Why We Lie About Money


“Oh, what a tangled web we weave, when first we practice to deceive.” – Sir Walter Scott


By Kathy Longo, CFP®, CAP®, CDFA
Thursday, 28 February 2019

Why We Lie About Money

Money can be both a loaded and uncomfortable topic. We are so conditioned to be private with our paychecks and piggy banks that we may not even disclose all of the details to our spouse or partner. In fact, 2 out of 5 people reported lying to their partner about money or committing what is called financial infidelity.[i] Of course, not all financial infidelity is the same, and buying something and hiding the receipt is much different than having a secret credit card, or a secret bank account. Regardless, before we go any further, it’s important to remember that whether the secret is little or big, there is still a choice being made to actively withhold financial information.

Fact: 15 million Americans admit to having a secret credit card or bank account.[ii]

Being completely open can be scary and leave you vulnerable to judgment or reprimand but being deceptive to avoid discomfort may destroy your relationship. Financial infidelity often starts small and grows. The dishonesty may be rooted in shame, or pride, or even power. Whatever it is, finding the source of why financial infidelity happened, or why a person lied, will be vitally important if a relationship wants to survive.

Good Debt, Bad Debt


“Debt is one person's liability, but another person's asset.” -Paul Krugman, American Economist


By Kathy Longo, CFP®, CAP®, CDFA
Sunday, 17 February 2019

Good Debt, Bad Debt

 

We hear it all the time, everywhere, that Americans have too much debt. The debt of individuals 65 or older has risen 48% between 2003 and 2015.[i] The student loan debt hit $1.53 trillion in 2018.[ii] Americans now also have the highest credit-card debt in U.S. history with over $1 trillion owed.[iii] Considering that household debt hit a record high of $13.5 trillion[iv] you can see we are dragging a lot of debt around with us. What’s important to remember is that not all debt is created equal. In fact, some debt may be good. 

Talking Your Way Down the Aisle

The importance of having money discussions before you tie the knot.

By Kathy Longo, CFP®, CAP®, CDFA
Thursday, 31 January 2019

Talking Your Way Down the Aisle

Love is exciting. The first date jitters, the honeymoon phase, ring shopping etc. Wedding planning, while often stressful and expensive, is all about planning a life together. We love love. What we don't love, as evidenced in various TV shows and movies, is talking about what happens after the happily ever after, which often involves money. Whether you come in with a lot or too little, there are hurdles. The dreaded prenup. The horror stories of partners carrying huge amounts of undisclosed debt. The reality is, in most aspects of our lives, we avoid having difficult financial conversations until we have to. Waiting until things hit the fan, unfortunately, takes away a lot of options. It is in these situations when couples are forced to be reactive instead of proactive.

Looking Ahead: New Year, Bright Future

By Kathy Longo, CFP®, CAP®, CDFA

Monday, 07 January 2019

Looking Ahead: New Year, Bright Future

It’s that time of year again, fresh starts, new beginnings and a long list of resolutions. We all have them, probably a little bit more exercise, eat better, tackle debt, save more. These are things we all could be better at and so this year, instead of putting them back on the shelf after a few half-hearted attempts, let’s go over some ways to actually reach your goals. It’s great to sip champagne and think of all the things you will do better this year, now imagine how much greater it will feel to actually accomplish those goals at the year’s end?

New Year’s Resolution: Improving Financial Communication in Your Home

By Kathy Longo, CFP®, CAP®, CDFA

Tuesday, 01 January 2019

New Year’s Resolution: Improving Financial Communication in Your Home

 It’s that time again, the time to make resolutions: to lose ten pounds, to eat better, to read more, to get serious about your finances. While we can't chase you into the gym, we can go over some ways to tackle your finances. Too often we find ways to put aside our financial long-term health for short-term, day-to-day distractions. The good news is that you can improve your finances in the new year by communicating and setting goals. We describe some helpful themes to foster positive money conversations in the New Year. The first step to making this resolution a reality is to get your calendar out now and start blocking out time for your finances.

Contact Us

  • 3300 Edinborough Way
    Suite 420
    Edina, MN 55435
  • PHONE: 952.392.4474
  • FAX: 952.953.3310