My Personal Finance Blog

Setting family financial goals, that allow each member to participate, can be a powerful force. Personal goal setting alone changes lives and when you have each family member working together it will supercharge your results.

The more family members that are working toward a common goal the faster you will achieve results. What’s more, when the entire family unit is working toward financial goals it can be a bonding experience that everyone will appreciate.

Working toward family financial goals brings families closer together. You will find that your family will begin to operate as one unit in order to reach those goals. Many top business organizations, sports teams, charities and sororities share common financial goals that bring everyone involved closer together. It works for them so let the power of family financial goals work for you.

Family goals should be set for all areas of your life including: health, personal development, spiritual/ religious and life goals. This article will focus on family financial goals; however you can easily adopt the techniques to cover the remaining areas of your life. Once more, each individual person in the family should set their own personal goals and have full support from the family.

By setting common goals and working as a family to achieve financial freedom everyone involved gets a sense of purpose and something positive to work toward. Children, parents and other extended members of the family will all benefit from the support of working toward family goals.

How to set family financial goals.

Setting family financial goals begins with identifying objectives that your family wants to accomplish. Take some time to figure out what motivates everyone. Maybe one family member wants a vacation home at the beach, another person wants to retire next year and another member wants to have enough financial security to take a month off each year on family vacations. Find out what everyone dreams about because this will help you understand each others goals and you’ll become closer because of it.

Once you have an understanding of what each family member wants it time to align your goals. Maybe you want to learn more about making investments, want to increase your 401k savings, would like that new car, or just want to have more money for a rainy day. The bottom line is that everyone in the family has to do their part. When everyone works together with a common goal of achieving financial freedom then everyone’s life improves. The ability to set family financial goals and achieve family goals will improve every aspect of you personally and your family as a whole.

Family Financial Goals That Work.

There are effective goal setting techniques available that will allow your family to maximize the effectiveness of your financial goals. One helpful technique to aid in accomplishing your goals is to set them using the S.M.A.R.T method.

- S ‘ Significant & Specific. The more detailed you are able to make your family goals the closer you are to achieving them. This gives you a clear target to shoot for and when you see what you’re aiming at you have a much better chance at hitting the bull’s-eye.

Be sure to make your family financial goals significant. They must mean something to your family so that they are motivated to reach them. Setting a goal of saving for a gallon of gas probably won’t motivate people but if it was to save gas for a weekend trip now that’s another story. Remember kids, teens and young adults are motivated by lifestyle not money. So be sure to relate money to being able to afford the type of lifestyle your family wants to live.

- M – Motivational & Measurable. Creating measurable goals will allow your family to celebrate when you achieve them. This makes goal setting fun and a true bonding experience.

The family financial goals that you set should be motivational to the entire family. Create motivating goals that move family member to participate.

- A – Attainable. Dream huge and be realistic. You can be anything you set out to be; however growing gills so you can swim underwter probably won’t happen.

- R – Results-oriented, Reasons & Related. One way to maximize the effectiveness of your family financial goals is to phrase your goals in the positive. Using results-oriented words like “I accomplished,” “I received,” or “I have”, will direct your mind to focus on the outcome. Focusing on the outcome is one of the key steps to becoming financially free.

Your family financial goals should include the reasons too ‘ would you like money for college, a nice vacation, etc. It’s the reasons behind the goals that make us want to accomplish them. Money doesn’t matter it’s what money brings us that matters.

Family financial goals must relate to each other so the family works as a single unit. Setting powerful family financial goals starts with making sure everyone’s goals are heading in the same direction and not contradicting each other. For instance, if one family member’s goal is taking a family trip to the beach next weekend and another goal is to work that weekend to save more money ‘ those contradict each other.

- T -Time. Your family financial goals should have a deadline. Decide on a specific time so you push each other to accomplish them by a certain date.

Take an evening and sit down together for dinner with no interruptions. Get everyone’s dreams, goals and aspirations out. Find a way to align your goals to create a dynamic family that accomplishes goals together. Every goal you set out and accomplish together will bring everyone closer.

Business management combines an interesting mix of theory and practice, and it is a particularly good topic for management and entrepreneurial types to study. Finding a business management style that suits your personality and the nature of your business is both important and worthy of time investment, as being self-aware and being able to identify strengths and weaknesses of various approaches will enable more effective personal development and ultimately more effective management.

While many have their own individual business management styles, these are traditionally broadly categorized into three main classes of business management approaches.

Autocratic Management

Firstly, there is what has come to be known as the autocratic approach to management, which installs more trust in the leadership as opposed to the individual staff. This involves pulling rank and leaves employees in no doubt as to whom the management is or what decisions are being made. Rather than engaging employees within the decision making process, this business management style typically concerns businesses that require direct, effective leadership to produce results, often under pressure of working in a tough environment. Upon hearing the term autocratic, many tend to visualise a dictatorial approach to management. While that is perhaps the case, it is seldom as strict as this and it is often a necessary management style, for example in the armed forces or in a high-paced trading environment, where there is no margin for deliberation and group consideration.

Democratic Management

Alternatively, there is a business management style known as the democratic style, where employees are effectively engaged in consultation before decisions are made. While some consider this to be more motivating and more enjoyable to work under, it does nevertheless have its own disadvantages. Giving employees a say may undermine the authority of the management, and may ultimately cause inefficiencies in the decision making process. It is also time intensive, and perhaps not as effective in larger organisations with thousands of employees. While of course at a board room level this kind of decision making goes on everyday, it’s one that works most effectively in slower paced business where decisions can be fully deliberated and considered.

Laissez Fair Management

An alternative to those two business management styles and the third main category is what’s known as the laissez fair management style. This is by definition a more hands-off approach to management, which puts the trust of running the business within the hands of employees themselves, and allows a greater degree of autonomy than would otherwise be the case. While this is strong in creative industries, some business people find that this style of management can lead to a fragmented approach to doing business and is less organised and perhaps less professional.

Whichever business management style you liken yourself to; there are advantages and disadvantages of that approach. What’s important is not that you recognise which of these categories you fall under, but rather that you’re aware of the improvements that can be made to make your management more effective and efficient while also improving the relationships you share with employees at all levels of the organisation.

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