Category

Financial Psychology

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/.

Myth: Spending is bad

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Brittney Castro, CFP®. CRPC®, AAMS®, Founder and CEO, Financially Wise Women

Many of us grew up with the financial psychology mindset that spending money is bad. For example, do you cringe when you spend money or feel guilty? Do you hide your spending from family members? If so, then today’s episode is for you. Kathleen interviews Brittney Castro about spending – the good and the bad – and busts the myth that all spending is bad. Listen in and you may find that this show affects your spending habits and your romantic relationships.

Take Aways:

  1. Conscientious spending is an important part of an overall financial plan. Therefore, when you develop a budget, it’s important to allocate money towards areas that you value most. These areas are those that bring you happiness or joy in your everyday life. For example, one area may be self-care. Investing in restorative activities makes you better able to take care of others and achieve more life/work balance.
  2. Money is a tool to invest in yourself for the long term. By investing in yourself in the long term, you can gain more self-confidence and strengthen your relationships. It’s all about the journey and progress over perfection.
  3. Don’t be afraid to ask for help. There is no limit to the help you can ask for and actually asking for assistance makes your life easier and more fun! So build a team or find the resources to help you achieve your goals. As I always say, “Practice receiving!’

Guest Bio:

Brittney Castro is the founder and CEO of Financially Wise Women, a Los Angeles-based financial planning firm whose mission is to teach women and couples the art of managing their money the fun and simple way. As a Certified Financial Planner® and speaker, Brittney works with busy professional women and couples who are ready to make their finances work for them and use their money to live the lives of their dreams.

You may have seen Brittney on CNN, CNBC, or CBS. Or you may have read her articles in The Wall Street Journal, The New York Times, or Glamour. Because she just loves spreading her wisdom about finance, entrepreneurship and smart investing to the masses. Follow her on twitter @BrittneyCastro.

Special Offer: Free Money Class training series – Get access to the trainings here. Brittney has put together a free video training series that talks about what it really takes to be confident, empowered and feel intelligent in this area of your life. Full disclosure, KBK is an affiliate for this program.  Click here (https://ih106.isrefer.com/go/mc2014/kbkspeaks/) to learn more.

 

Myth: Only male entrepreneurs are interested in growing their businesses

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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

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.

Myth: Planning is unnecessary because you only live once.

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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.

 

Myth: I can’t save money.

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Sam X Renick, Founder Sammy Rabbit

If couples have problems talking about money, just imagine how hard it is for them to teach their kids about money. As a parent, you may avoid money conversations because they can be an emotional or uncomfortable. If you are a teacher, you may not feel qualified to teach about money. But in today’s society of instant gratification, teaching our kids about money, money habits, and attitudes is vital if we want the next generation to have sound financial habits and a secure future. Listen to this episode as Kathleen interviews Sam about how to bust open money myths such as “I can’t save money” and become involved in empowering the next generation to be financially savvy savers.

Special Offer: FREE download of Sammy Slogans on Money, a set of 15 printable activities that introduce students in grades K through 3 to eight of Sammy’ favorite slogans. (http://sammyrabbit.com/free-resources/)

Sam X Renick is the driving force behind the “It’s a Habit” Company and Sammy Rabbit. They are dedicated to improving children’s financial literacy and empowering kids through development of great habits and strategic life skills. Sam has read and sung off key with over a quarter million children around the world, encouraging them to get in the habits of saving money and reading! He has won numerous honors throughout his career including the New Jersey Coalition for Financial Education’s Lifetime Achievement Award! You can contact Sam at savingsammy@gmail.com

Website: www.SammyRabbit.com
LinkedIn: https://www.linkedin.com/in/samxrenick
Twitter: @SammyRabbit1
Facebook: https://www.facebook.com/itsahabit/  

Myth: You should always financially take care of your family.

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Rianka R. Dorsainvil, CFP®, Founder and President, Your Greatest Contribution (YGC)

When do you, or should you, stop taking care of your family financially and does this myth affect women and wealth more than men? The idea that you should let your family deal with the consequences of their financial choices may be harder for women to handle than men. In today’s episode, Kathleen and Rianka explore this money mindset and how it negatively affects having financially responsible family members.

Rianka R. Dorsainvil, CFP® is the Founder and President of Your Greatest Contribution (YGC), a virtual fee-only comprehensive financial planning firm dedicated to serving professionals in their 20’s, 30’s and 40’s. A strong advocate for young professionals, she served as 2016 National President of Financial Planning Association’s NexGen community, and currently sits on CNBC’s Financial Advisors Council. Rianka has been recognized by Investment News 2015 list of top “40 Under 40” financial services professionals, and in Wealth Management and Financial Advisor Magazine’s 2016 list of top 10 CFP holders in the country. For more information, visit Rianka’s website at www.ygcplanning.com.

