We (blush) have a written Family Mission Statement. This was done in June 1991 after reading Dr. Stephen Covey’s “7 Habits…..”
Our Family Mission Statement is not as “deep” and “save the world- ish” as Johnson & Johnson’s credo, or catchy and with “umph” as Rich Dad’s “To elevate the financial well-being of humanity”.
Our “good enough for us” FMS talks about our values and our ultimate objectives in all areas of our lives.
And this is what our FMS says about money.
“Seeking FINANCIAL security and independence, and make our money work hard for us instead of us working for money. The sources of our wealth must be capable of being revealed with pride and dignity.”
As you can see, this money part has 3 main pillars.
a) Pillar 1
We want financial security and independence for every member of the family. For my wife and myself as the parents and as current adults in the family. And for our children when they grow up to be adults in their own right.
We do not want to be enslaved to some master and be made to work according to his or her wants, whims or fancies.
This Pillar primarily is intended to make us seek knowledge on means to secure financial independence.
This Pillar is also aimed at making us frugal, to save, to invest wisely and to seek increases and diversification in income streams.
b) Pillar 2
This Pillar is, in a way, a reinforcement of Pillar 1. The wording was copied, (though I prefer to say, inspired) by Robert Kiyosaki’s frequent repetition of this phrase in his books.
This Pillar is also, I feel, a good representation of what one of my role models, Arkad, the Richest Man in Babylon himself said so many centuries ago, i.e.,
“Make thy gold multiply or To put each coin to laboring that it may reproduce its kind even as flocks in the field and help bring to thee income, a stream of wealth that shall constantly flow into your purse.”
This Pillar encourages me and my family to learn to invest wisely so that our money will “labor and work hard” to create additional income streams for us.
c) Pillar 3
This part emphasizes integrity in our financial dealings. We must be able to explain with “pride and dignity”, how we got our assets and wealth.
I admire the way, some of the pf bloggers candidly explain their investments and the returns they obtained. They go so far as to list their net worth and the progressive growth etc., for all to see.
This is exactly what we mean in Pillar 3. Though I am still shy about revealing specifics of our family’s finances here in my blog, my wife is fully aware of exactly how we got to where we are. The elder girls, too, I believe.
I think, Dr. Stephen Covey expressed it best. Being principled means “Never having to worry about being caught.”
My country can do a lot more to improve our reputation for integrity and transparency. In an environment like this, financial temptations abound. We hope Pillar 3 will keep us away from these temptations.
Well, this is our statement on the financial purposes and values of our family.
We try, plan and hope to live with this credo.