Does an annual holiday donation to your local food bank fill you with good cheer? Establishing a long-term charitable plan could make giving back a year-round source of fulfillment. Most charitable and nonprofit organizations offer recurring donation options that charge you monthly or annually like any other bill. Talking to your family about working important causes into your household budget can make those donations feel more purposeful and rewarding.

Charitable giving can also help to make estate planning a more positive process. Setting aside a portion of your hard-earned assets to help others in perpetuity builds a real legacy that will inspire your heirs and your community for generations. At Mission Wealth, we help you discover how much you can afford to give, learn tax-free friendly tactics, and maintain your charitable values.

3. Local Shopping

The single most powerful tool in your financial plan is your household spending. And while we often talk about the importance of budgeting to make sure you’re hitting your saving and investing goals, you can also put your values to work by being more intentional about the money you do spend every month.

This is especially true as we begin to emerge from pandemic lockdowns. As it becomes safer to shop in your community, consider making a few less bulk delivery orders from big box retailers and spend a bit more at your local grocer or farmer’s market. Swap out a couple fast food meals every month with carry-out from a local restaurant. Often these local options are a bit more expensive. But as long as these purchases fit your budget, think of the extra cost as an investment in businesses that keep your community working.

4. SMART Money Goals

It’s important to remember that some of our most cherished values are less global and more personal. Perhaps the importance of higher education is a value you want to put in action by planning for your child’s college tuition. Perhaps you value living within your means and you want to pay down your credit cards this year.

Setting SMART money goals works for values of any size. For example, let’s say you value family time, and you want to start saving for a post-pandemic vacation:

Specific – We’re going to Florida for the 4th of July!
Measureable – I’m budgeting $5,000 for this trip.
Attainable – We can use money we saved from our cancelled 2020 vacation.
Realistic – I can safely put an extra $500 per month into this vacation fund.
Timed – By the end of June, I’ll have the $5000 saved for this trip.

Of course, whether you want to take a vacation or set up a family charitable trust, planning ahead is always the “smart” strategy. Let’s talk about the values you want to incorporate into your financial plan in 2021.

How Mission Wealth Can Help

The coronavirus pandemic has made each of us reflect on what our lives were like before and what we want them to be like going forward. If you think that dedicating some of your time and financial resources to starting your own company could improve your Return on Life, schedule a meeting or virtual call with us.

At Mission Wealth we work closely with you to identify your goals and build your roadmap, while helping you to consider your future options and optimize your financial security. To learn more, click here or reach out to our experienced team.

00391937 01/21