Myth: Couples don’t need to talk about money

By | Couples and Money, Podcasts | No Comments

Dr. Dorian Mintzer, Revolution Retirement

As a child, Dori grew up recognizing different money mindsets by watching her parents’ financial habits. Couples may have a division of labor when it comes to finances; but, it is important they talk about them so they know what questions should be asked in times of crisis. Dori and Kathleen explore this myth and why it is important that couples need to talk about money and that is actually an act of love.

Take Aways:

  • Use “I” statements when talking about money
  • Ask a third person (financial advisor, banker, estate attorney, relationship or money coach) to help facilitate these conversations
  • Appreciate your partner in a money conversation (share what it was like growing up, was money talked about, what does money mean to you, etc.)

How do you honestly and openly talk about money as a couple? (Click to Tweet)

Dr. Dori Mintzer – With over 40 years of experience as a psychologist, Dr. Dorian Mintzer (Dori) is an experienced therapist, executive coach, consultant, speaker, and writer. She is the co-author of The Couples Retirement Puzzle: The 10 Must-Have Conversations for Creating an Amazing New Life Together, and co-producer of “The Career Playbook: Second Half Plays. Dori has been featured in a variety of media such as the NY Times, Wall Street Journal, NPR, ABC Evening News, and the Today Show. For more information visit www.revolutionizeretirement.com.

Special Offer:

Virtual: The 4th Tuesday Revolutionize your Retirement Interview with Expert’s Series is at 12:00 noon eastern time and open to professionals and the public. Sign-up begins the week before each call at www.revolutionizeretirement.com.

To sign up for the Breaking Money Silence Podcast, click here.

5 Great Book Ideas for Father’s Day

By | Couples and Money, Financial Psychology | No Comments

Here are 5 great book ideas that will make the dads on your gift list stand up and cheer.

The Feel Rich Project
By: Michael Kay, CFP®

This book is accessible and addresses what most financial books don’t – your money psychology. What I especially love is how he combines the technical side of finance (aka “numbers”) with the human side of finance (aka “feelings”).

The One-Page Financial Plan: A Simple Way to Be Smart About Your Money
By: Carl Richards

This book will help you bridge the gap between where you are now and where you want to go.  Carl helps you prioritize what you really want in life and figure out how to get there by defining what is most important to you.

The Secret Language of Money
By: David Krueger

This book is a blend of cutting-edge science and real-world application, which supports you in rewriting your money story and find that intangible balance of prosperity, well-being, and happiness we all seek.

The Financial Wisdom of Ebenezer Scrooge: 5 Principles to Transform Your Relationship with Money
By: Ted Klontz, Brad Klontz, and Rick Kahler

Learn how to recognize the way unconscious money scripts may keep you trapped in unhealthy financial habits, and how to permanently change self-destructive money behaviors.

Raised Healthy, Wealthy & Wise: Lessons from successful and grounded inheritors on how they got that way
By: Coventry Edwards-Pitt

This is an excellent book with stories from children who survived the gauntlet of being raised with wealth and emerged happy, healthy, and productive. These illustrations allow their voices to speak with a clarity that will inspire parents faced with these challenges to help guide and steer their children on the same path.

A Man is a Plan.

By | Podcasts, Women and Wealth, Women's Empowerment | No Comments

Paula Harris, Co-Founder, WH Cornerstone Investments

A man is a plan is a myth many women, unfortunately, use to avoid dealing with their finances. In this podcast, listen to Kathleen interview Paula about how to break this myth down so you can start to make simple decisions every day to reach financial security.

Listen in and discover:

  • Why it is important to take care of yourself financially and not wait until you are married to let your partner do it for you.
  • How to practice the “set it and forget” method of saving.
  • Ways to set realistic financial goals.
  • Why delaying gratification today is part of any sound financial plan.
  • How a certified financial planner can help.

WH Cornerstone’s co-founder, Paula Harris is part financial therapist and part dream architect. She takes great pride in helping her clients, particularly women, obtain financial peace of mind and independence. In addition to her role as co-founder, Paula is very actively involved in the community. In the past, she has served on several boards including serving as the Past President of the Plymouth Philharmonic Orchestra and the 2012 Chairman of the Board for the South Shore Chamber of Commerce. She currently is an advisory board member of empowerHER.

Paula is a graduate of Providence College and now lives in Plymouth, MA and the Berkshires with her husband and co-founder, Bill Harris.

To sign up for the Breaking Money Silence Podcast, click here.

Tips for Married Couples and Money Article

By | Couples and Money | No Comments

When it comes to couples and money, partners’ mindsets don’t always match. For many couples, marriage is the beginning of a journey to a financial partnership. In Kerri Anne Renzulli’s article, 17 Essential Money Tips for Married Couples¸ I suggest sharing your family history with your partner and discussing your mindset about saving and spending.  Here are some questions to consider that are highlighted in the article:

  1. Start off easy with questions such as “What’s your first money memory?” or “How did you spend your allowance?”
  2. Move on to some in-depth questions about how your parents’ money mindsets affected your mindset about money. A good question might be “What’s the best thing your parents taught you that you want to leave behind as a legacy?”
  3. Then let the money conversation continue by asking “What family money messages do you want to keep and which ones would you like to let go of?”

Understanding your partner’s money history and mindset can help lessen the frequency and duration of money disagreements, and ultimately lead to a happier relationship.

What is the best thing your parents taught you about money? (Click to Tweet)

Myth: It is okay to ignore your finances.

