Have you ever taken the time to clarify your values?
Most people know loosely what values are important to them, but when asked, they freeze up. It can be tough to define your top five or top ten values (especially if you have to order or prioritize them). However, finding time to define your purpose and your “why” before building a financial plan can help you to align your wealth with your values.
Before we dive into why this is important (and how to play the card game that can help you with the process!), don’t miss our timestamp:
- 00:50 Understanding Your Values Before You Start Financial Planning
- 2:11 Introducing The Game
- 3:25 Examples of Values and Financial Decisions
Why Define Your Values For Your Financial Plan?
When you’re able to define your values clearly and prioritize them, you’re setting yourself up for future financial success. This is true for a number of reasons:
- When your wealth is aligned with your values, you’re more likely to stay on track with your financial goals because they’re meaningful to you in a unique way.
- You often find more fulfillment in your life and your finances when you’re spending in a way that’s lined up with what you value or what’s most important to you.
- When you have your values prioritized, it makes tough decisions that much easier.
Let’s look at an example. You value both family and adventure. So, when you have two opportunities come up that fulfill conflicting values, you may feel overwhelmed or anxious. You may have the opportunity to go on an exciting international adventure with a friend, but it would negatively impact the funds you had earmarked for your child’s first family roadtrip to the beach. Both of these opportunities fulfill a value, but only one of them can be accomplished with the travel budget you’ve set for the year.
If you don’t have your values prioritized, this could be a huge internal struggle with a lot of guilt involved. However, if you’ve already decided that you prioritize family above all else, skipping the international trip with a friend (or pushing it out for another year or two as your kids get older) may be a no-brainer.
How Does This Card Game Help?
Sitting down to write out your values and prioritize them is a daunting task. This card game is a fun way to learn new values, understand how they’re defined, and figure out which ones resonate with you. We encourage people to play this game individually and then circle back with their spouse or partner to compare results and set some shared goals or values as a family.
You want to ensure you’re getting an accurate picture of what you truly value and want out of life – uninfluenced by your loved ones – before you come together to make a plan for your money. This helps to facilitate an honest conversation where both parties understand what they’re willing to sacrifice, or where they have shared values.
You can find the values card game we reference linked here. Sign up to download the deck and print it out!
We also help our clients work through this exercise regularly! We’d love to speak with you about your unique goals and values, and how they can act as a foundation for your financial plan. Contact us today by clicking here!