Five Generational Money Taboos You Should Ignore

Replace These Outdated Ideas About Money and Take Control of Your Finances
Wednesday, 17 November 2021

Five Generational Money Taboos You Should Ignore

For most of us, we inherit our money habits and develop our relationship with money from our parents. While a lot of us are raised to believe that talking about money is taboo, the reality is that it’s healthier to be open and upfront when discussing money topics. Avoiding conversations about money perpetuates financial illiteracy and provides an opportunity for bad money habits to take root.

There’s a lot that we can learn from our parents and it’s important to heed the lessons from those who came before us. However, there are some long-held beliefs about money that no longer hold in modern times, and believing them can lead to unnecessary financial hardships.

Read on for five generational money taboos that fail to hold water – and some mantras you can use to replace them.

ESG Investing is Growing - And Women Are the Reason Why

How Women Are Changing Investing for the Better
Monday, 08 November 2021

ESG Investing is Growing - And Women Are the Reason Why

The financial industry has long been dominated by men, but as more women enter the playing field, the very nature of investing is showing a marked shift. Over the past several years, interest in Environmental Social Governance (ESG) investing, also known as impact investing, has skyrocketed - and it’s largely due to women. When it comes to ESG, individuals invest in a business that is providing a benefit of some kind. For some companies, that could be combating climate change, addressing racial inequities, or improving access to education, among others.

According to an article from Bloomberg, ESG assets could reach $53 trillion by 2025. That would mean more than 33 percent of all global assets under management would be considered ESG assets. Women are sending a clear message with their investment choices. Building wealth is no longer the only goal; female investors also want to make an impact on the world around them.

When it comes to ESG, women are undeniably present in every aspect. They are running socially responsible businesses, investing in funds that reflect their values, and lending money to support causes in which they believe. Below, we’ll discuss four ways female investors are leading the ESG movement.

Recipe for Success: 10 Ingredients for Financial Well-Being

Take these steps to create a strategy for lasting financial health

By Kathy Longo, CFP®, CAP®, CDFA
Wednesday, 27 October 2021

Recipe for Success: 10 Ingredients for Financial Well-Being

When you consider your overall health, you probably take stock of your physical health and mental health. You may even think in terms of spiritual health. However, how often do you factor your financial health into the equation of your overall well-being?

According to a recent article from CNN, seventy-three percent of Americans are stressed about their finances. When it comes to younger generations, including Millennials and Gen Z, that stress level increases above eighty percent. 

Financial health is a critical component of your overall health. By taking a proactive approach to your finances, increasing your financial literacy, and committing to some consistent habits, you can achieve financial success. Use the 10 ingredients below to create a recipe for financial success in your life. 

Investment Strategy and Avoiding Emotional Interference

Plan Ahead to Overcome Emotional Reactions that Can Skew Prudent Investment Strategy

By Kathy Longo, CFP®, CAP®, CDFA
Wednesday, 06 October 2021

Investment Strategy and Avoiding Emotional Interference

I write a lot about the interconnectedness of money and emotions, and I also talk about it frequently on my Flourish Financially podcast. That’s because we humans are emotional creatures, and our feelings can have a tremendous impact on our behavior. Of course, that includes financial decision-making, which permeates many aspects of our lives. When it comes to investing, in particular, the natural highs and lows of the stock market can have emotional effects. If we’re not careful, these emotions can inhibit our ability to make sound financial judgments. In fact, many poor investment decisions have been made by investors who became too emotional and let their behavioral biases overrun their rational thoughts.

For this reason, it’s crucial to understand how emotion can interfere with your investment success. We all go through life with various ups and downs and hiccups along the way. This can cause fear and uncertainty – both fertile fields for emotional financial decision-making.

Below we will discuss three emotional biases that can wreak havoc on your investment strategy – if you let them.

8 Ways to Bounce Back When Divorce Damages Your Finances

How to Find Firm Financial Footing After Your Marriage Has Ended

By Kathy Longo, CFP®, CAP®, CDFA
Monday, 27 September 2021

8 Ways to Bounce Back When Divorce Damages Your Finances

While none of us head into marriage expecting a divorce, it’s an unfortunate truth that for many marriages divorce is the outcome. Divorce can lead to a complete upheaval of your life, impacting your personal life, your emotional well-being, your physical well-being, and, especially, your finances. For most people, coping with life after a divorce is one of the most difficult challenges they will go through. However, if you’re in the unfortunate position of leaving the divorce with limited or no funds, rebuilding a new life may seem nearly impossible.

If divorce has ruined your financial plans, thrown you off track, and made you feel like life is spinning out of control, know that it doesn’t have to be like that forever. Life is transient; it’s all about rolling with the punches and getting back up after tough falls. One of the most crucial parts of taking back control of your life is to come to terms with your new financial situation. This is especially true if you were in a relationship where you heavily depended on your spouse for your financial support. So, if you’re coming out of a divorce and struggling financially, try incorporating these eight steps into your money strategy to get yourself back on firm financial footing.

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