Myth: Parents must protect their children from college financing decisions

By | Family and Money, Financial Psychology, Podcasts | No Comments

Ryan Lane, Senior Editor, American Student Assistance 

The college selection process is complex and stressful, and many parents fail to discuss the long-term financial ramifications of taking on student loan debt with their children. In today’s episode, Kathleen and Ryan discuss how many parents try to protect their children by not talking about money, but do the family a disservice by not engaging in this important and enlightening conversation. Ryan offers tips for involving your children in the college funding decision-making process and how doing so can help them avoid huge student loan debt when they graduate from school. 

Take Aways: 

  1. Start the college application process early by involving your children in the FAFSA process and talking about different ways to finance their education, such as loans, grants, scholarships, and good old hard work.
  2. Schedule a money talk with your children to discuss the FAFSA results, repayment schedule, how it may affect their college choice. Create a mock budget to demonstrate the long-term, real-life impact of each of the funding options.
  3. When discussing this topic with recent graduates, encourage them to pay down student loans faster by making an extra payment per year. Have your child calculate the amount of money saved by avoiding additional interest expenses. Then brainstorm all the other ways they could use this cash. For example, if you save $1000 in interest expense, what could you buy instead? A long weekend in Bermuda comes to mind?!

Guest Bio:

Ryan Lane is the Senior Editor, at the national nonprofit American Student Assistance. In his role, he oversees the development of articles, infographics, course materials for the organization’s free education finance support program: Salt. Working with internal and external subject matter experts, Ryan creates content that simplifies the world of college financing and helps families successfully plan for, pay for, and repay higher education expenses. Over the past three years, he has written about student loans as a co-author of the U.S. News & World Report Blog “The Student Loan Ranger.” For more information about Ryan and the ASA, visit http://www.asa.org/.

Breaking Money Silence Facebook Live Launch Party

By | Family and Money, Financial Psychology | No Comments

My 5th book, Breaking Money Silence: How to Shatter Money Taboos, Talk More Openly about Finances, and Live a Richer Life was published Saturday, September 30, 2017, and I celebrated with my first Facebook Live event. It was great to celebrate with friends and colleagues and I even hosted a contest during the event.

If you missed the Live event, watch it below and enjoy! Make sure you ‘LIKE’ my Facebook Author page so you can be notified of upcoming Facebook Live events, contests, giveaways, and more. To learn more, visit the Breaking Money Silence website or order the book on Amazon.

Being quiet was never my strong suit

By | Financial Psychology | No Comments

My 5th book,  Breaking Money Silence®:  How to Shatter Money Taboos, Talk More Openly about Finances, and Live a Richer Life has been published and I want to share with you how it all began. You can download the complete Introduction chapter here.

Introduction: Being Quiet Was Never My Strong Suit

From the time I could talk, I had something to say. As a young girl, I discovered that this trait was viewed as unattractive and unladylike. Words such as opinionated, loud, and stubborn were tossed around at my expense. My elementary school report card came home with a note stating, “She talks too much to her neighbors.” Even my father, who was my hero, wanted me to be quieter, and occasionally called me “the mouth.” If I had listened to all these influential adults, this book would never have been written.

You see, I think speaking up, especially if you are a woman, is a good thing. How else will people know what is on your mind? You need to use tact and consider how your words may resonate with your listener. But the act of voicing your opinion and asking questions is vital to your wellbeing, your relationships, and your future — especially when it comes to money. Finance is the one area of life that many adults find difficult to discuss. Society tells us it’s rude to ask how much someone is paid, even if he is your father or brother. You never inquire about the price of the neighbor’s house, as this would be in poor taste. And even if you want to know what your friend paid for her new sports car, you bite your tongue so as to not offend. Even intimate partners, who share everything, hide purchases from each other for fear their loved one might disapprove of how they spent their money.

For someone who was born highly verbal, I too struggled to openly discuss money for many years.

Download Introduction here.

