I recently
attended two back-to-back conferences for financial educators. Below are 14
ideas that I took away:
¨
When
people are talking about money, it is not about money. It is about their money
values.
¨
Money is
not about numbers. It is about the stories we tell ourselves about the numbers,
¨
Don’t
make key financial decisions when you experience HALTS: hungry, angry, lonely,
tired, and scared.
¨
Some
people sabotage themselves when they start to succeed because they lack
successful role models.
¨
There
are six money habitudes: planning,
security, carefree, spontaneous, status, and giving.
¨
A study
found that a future-minded time orientation was positively associated with
financial capability.
¨
Another
found that “thinking ahead” improved financial health more than age, income, or
financial literacy.
¨
People
who think “I control my financial destiny” feel empowered to successfully manage
their money.
¨
When
people feel powerless, they should think about a time when they felt completely
in control.
¨
Identify
an realistically attainable financial role model and identify steps to take to
be like that person,
¨
A little
money invested for a long time will grow more than a lot of money invested for
a short time.
¨
Both
health and financial literacy require the ability to read and interpret
documents and use numbers.
¨
The lack
of houses for sale in some areas is partially due to those age 65+ still
working or “aging in place.”
¨
A study of
financial literacy with 50 questions found that 5 under-estimate effects of
financial education.
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