Take these steps to create a strategy for lasting financial health
By Kathy Longo, CFP®, CAP®, CDFA
Wednesday, 27 October 2021
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.
Plan Ahead to Overcome Emotional Reactions that Can Skew Prudent Investment Strategy
By Kathy Longo, CFP®, CAP®, CDFA
Wednesday, 06 October 2021
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.
How to Find Firm Financial Footing After Your Marriage Has Ended
By Kathy Longo, CFP®, CAP®, CDFA
Monday, 27 September 2021
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.
Finding Ways to Develop a Successful Retirement Plan Despite the Odds
By Kathy Longo, CFP®, CAP®, CDFA
Monday, 13 September 2021
When it comes to retirement savings, women are at a disadvantage compared to their male counterparts. From the impact of the gender wage gap compounding over a lifetime, to caregiving responsibilities, divorce implications, and more, women often make and save less money than men. Yet, the data shows that they outlive men and are much more likely to end up widowed. When all that combines, the reality for many women is that their typically smaller savings for retirement must cover a longer timeframe.
Six Tips to Excel Personally and Professionally
By Kathy Longo, CFP®, CAP®, CDFA
Monday, 30 August 2021
Over the past decade, more and more women have found a new and commanding role in the workforce: the entrepreneur. In fact, women-owned businesses account for 40 percent of all U.S. businesses, and they generate nearly $2 trillion a year in sales. While there has been a considerable shift in the numbers surrounding female entrepreneurship, which increased by 58 percent from 2007 to 2018, the social and domestic responsibilities traditionally placed on women haven’t changed much at all.
Female entrepreneurs face all the same challenges as their male counterparts - and more. In addition to being successful in business, they also shoulder the societal expectations placed on them as females, bearing the brunt of housework and childcare. What’s more, women also take on most of the invisible work or the mental workload that comes with managing the logistics of the family, including making appointments, organizing schedules, remembering birthdays, planning meals, maintaining ties with extended family members, and much more.
While the conversation around work-life balance unveils a host of gender inequality issues, the truth is women aren’t slowing down in the office or at home despite the unequal workload. The tips below offer options to take a step back and evaluate how best to approach the many roles in which female entrepreneurs find themselves to find some balance and peace of mind.
