Planning & Monitoring: The Obvious Wealth Factor We Love to Ignore

In pop psychology and social media, there seems to be more interest in money 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 Type Indicator[…]

Changing Attitudes and Behaviors Related to Budgeting

An obvious mechanism to help an individual spend their cash flow in accordance with their financial goals is to employ some sort of budget. But for many of us the idea of constricting any type of behavior, especially the way in which we spend our money, is unpleasant. Even if we label it using the euphemism of a “spending plan.” Volumes of advice and technologies are available to help with the mechanics of putting budgets together and tracking[…]

Beware the Inferential Leap From a Single Data Point

If you are trying to understand the complex underlying personal characteristics of your client, a potential employee, or even yourself, it goes without saying that you need a good tool (i.e., a good assessment) to measure these not-so-obvious personal features. This is the heart of psychometrics: the science of measuring individual differences (that is, our unique personal characteristics). Typically psychometrics involves gathering multiple responses related to a characteristic to ensure you’re really measuring what you[…]

Mindfulness, Well-Being, and Spending: The Benefits of Being Aware

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 can[…]