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In pop psychology and social media, there seems to be more interest in pop personality than in financial behaviors when it comes to talking about the things that will have the greatest impact on how successful we are at accumulating wealth. Who doesn’t love a one-question quiz that asks you about your favorite color and then gives you a report telling you you’re a terrible investor because you like magenta? Tests like the Myers-Briggs …
An obvious mechanism to help an individual spend their cash flow in accordance with their financial goals is to employ a budget. But for many of us, the idea of constricting any behavior, especially how we spend our money, is unpleasant. Even if we label it using the euphemism of a “spending plan.” And, changing money attitudes is challenging even for experts. Volumes of advice and technologies are available to help with the mechanics of …
We have an operating theory here at DataPoints that goes like this: portfolio returns are being commoditized for the vast majority of retail investors–either by robo-style services or index strategies, or both–and that this large swath of the population will be willing to pay less for the (likely illusory) promise of market-beating portfolio returns from their would-be financial advisors. This development will in turn put pressure on the financial services industry in general and …
Have you ever dismissed a concept because it sounds too “soft,” that it won’t help or be applicable to your practice, life, or clients? One of those concepts that has suffered from a branding problem in the financial world is mindfulness. However, with the increased focus on holistic financial planning, it’s gaining some ground a an increased reputation as a way to help achieve financial success. Let’s consider it in light of spending. News-flash: Excessive spending …
Executive coaching is estimated to be a $1 billion industry. These counselors, psychologists, and former “C-level” executives coach leaders to build competencies and skills required to be effective and successful at their high-level, high-stakes job. While coaches use technologies and numerous methodologies to assist in their practices, personal interaction is at the heart of the business. Like a C-level role, the job of household money management is multi-faceted, and includes many complex tasks: budgeting, creating long-term goals, investing, …