Twitter: @Rianka_D  and  @YGCPlanning
LinkedIn: https://www.linkedin.com/in/riankad
Facebook: https://www.facebook.com/YGCPlanning/
 
Special Offer: Breaking Money Silence™ listeners will receive a free e-book, Five Steps to Keep More Money in Your Pocket, when you visit the Your Greatest Contribution home page and click on the DOWNLOAD NOW button.

Myth: Money is the root of all evil.

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Megan McAvoy, President of Aspire to Retire Rich

How many times have you heard that money is the root of all evil? Actually, the true phrase is “for the love of money is a root of all kinds of evil.” Quite a different meaning, isn’t it? Listen to Megan and Kathleen discuss how believing that money is the root of all evil affects your financial health and how you can change that mindset by shifting your understanding that there is nothing wrong with money or the possession of money. It is only when money begins to control us that the trouble starts.

Megan McAvoy inspires and impacts successful women in business to achieve personal wellbeing, business freedom, and financial security so that they may have everlasting fulfillment. She is the President of Aspire to Retire Rich and believes that there has never been a better time for women to understand their relationship to wealth. For more information visit her new site: www.aspiretoretirerich.com or e-mail her at megan@meganmcavoy.com 

Twitter: @Megan_McAvoy
LinkedIn: https://www.linkedin.com/in/megmcavoy

Special Offer for Breaking Money Silence Podcast Listeners:
Sign up for Megan’s e-mail list and receive a free, 5-Day Women’s Wealth & Wellbeing Master Class.

Also check out the Aspire to Retire Rich Facebook group community at https://www.facebook.com/aspiretoretirerich/ and interact with Megan regularly.

Myth: With enough money, life will be perfect.

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Nancy Nelson, CFP®, Owner Beyond Enough

Do you ever think that once you have enough money, you will have more time, energy, and no more problems? It’s not that simple! The myth, with enough money – life will be perfect, can be a great motivator but may lead to a letdown if you don’t have a clear idea about how retirement will look for you. Listen to Kathleen and Nancy talk about how resources are limited and we still have to make choices. Retirement takes work!

Nancy C. Nelson, CFP®, is the owner of Beyond Enough, a firm that helps boomers transition to a fulfilling retirement. Previously, Nancy was a fee-only planner for more than 30 years. In 2012, she sold her practice and started her encore career where she mentors fellow retirees, and their advisors, on how to ease the transition from meaningful work to a meaningful retirement. She shares her insights by speaking to professional groups and working one-on-one with clients. You can find more information at her website: www.beyondenough.org

Twitter: @BeyondEnough
Facebook: https://www.facebook.com/beyondenough.org/
LinkedIn: https://www.linkedin.com/in/nancy-c-nelson-cfp

Myth: Family finances should be managed and controlled by one person.

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Elaine King Family Business Advisor™ and a Certified Financial Planner®

Should family finances handled or controlled by only one person in the family? Elaine and Kathleen delve into this myth and examine how getting the entire family involved in financial discussions and decisions can actually strengthen the family. It also will prepare and educate kids to be able to make responsible financial decisions as they leave home and start their own careers. Their advice is to not give up, it may not always be easy but it can be very rewarding.

Special Offers: Elaine offers Breaking Money Silence™ podcast listeners a free download of Chapter One of her book, Family & Money Matters. Visit her web site Family and Money Matters here to download the chapter.

She is also offering 40% off a financial plan to our listeners through December 31, 2016. When you schedule a consultation with Elaine here, please add KBK to the Comments.

Elaine King is a Family Business Advisor™ and a Certified Financial Planner™. Elaine is considered an expert in international family financial planning and ambassador for the CFP Board of Standards. Founder and president of Family and Money Matters™ whose mission is to empower the family’s human and financial capital to achieve financial well-being together.

Elaine is the author of the international bestselling book “La Familia y El Dinero Hecho Facil” winner of Best Latino Award (Penguin Random House 2013). She also wrote the first book in Latin America to teach children about the value of planning; “Saltarin y las cuatro palabras clave para una familia unida” (Santillana 2014).

Twitter: elainekingfp
LinkedIn: Elaine King, MBA, CFP®
Facebook: Elaine King FP
YouTube: Elaine King Fuentes