In her blog “Good Thinking,” research psychologist Denise Cummins explains why the topic of allowances raises such a high level of concern and confusion for parents.
Allowances are powerful things. They are a child’s first exposure to the power of personal choice that financial means can bring. It is for this very reason that parents approach it with a mixture of fear and trepidation.
To some, it is the quintessential way to teach children financial literacy as well as character traits like patience, thrift and generosity. To others, however, allowances are dangerous things that take away parental power and authority, and teach nothing more than greed. (more…)
Learning good money management habits and basic financial knowledge will help to increase your confidence in making good financial decisions. But, more importantly, a growing understanding of the underlying emotional motivators that shape your attitudes and behaviors will give you the extra edge you need to achieve your financial and life goals.
Therefore, rather than using income and net worth as a measure of your financial health, take a more holistic approach by evaluating your progress in these key components of “true wealth”—Recognition, Resilience, Resourcefulness, Relationships, and Wisdom. (more…)
Many of us have been taught about setting goals through the use of the SMART acronym. The theory is that in order to be successful in our pursuits, our goals must be:
The word “appreciation” has at least two important meanings and applications. In the world of finance, it refers to the increasing value of an asset. In the inner realm of thoughts and emotions, appreciation involves recognizing the value of and feeling gratitude for specific people, experiences, and circumstances.
In her book, The Soul of Money: Transforming Your Relationship with Money and Life, Lynne Twist teaches that appreciative thinking is the opposite of scarcity thinking: “When your attention is on what’s lacking and scarce—in your life, in your work, in your family, in your town—then that becomes what you are about.” (more…)
Bringing balance to a busy personal and professional life is challenging. In order to accomplish all that seems necessary, most people resolve to work harder and faster.
Therefore, individuals and families are increasingly experiencing a time crunch. The result is mounting stress and compromised health and vitality. And yet, despite their best efforts, many express frustration about not being able to bring tasks to completion, and having enough time to focus on what or who is most important to them. (more…)