Myth: Only male entrepreneurs are interested in growing their businesses

By | Financial Psychology, Podcasts | No Comments

Ann Bradt, Capital Ready, Co-Founder

There are many myths about entrepreneurship that can reinforce stereotypes, one of which is that only men want to grow their businesses. Kathleen and Ann bust open this myth and teach listeners the facts about female entrepreneurs and their desire to compete with the big boys. Listen in to their discussion about how women entrepreneurs can position themselves for growth, obtain venture capital, and overcome roadblocks they may face in the process.

Key Take Aways:

Women entrepreneurs are interested in growing their businesses but typically approach the growth process differently than their male counterparts.

Research shows that venture capitalists and bankers ask business owners different questions based on gender and these inquiries influence how funding is provided.

Both women entrepreneurs and the financial services professional who work with them need to learn how to communicate in a more gender savvy manner and how doing so is a win for both their businesses and their clients.

Guest Bio:

Ann Bradt, co-founder of Capital Ready is an accomplished expert in the financial services industry, implementing progressive people strategies for over two decades as a human resources professional at a major Canadian bank. Her extensive experience includes talent planning, leadership development, executive succession, and developing learning strategies. Ann’s passion and drive have equipped her with a broad knowledge of the industry, with her career spanning Canada, the United Kingdom, and the United States.

Capital Ready work with established businesses to help them grow and offer strategic blueprints and action plans to assess barriers and identify opportunities to optimize human and financial capital. To learn more about Capital Ready, visit www.capitalready.ca. Follow us on twitter @CapitalReadyInc

BREAKING MONEY SILENCE – Author’s Announcement

By | Family and Money, Money Psychology | No Comments

My new book, BREAKING MONEY SILENCE: How to Shatter Money Taboos, Talk More Openly About Finances, and Live a Richer Life will be published on September 30, 2017. You can pre-order Breaking Money Silence on Amazon.

In BREAKING MONEY SILENCE I dive into the taboo of money and tap into this neglected area of discourse from all perspectives—women, couples, parents, children, and wealth advisors—to offer a new vision for how we understand, communicate about, and plan for money. Empowering readers to defy the standard conventions around money, the book equips them with the practical tools to navigate difficult conversations, understand individual money mindsets, and futureproof one’s finances. My goal is to show how, by doing so, marriages and families can remain intact, businesses can enable financial literacy and thrive, and women can inch closer to financial equity.

Pre-order Breaking Money Silence on Amazon.

What people are saying about the book:

“Like termites eating away at the foundation of your home, money taboos can cause devastation and destruction to the relationships you value most. Whether it’s your romantic relationship or with your kids, parents, siblings, employer or even your peers – Kathleen provides tactical, practical, and actionable strategies to break down those confining money walls. Your entire financial foundation, heck your entire life, will be stronger for having read this transformational book.”
–Manisha Thakor, CFA, CFP®, Co-Author, On My Own Two Feet: A Modern Girl’s Guide to Personal Finance and Get Financially Naked: How to Talk Money with Your Honey

“Talking about money is the most important personal finance skill anyone can learn, and Kathleen has literally written the book. In fact, this isn’t a book, it is a guide. Follow it and it will change your life!”
–Carl Richards, CFP®, New York Times Columnist and Author, The One-Page Financial
Plan: A Simple Way to Be Smart About Your Money and The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money.

“Kathleen has an amazing gift for empowering people to a better path. Her book will offer you various ways to connect with your family to have meaningful conversations about money. If you’re an advisor, you’ll want to use some of her suggestions to help you facilitate better money discussions with your clients. Either way, it’s a must read!”
–Deena Katz, CFP®, LHD, Personal Financial Planning Professor, Texas Tech University

Myth: I don’t have to talk about finances before getting married.

By | Couples and Money, Podcasts | No Comments

Julie Lawrence, CFP®, Lawrence Financial Planning, LLC

Not talking about money is the number two reason couples divorce according to Marriage.com. But couples who discuss money matters regularly act as a team and report greater levels of satisfaction with their partners. In today’s episode, Kathleen and Julie Lawrence, CFP®, examine the myth that couples don’t need to talk about finances before getting married. Listen in and learn some tips for talking about money with your honey!

