TEAM…Together Everyone Achieves More. This is true in business and with the family unit. Without a TEAM approach, most businesses would not grow, achieve profitability or be able to sustain it for very long.
So why would we think the same principles wouldn’t apply to our families? Think about it – for a business to become financially viable and successful it requires many elements: mission, vision, values, goals, a strong leader (CEO), budgets, record keeping, systems, culture, social interaction, respectful communication, dedicated and committed employees that are treated fairly, community oriented and socially responsible – TEAM. These same elements are also important for families in order for them to become financially independent and wealthy – wealthy with their money, their relationships, their health, and their lives.
Without acknowledging each member of your family’s values, desires, and vision, it is difficult to get all family members to commit to a family budget and stick to it. Your family members are the employees of your HOME Inc. and without their support, buy-in, and team effort it will be an overwhelming task to have family decisions abided by willingly, and without confrontation and chaos.
1. All family members are valued for their input and contribution to the family unit. Give them opportunities to provide feedback and contribute to discussions and family goal planning. Start with doing a value clarification exercise with each family member so everyone understands what each person values. It’s the underlying values that will drive the desire to save rather than spend money on every little toy or gadget that advertisements bombard us with all day long.
2. Create a family mission statement and vision to guide the family’s decision-making on a daily basis and for achieving long-term goals. For example, if you create a budget to save money to go on an annual family vacation to Hawaii, and not everyone has the same vision of taking annual family vacations to a far off destination because they would rather buy motorbikes, there will be no commitment to saving for the Hawaii vacation.
Clarity equals power and without this clarity, families lose control of their spending and fall into the money pit of immediate gratification and temptation. Create a family vision wall and place your family mission statement where it can be reviewed regularly. The family vision wall should have images to represent your family goals… BE, DO and HAVE.
3. As the CEO of your family, you must first have a plan for what you want for yourself personally. Start with your bucket list and have each member of the family compile a list of 101 goals or things they would like to do or accomplish in their lifetime. Then make a family bucket list. This is a great starting point for getting clarity on what you want to accomplish or do as a family.
Create family goals from your lists and segment your goals by category (health and fitness, financial, career, family and relationships, spiritual and personal growth, education, service/contribution, recreation and vacation, home improvement and organization) to ensure you have harmony between all areas. Your family goals should span at least 20 years and then be broken down into five year segments with the first five years broken down into one year and 3 year segments. There is a great goal setting video at www.about-goal-setting.com
4. As with any successful company, effective systems are important for order and accountability! Ensure you implement systems within your household for finances, grocery shopping and meal plans, recreation, assigning household responsibilities, and managing paper work (medical records, warranties, insurance, and debt). Systems, especially financial, are critical to ensure you are measuring your results and are on course for your financial plan.
5. Have family meetings! Communication and relationship building, as in any company, are even more critical in the family unit. Family members take more liberties with their siblings and treat each other different than they would a stranger usually because they know they are loved unconditionally and will be forgiven. Having monthly family meetings or even weekly (recommended) helps the family re-group and re-visit their plans for achieving their goals as a family. Ensure you have a structured format for the meetings starting with gratitude’s, accomplishments and then discuss any challenges with sticking to your plans. Strategize as a family to find solutions and adjust your plan so your family goals can be achieved.
Wealth is a family affair and requires a TEAM approach. Are you spending time with your family watching TV and playing videos games or are you investing your time with your family creating goals and taking action on your dreams and future life adventures?
Become the CEO of your HOME Inc. and you will create a legacy of wealth for your family, future generations and your community.
“If you don’t have a vision for the future, then your future is destined to be a repeat of the past.”
~ A.R. Bernard