I’ve received more emails and calls from clients on the failure of SVB Bank than I did on the stock market crash in April of 2020. That tells me there is wide concern today about the stability of the economy and financial markets.
The best way to preemptively avoid paying unnecessary fees is by checking before the services are consumed.
Why don’t sellers of services transparently list one price that includes all fees?
Some money secrets within a couples are matters of privacy or convenience, while others cross a line into financial infidelity.
Scores of counties offer a free monitoring service to taxpayers if a new need is filed for a property.
Is investing in the stock market akin to gambling?
National rent controls are much more a political “feel good” measure than they are a reasonable economic strategy. President Biden wants to make things worse.
Transparency and honesty are not the same, though both are essential for establishing trust.
Unfortunately, attempted identity theft is a way of life in 2023, and it has been for me personally for a decade.
Two major issues clients should consider in creating their own long-term care plan are where they will live and how they will pay for the care they are likely to need.
The greatest financial risk for depleting retirement resources is an unexpected and lengthy stay in a long-term healthcare facility.
Users of online payment apps like Venmo, Zelle, PayPal, Google Pay, and Apple Pay will be in for a complex transformation if the IRS has its way.
I’ve not written much on New Year’s resolutions because “white knuckling” any meaningful behavioral change is rarely successful.
For some holiday shoppers the most expensive holiday purchase this year was hidden.
With all the supply chain chaos, inflation, and uncertainty in the economy, this year is a perfect time to celebrate Christmas in the manner of Ebenezer Scrooge.
How do we decide who is genuinely in need? How do we know when our giving is helpful and when it might merely foster dependence or even be a scam?
Nobody is immune to fraud, and sometimes people simply fall for scams due to the psychological techniques employed by fraudsters. Often, especially this time of year, their strategies are meant to take advantage of our desire to give.
A planner who fails to follow their own advice is hardly going to inspire confidence in prospective clients.
If you lose your job, what emotional and professional support should you expect from your financial planner?
What is new about my thinking on money scripts is that, unless they are generational, they are not written for us by someone else.
Here’s what I’ve done to protect my own investment portfolio from a possible election day disaster…
Aligning your stated values and your spending (a core tenet of ESG investing) is something I encourage as part of financial wellness. But it isn’t always easy to do.
Here are some of my daily news sources and how they are rated for political category/factual accuracy, starting with those that are least biased and most factual.
Part of supporting your clients’ financial wellbeing requires a good grasp of world economic, political, and financial events and how they apply to clients personally and individually.
Let’s explore what may be going on emotionally for the partners in these unequal relationships.
In a marriage or committed relationship, income and wealth inequality between partners presents challenges that don’t exist when they are financial equals.
When purchasing a home, too often we let our emotions guide us to an impractical choice. As with other “money scripts,” we need to carefully examine our biases before making critical decisions.
One popular money script is, “I need to leave an inheritance to my kids.” Yet choices that parents make based on this money script can actually result in both failing to leave an inheritance and even costing children money. Here is one way that might happen.
Keeping your fees at market rate is respecting yourself. It helps you enjoy your work, assures that you show up fully for your clients, and will ultimately keep them happier.
What can a person do to mitigate the potential of becoming mired in a life-shattering financial crisis?
The crash in cryptocurrencies was not a unique contributor to investor suicides. It just happened to be the financial crisis de jour.
In estate planning, “equal” isn’t necessarily the same as “fair.”
“What is true about money?” A flippant answer to this question might be something like, “I ought to have more of it.”
How would you feel to learn your financial planner came close to bankruptcy five times?
What about those, like members of some religious orders, who consciously make vows of poverty? Does that lead to harmful money choices?
Money scripts around a vow of poverty often result in financial behaviors that cause more harm than good.
The CFP Board published a book called the Psychology of Financial Planning. This groundbreaking new material incorporates interpersonal components of financial planning and the effects of money on individuals. My guests today are here to talk about that book.
A researcher recently asked me that question. I had a bit of a struggle answering, in part because I write and talk a lot about what financial wellbeing is not.
Why do so many people live in denial or avoidance, especially when it comes to money?
Given the speculative gamble of cryptocurrency, there is no evidence-based reason that long-term investors would include it in their portfolios. What personality types sign on for such a violently volatile investment experience?
My CFP peers must be tired of hearing me sing the praises of living in South Dakota. But one of them recently emailed some disturbing news. A recent national survey that ranked financial literacy placed South Dakota in 49th place.
There is no Hall of Fame for single parents. There should be. The challenges of being a single parent are monumental.
I would be very concerned if my financial planner didn’t have their own planner. Research shows that financial planning results in increased emotional and financial wellbeing, even for clients who are planners themselves. Use our Premium membership to add your logo to this article and send it to your clients and prospects.
I’ve supported many clients through times of loss and transition such as divorces, deaths of parents or spouses, business failures, and natural disasters. Following are some of the things I’ve learned.
Being immobilized in grief can be deeply painful and damaging emotionally. It can be financially damaging, as well, limiting a person’s ability to make sound financial decisions that can affect their future. This is where objective help and support is essential.
"The bear is coming! The bear is coming!" Indeed, it is. Should you be worried?
Whenever I surf television cable news channels, I see the plethora of ads for financial planning. But they are run by companies that sell financial products or are owned by huge insurance companies.
What does meditation have to do with money? By becoming aware of our thoughts and feelings, we are more likely to make financial decisions that are consistent with our values, life aspirations, and authentic goals.
Only 5% to 6% of people 50 and older include charitable giving in their wills.
Someone who wouldn’t dream of betraying their spouse or partner by having an illicit affair is risking the relationship in another way: by committing financial infidelity.