MONEY matters

Trent from The Simple Dollar has written a post called Robinson Crusoe and Our Journey which I had to share with you. This post inspired me to re-read Daniel Defoe’s classic book Robinson Crusoe – so right off the bat, thanks Trent, for the reminder of this not-so-childhood classic.

Trent says the book struck a chord because of his recent journey which appeared to have been about money, but was so much more, in his words, “rethinking what’s actually important to me.” So often this journey is the springboard to discovering what one's relationship with money really is. As a holistic financial planner, I constantly question clients on what it is they absolutely need, what their values are, and as Trent mentions, what is actually important to them.

So what can you do?

Think there is a difference in how men and women plan for retirement?

I just read this interesting article by Dave Carpenter called Sex Matters When it Comes to Retirement Planning, where he explores the very different approaches men and women take when investing and retirement planning.

I came across an article in the Journal of Financial Planning that really opened my eyes to how our brain works in terms of making financial decisions. The title is Money on Your Mind: The Brain’s Role in Financial Decision-Making.

Now you’re probably thinking, it sounds like a pretty wonky publication, but It's really not. If you’re at all interested in the role emotional intelligence plays in your relationship with money and investing, you have to read this case study. If the memory of the DJIA dropping over 900 points in one day is still a vivid memory, this is a must read.

Need some tips on saving money while planning your wedding? It’s that time of year again when happy couples tie the knot, and the last thing on their minds is the cost of the celebration. 

Posted on the Financial Planning Association (FPA) website, this article gives sensible information that future brides and grooms may not want to hear.  Listed are some obvious tips such as setting a wedding budget and sticking with it and monitoring spending. The not-so-obvious tips like considering a destination wedding are much more interesting.

From the start of the financial crisis right up until today, we have been bombarded with story after story of how much wealth was vaporized from the global financial system. It seems all the news is about dollars and cents. How much did your 401k or 403b go down? How about your IRA’s, your home value? Everything is focused on the material-money, and little conversation is had discussing the emotional, physical and spiritual ramifications this crisis is having on regular people’s lives.

As a financial planner working mainly with couples, I see firsthand the damage this crisis has had and continues to have on relationships. Let’s face it; money is a tricky enough subject to deal with when things are good. But when the s**t hits the fan, whether it’s a job loss, too much credit card debt, too much spending, not enough saving, you name it, the inability to communicate and resolve conflict grows and grows and the risk to your relationship grows as well.