What Matters Statements | Year in Review & Using Gift Cards

What Matters Statements
By Matthew D. Kane | President | Partner

As we usher in 2025, many of our clients are looking ahead at the blank slate a new year provides. One of my favorite conversations that comes up this time of year is the idea of creating or revisiting a family mission statement.

When we start discussing documenting priorities in a family’s financial plan, people’s eyes can glaze over. They think, “What are you talking about? How can we have a family mission statement?”

In the corporate world, staff often memorize a mission statement as the company’s mission or purpose. When we take that concept from the boardroom and bring it into the living room, we realize that a family mission is really about the people—the deeper intent behind every financial decision.

Our advice to the families and individuals we work with is to not assume that everyone understands the family’s purpose. The relationships you have—with your spouse, children, and grandchildren—are beyond measure in their worth. The communication of your “why” and purpose helps align the family around the things that matter most. We like to call these unique documents a “What Matters Statement.”

Don’t let the perfect get in the way of the good– let’s talk about how easy it can be to draft such a thing!

Year in Review: Or at least as much of the year that would fit on one page. We found this chart interesting as you consider (at least partially) all that 2024 held:

A Look at the Housing Market: We like to keep track of what is happening in the housing market because it is one of the many indicators of how the economy is really doing. Here are a few current looks at different aspects:

• HELOC rates: Home Equity Line of Credit (HELOC) rates came in lower last week, with the $30,000 HELOC dropping to an average 8.36%–closing out 2024 with a record low for the year. Home equity loan rates remained the same at 8.41%. The question for 2025 is whether the HELOC will continue to fall:

• New Home Construction: Last year, we added 1.4 million new homes for a population of 335 million—more people than in previous years with fewer homes built.

With mortgage rates nearly 7%, we’re likely not significantly increasing the number of new builds.

Use Those Gift Cards: There’s a good chance you received one or more gift cards for Christmas this year. This is your sign to use them up and not let them sit in a drawer. According to a new survey from Bankrate, Americans are sitting on an estimated $27 billion in unused cards, with the average person holding $244 of unspent balances. The survey found that more than two in five adults have at least one unused gift card. Bankrate said that Walmart and Starbucks each have more than $1 billion in unused gift cards in their books.

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