By | Financial Psychology, Podcasts, Women and Wealth | No Comments

Anne Dickinson, Eye on Your Business

When business owners buy into the myth that it is okay to ignore your finances, their bottom line probably suffers. In this episode, Kathleen interviews Anne about how not knowing “your numbers” negatively affects your business and how more female business owners than men may suffer from this myth.

Listen and learn:

  1. Why financial knowledge is power, and how learning more about your business finances boosts confidence.
  2. How to take one small step at a time to get organized and how working with a bookkeeper can help.
  3. What it takes to be more financially savvy and how taking action reduces your stress and improves your decision-making.

Special Offer for Breaking Money Silence Podcast Listeners: 

FREE Webinar, 5 Ways to Keep More of the Money You Make on June 14, 2017, at 3:00 p.m. Eastern. Click here to learn more.

Million Dollar Message Retreat, May 26 – 28, 2017, Toronto

Anne Dickinson is the cash flow and profits optimizer. She uses her profit leaks x-ray vision to help overwhelmed business leaders take back control of their business finances, stop money from falling through the cracks, and make moves that result in more money, more time, and more freedom.

Creator of the Stop the Profit L.E.A.K.S. Formula™, Anne isn’t afraid to get her hands dirty as she works side-by-side with business leaders to identify and eliminate money leaks, ignite profits and improve cash flow and liquidity to create a strong, healthy business.

Anne has an MBA from Babson College, worked in the Defense and High Tech industries, packaged and sold assets, dissected and improved operations, set up Treasury departments, and owned successful entrepreneurial ventures.

Let Go of Stereotypes When Advising Women

By | Advisor Education, Financial Psychology | No Comments

Let go of stereotypes and communicate with clients as unique individuals. (Click to Tweet)

While there are gender differences in how men and women communicate and what they want from their advisors, make sure you avoid myths about women and money. Falsehoods such as all women are risk averse, or all men are interested in investments do more harm than good.  To avoid falling into this trap, notice and embrace your clients’ strengths and celebrate each and every person for what they uniquely bring to the table.

Watch this short video from the Investment News Retirement Summit to learn more.

Don’t forget to subscribe to my Youtube channel to receive the latest video each week.

Myth: Planning is unnecessary because you only live once.

By | Financial Psychology, Podcasts | No Comments

financial planning unncesessary

Kelly Shikany, CFP® CDFA™, Lakeside Wealth Management

In this episode, Kathleen talks to Kelly about the myth, “Planning is unnecessary because you only live once.” When people buy into this myth they often wait too long to seek the help of an advisor. Kelly busts this myth open and discusses the importance of financially planning for the future so you can enjoy today.

Listen and discover:

  • How planning for the future now gives you many more choices when it comes to how you want to live in retirement.
  • Why working with an advisor can help you define your core values so you can build a retirement plan that honors these ideals.
  • That you are never too young to plan for your future because you only live once!

Guest:

Kelly Shikany, CFP® is a member of the Financial Planning Association serving clients at Lakeside Wealth Management in Chesterton, IN, and the surrounding communities. Kelly has 20 years of investment management experience, is a strong advocate for women investors who may be managing life’s milestones, and a supporter of gender equality since 7th grade. She volunteers on the CFP® Boards Pilot program, Each One Reach Three,” mentors women financial advisors and hosts a quarterly gathering for them to enhance financial confidence and engagement. You can contact Kelly at kellys@lakesidewealth.com, or visit her website at http://www.lakesidewealth.com.

To sign up for the Breaking Money Silence Podcast, click here.

 

Be Direct and Ask About Your Client’s Feelings

By | Couples and Money | No Comments

Emotionally savvy financial advisors know how to engage female clients in a meaningful way by asking direct questions. (Click to Tweet)

Advising clients around money is bound to bring up feelings from time to time. Instead of skipping over any emotional data in meetings, dive right in and ask direct questions. Wonder about what a couple may be coping with, or a client may be feeling about an upcoming decision. Facilitate a discussion about the options, and show your clients you care about more than making a transaction.

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Financial Partners Until Death Do You Part

By | Couples and Money | No Comments

This blog post was originally published on SALT, April 19, 2017

My nephew Ryan is marrying his girlfriend, Whitney, the end of this month. As an aunt, I am excited to witness this young couple make a long-term commitment to each other. I just love a wedding!

But as a money and emotions expert, I know that it is important for any engaged couple to realize that marriage is a financial commitment as well. Unfortunately, one of the biggest contributors to divorce is financial conflict.

Because I love Ryan, I plan on having a little chat with him before his wedding day. Here are some highlights of what I will say. 

Work As A Team 

Too many couples fight about finances and work against each other when it comes to spending and saving decisions. My husband and I have been married for 20 years. One thing we have done well is work as a financial team, in both good times and bad. Any young couple should strive to do the same. 

Celebrate Differences 

It is unrealistic to expect that you will always agree with each other. My husband and I come from different money histories, and we needed to spend time understanding each other’s money mindsets.

Celebrate these differences, and capitalize on each of your strengths. You will be emotionally and financially stronger as a result. 

Go On Money Dates 

My husband and I go on regular money dates. During these dates, we talk about money, ask each other curious questions about our respective financial histories and mindsets, and discuss how to proactively plan for our future together.

If you’re engaged, it may seem like you have plenty of years to talk about money. But do yourself a favor and discuss money matters now. Trust me—the last 20 years passed very quickly!

What money advice would you give to an about-to-be-married couple? (Click to Tweet)