Financial Tip of the Month
Topic: Money's Impact on Your Relationships
Humans are social creatures. In order for these social creatures to exist in the world and connect with one another, money surfaces as a necessity to function in our modern day society. Dick Wagner, who acted as a Financial Planning philosopher, explained in his 2013 essay titled, Financial Planning Saves the World, that
"Money skills are 21st century survival skills. It is impossible to function in 21st century America without some basic financial skills, even if they are only the skills of begging or working the various subsidy systems."
Our other blog articles, newsletters, and services help you with the technical and emotional side of money, but let's nudge you to address how this 21st century survival skill (money) can influence your relationships. Let's define relationships in five categories where we'll provide you with resources to dive further!
1) Your Personal Relationship with Money
- Take the Klontz Money Behavior Inventory so you can help you define your Money Disorders from this 53 question survey
- The survey can help you see if you're displaying behaviors known as Compulsive Buying, Gambling Disorder, Hoarding Disorder, Workaholism, Financial Dependence, Financial Enabling, Financial Denial, Financial Enmeshment, and/or Financial Infidelity.
2) How Money Impacts Your Relationship with Your Partner
3) Your Family Getting on the Same Page when it comes to Money
4) Keeping Healthy Boundaries between Your Friends and Your Money
- Avoid both 'Keeping Up with the Joneses' and 'Flexin for the Gram'
- Urban Dictionary defines 'Flexin for the Gram' as when you are constantly taking selfies and pics of expensive merchandise to put on Instagram to show off.
5) Giving Your Money to Strangers
Attention Parents: Give a Better Gift to your Adult Children
Financial Quote of the Month
"I claim that all decisions in life - large and small, financial or not - are governed by what I call the three fundamental trade-offs: risk versus return, today versus tomorrow, and self versus others. Preferences are basically the attitude with which people are solving these trade-offs."
Shachar Kariv, Ph.D.
Journal of Financial Planning, May 2018 Issue
Well-Rounded Success Around The Web
Better your giving by reading an article I wrote which was picked up as the lead article for XY Planning Network's blog:
Good Financial Reads: Tips for Giving
Looking for podcasts to better your financial life and/or to better your overall life? Look for my recommendations in two recent InvestmentNews articles:
9 Podcasts that Financial Advisers Love
8 Podcasts Advisers Listen to When they aren't Working
Want some quirky inspiration mixed with dog pictures? Follow our Instagram page where we share posts of our happenings plus our mailed postcards where you can find my dog in the majority of our posts!
Recent Post: An inspirational quote with a sleeping Bogie
Throwback Well-Rounded Success Article
Today's Prescription: Self-Applied Pressure in Moderation