Key Take Aways:

  • Julie shares how she facilitates the telling of each partner’s money biography (consisting of a list of open-ended questions) and how this strategy helps the couple she works with discover their respective money mindsets.
  • Communicating honestly about your saving and spending behaviors can be challenging. But doing so can really help partners understand each other. You may not change your money behaviors, but together you can commit and work toward shared couple goals.
  • Different strategies work for different money personalities. For example, if you are a spender, setting up an automatic savings withdrawal each month makes sense. If you don’t see the money, you won’t spend it!

Julie Lawrence, CFP® opened Lawrence Financial Planning in 2009. She has more than 28 years of experience in finance and management and holds a B.A. in Management from National Louis University.

Julie has been quoted in Financial Planning magazine, Investment News, NAPFA Advisor magazine, the Saint Petersburg Times, MSNMoney.com, the Chicago Tribune and FinancialPlanning.com. She serves as a mentor for new ACP financial planners and is an active member of NAPFA.

Julie has lived in Florida since 1977. She has three children. In her spare time, she practices yoga, walks, and goes kayaking.

Myth: Keeping business costs as low as possible maximizes profits.

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Ken Lizotte, Author and Chief Imaginative Officer, emerson consulting, inc.

Many business owners believe they should maximize their profits by keeping their expenses as low as possible. In this episode, Ken Lizotte and Kathleen explore when, how, and why to invest in yourself and in your business and how that leads to sustainable profitability. As you find out, spending money to develop skills or expand your business can actually set you apart from the competition. It is what both these successful thought leaders have done, so listen in and find out how to bust this myth wide open.

Key Take Aways:

  1. Anticipate expenses. As Ken says, when you do your annual budget, set aside some resources for marketing and personal growth courses or coaching.
  2. Trust your gut. Not all investments, coaches or training programs are for all people. Do your research, and then trust your instincts.
  3. Learn from your mistakes. Part of being a business owner is taking risks and sometimes failing. When you realize that you have made a poor investment of your time or money, change course. It can be difficult to realize you have made a mistake, but the sooner you do and the quicker you change course, the better off you and your business will be.

Guest Bio:

Ken Lizotte is the author of seven books including his most recent The Speaker’s Edge: the Ultimate Go-To Guide for Locating and Landing Lots of Speaking Gigs and The Expert’s Edge: Become the Go-To Authority that People Turn to Every Time.  He is the Chief Imaginative Officer of emerson consulting group inc., a Concord, Massachusetts consulting firm that transforms speakers and consultants into “thought leaders” by helping them write and publish their ideas as articles and books. Kathleen has worked with Ken since 2010.

Ken lives in Concord, Massachusetts with his wife Barbara, daughter Chloe and Golden Retriever puppy Beckett.

Special Announcement: Check out Ken’s latest collaboration, What Would Henry Do? Essays for the 21st Century” with Introduction by Ken and featured essays by 40 scholars, activists, authors, celebrities including President Jimmy Carter. Published by Thoreau Farm, the birthplace of Henry David Thoreau as a fundraiser.

Women, Wealth, and Divorce: Money Worries Keep Them Up at Night

By | Advisor Education, Women and Wealth | No Comments

women wealth divorceDo you know what women fear most during a divorce? Money issues. Yes, worries about finances topped the list above concerns about their children. This highlights how important it is for women to have good sound financial guidance during and after a divorce. Something my colleague, Stacy Francis, CFP®, and owner of Francis Financial, knows very well.

