Financial Planning

Element III: Family and Personal Finance

Financial planning goals are those goals we desire to achieve for the collective welfare of the Family. This is somewhat different from personal financial goals which are those activities we seek to achieve only as individuals.

Financial planning or goal setting defines the destination. Your income and the way you manage to keep it and use it is the necessary fuel to get you there. It's one thing to fill the tank with gas, it's another to leave the cap off allowing it to evaporate or worse yet, having your hard won income siphoned off by unnecessary expenses such as paying too much taxes, too much insurance, and too much interest.

Our family financial goals are developed from the perspective of our collective needs such as:

1. Developing an income source which provides for the living of all family members whether we are all living under one roof, or apart from one another. Our family goal is to manage and maintain an economically successful Family financial plan so that a consistent and balanced lifestyle is enjoyed by all Family members.

2. To develop each family member's capability to generate income for themselves as well as to contribute to the Family plan. And to teach all family members to manage both family and personal financial resources in a prudent manner.

3. To establish family contribution goals for investing and contributing a portion of the family income to the growth and well-being of all living things.

Return to Element III Index: Family & Personal Finance

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