Remember Values in Your Plan

Not a day goes by without an avalanche of news releases from financial advisers and investment firms who say one thing: Base money decisions on goals, time horizon, and risk tolerance.

True enough, but something more important is missing: Values. I haven't seen a whole lot on the subject, so I was surprised--and gratified--when I opened a letter on "Money Morals: Aligning Your Personal Finances With Your Personal Values." It offered seven practical values-based tips for guiding money decisions.

The letter came from Lutheran Brotherhood, a fraternal benefit society and financial services organization.

"Everything you do with money has a value attached to it," said Nathan Dungan, Lutheran Brotherhood vice president of stewardship.

Dungan said it is easy to underestimate the time and effort needed to clearly define what you want and to build a financial plan around it. It all starts in the home, by discussing your values with those closest to you. If you have children, include them in the conversation as early as you can. Otherwise, they are likely to get their "values" from the commercial messages bombarding them on television.

"Marketers will try to grab the mind-share of children as early as 18 months," Dungan said. "Absent good values-based conversation in the home, their philosophy is going to be shaped by outside marketing influences." Here are the seven tips from Lutheran Brotherhood and how Georgina and I have applied them to our own planning.