This month Stacy’s co-authored a white paper titled “Unveiling the Unspoken Truth: The Financial Challenges Women Face During and After Divorce.” It is one of the first studies to focus solely on women and the impacts of divorce on their financial lives. Here are some of the highlights from the findings:

  • Husbands spend too much. In this study, 24% of the participants stated that their husband’s spending habits were their biggest financial concern. And to think we often label women as over spenders and emotional buyers. Looks like men fall into this unhealthy pattern, too.
  • Divorce takes a long time. The average time it takes to get through a divorce is 10.7 months and if the case goes to trial then it can take up to 17.6 months. Word of caution: Don’t tell your clients it will be over quickly, as it may not be. 
  • Divorce can boost your financial confidence. Overall, women found that divorce forced them to manage money alone, and as a result, their confidence grew. It seems that learning how to invest, taking control of your money, and working with a trusted advisor had a positive impact on most women’s relationship with money.
  • Lack of confidence can look like disinterest. What I found very interesting was that a study done by Hearts and Wallets, mentioned in this white paper, found that women’s lack of confidence is often misunderstood as disinterest by advisors. So the next time you hear a colleague say to you, “She is just not that interested” referring to a client, challenge that advisor to consider what else might be going on for the client. It could be her low confidence level is the culprit.
  • Divorced women regret not having known more about finances. Twenty-two percent of women in the survey wished they had a better understanding of finances as they were going through the divorce. This represents a big business growth opportunity for advisors out there wanting to specialize in helping women navigate this tricky emotional and financial time in their lives.

The bottom line is women in transition, like divorce, need support from financial services professionals who care, work with a team, and are interested in empowering them financially.

Want to know more about this white paper? Then click here to receive a free copy.

Also check out the Breaking Money Silence® podcast airing on August 16, 2017, as Stacy Francis, CFP® will be my guest. Click here to sign up for podcast updates and receive a free money receive a free article, “5 Tips for Breaking Money Silence in Your Life.”

What do you think of these findings? How might you incorporate this information into your practice? Or your life?

Dream, Girl: A Must See Movie for Advisors, Bankers, and Clients

By | Women's Empowerment | No Comments

Last Wednesday night I skipped my usual mountain bike ride and attended a screening of the award-winning film, “Dream, Girl.” This documentary focuses on the daily lives of five female entrepreneurs and shows how complicated, and wonderful being a women business owner can be.  Having been in business for myself for more than two decades, the messages in the film hit home and inspired me to share this film with you. Here are my top 3 favorite themes:

  • Women who have a passion for business can and should embrace the entrepreneur within.
  • Success doesn’t mean you don’t stumble and fall down. It means you stumble, fall down, then brush yourself off, learn something, and move on.
  • Women can and should support each other to reach their full potential because together we can change the world.

Intrigued? Then find a screening in your area by visiting www.dreamgirlfilm.com.

If you are a women entrepreneur what do you find challenging and rewarding about this career choice? If you advise female entrepreneurs or help fund startups, how can you use this documentary to learn more about your target market?

Together we can help all girls – big and small – think BIG.

 

Coaching Clients on Talking to Aging Parents About Money

By | Family and Money | No Comments

The following articles, books, and online resources can help you and your clients learn how to communicate and assist aging parents.

Breaking Money Silence: How to Shatter Money Taboos, Talk More Openly about Finances, and Live a Richer Life.
By Kathleen Burns Kingsbury

This book is a step-by-step guide on how to overcome the social taboo against talking openly about money with your loved ones. Includes a chapter on how to raise financially fit parents. Pre-order on Amazon now, for September 2017 release date.

The 36-Hour Day: A Family Guide to Caring for People Who Have Alzheimer Disease, Related Dementias, and Memory Loss
By Nancy L. Mace and Peter V. Rabins

Revised and updated, this guide features the latest information on the causes of dementia and how to manage the early stages of the disease. It also includes information on the prevention of dementia, and how to find appropriate living arrangements for the person who has this illness and can no longer live at home. A section on financial issues is included.

Learning to Speak Alzheimer’s: A Groundbreaking Approach for Everyone Dealing with the Disease
By Joanne Koenig Coste

Offers a practical approach to the emotional well-being of both patients and caregivers that emphasizes relating to patients in their own reality. This book includes hundreds of tips, including how to cope with the diagnosis, how to adjust to the disease’s progression, and how to help the patient talk about the illness.

Alzheimer’s Association

Founded in 1980, the Alzheimer’s Association advances research to end Alzheimer’s disease and dementia while enhancing care for those living with the disease. The website offers educational resources, financial and legal information, support group listings, and referrals to treatment facilities across the country.