Flourish Financially Blog

Your Personal, Complicated Relationship with Money

By Kathy Longo, CFP®, CAP®, CDFA®

Friday, 14 December 2018

Your Personal, Complicated Relationship with Money

When I was in seventh grade, I went shopping with a friend and her brother. They were from an affluent family and encouraged me to buy a pair of Guess jeans even though the Guess jeans were much more money than anything my family normally bought.

I had been earning my own money as the most-sought-after neighborhood babysitter, so I had enough money to buy the jeans. Upon returning home, I proudly shared my purchase, to which my mom took one look at the price tag and made it clear that she thought I had paid way too much for them. I immediately felt ashamed. I took the jeans back, but the memory of them remains.

The Costly Relationship Between Your Emotions and Your Money

By Kathy Longo, CFP®, CAP®, CDFA®

Thursday, 08 November 2018

The Costly Relationship Between Your Emotions and Your Money

How we perceive success, happiness, finance, and the experiences that shape us influences how we spend and save money. As I wrote about previously, understanding your money story and your emotions about money can remove some of the barriers that get in the way of allowing you to make level-headed financial decisions.

 There will often be emotions surrounding money.  The key is to separate the emotional from the rational, in order to more clearly identify your true goals and make better financial decisions.  There are four common emotions that typically drive financial decisions: fear, responsibility, excitement and sadness.

Gaining Perspective on Your Partner’s Money Story

By Kathy Longo, CFP®, CAP®, CDFA®

Thursday, 25 October 2018

Gaining Perspective on Your Partner’s Money Story

In a previous post, I spoke to the importance of identifying your “money story” – a memory or set of memories that helped shape how you feel about and approach money. Your first experiences with money set the tone for the emotions and motivations you attach to money, which affects the financial decisions you make.

Each and every money story is unique, which makes each individual’s approach to finance vastly different. It’s no wonder money matters are the leading stress in marriages…you’ve got two people with two completely different approaches to one of the most important aspects of life.

Getting Excited about Your Finances

By Kathy Longo, CFP®, CAP®, CDFA®

Thursday, 11 October 2018

Getting Excited about Your Finances

You might be thinking, “who gets excited about finances??”  Instead, many people dread them and hope to avoid dealing with them altogether.  Therein lies the problem – when you don’t look at and deal with them, that’s when things don’t improve.  However, when you decide to not avoid them, approach them head on and actually – yes – get excited about what you can accomplish, you will be amazed at the power you’ll have over your current and future financial outcome.

 

Avoiding Lifestyle Creep: Do’s and Don’ts

By Kathy Longo, CFP®, CAP®, CDFA®

Thursday, 04 October 2018

Avoiding Lifestyle Creep: Do’s and Don’ts

Finally! You got the promotion! Time to celebrate with going out to dinner…and maybe the next night or more just because it’s no big deal now. And look, you hadn’t noticed before, but you can add your favorite entertainment package to your streaming tv account for only $40 more per month. It’s been a busy couple of months, you’d prefer not to spend your extra time on the lawn, maybe you can add a lawn service so that you don’t have to worry about it – for only $100 a month that seems worth it! And man, your car has seen a lot of miles…perhaps you should look into trading in/up for a newer car, you’ve got the room to afford more, right?

Why We Lie About Money

By Kathy Longo, CFP®, CAP®, CDFA®

Monday, 24 September 2018

Why We Lie About Money

We tend to lie about things we’re uncomfortable with, embarrassed about, or ashamed of.  It’s no different with one of the most significant forces in our lives: money.  My passion and focus is helping individuals truly flourish financially.  To do this though, people need to be willing to have real, sometimes uncomfortable, conversations about money and life. 

After working in financial planning for more than twenty-five years, I’ve noticed that there’s a deep-rooted resistance in our culture to talk about money. Talking about money requires a willingness to be vulnerable and most people are not confident in their money choices. They’re embarrassed about making poor choices or not having the know-how to make good ones. This is unfortunate for many reasons. Chief among them is the fact that money is a source of stress for most people. 


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