How To Talk Money!

Money questions will be treated by cultured people in the same manner as sexual matters, with the same inconsistency, prudishness and hypocrisy. Dr. Sigmund Freud. 1913 Introduction Welcome Music Retailers & MI suppliers to Part 1 of a three part series, which explores the technical and emotional roadblocks for conducting effective money conversations, key to successfully building and selling your business. Let it be known that I come with a bias- I previously was a music educator and owned an MI store. My name is Jaimie Blackman and today with 15 years’+ experience as a financial life planner and wealth manager, I created an “artful” way to talk about money using  music metaphors to help you learn quickly. Whether you are a music maker, or music lover, music has much to teach us about money. Because I capsulized dozens of issues of wealth down to 7, I call this language of money,…

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What is MoneyCapsules® & Why?

I'm a life long guitarist. When  musicians learn a piece of music, they  organize sounds into small portions or "chunks" at a time which facilitates memory. It appears that there are studies which supports this practice: We can only memorize things in small chunks  which then have to be joined together like links in a chain to form a sequence. The size of each chunk depends on the prior knowledge of the individual, so that although some skilled performers might be able to memorize large sections of a piece, others should focus on a phrase or even a bar at a time.1 To help people make sound financial decisions, I have created MoneyCapsules®, a system which organizes one’s financial life into seven units, or “chunks”: Values-Cash-Return-Tax-Risk-Time and Giving. I have discovered multiple benefits of this approach, both for individuals as well as financial advisors. One key benefit is that MoneyCapsules® provide…

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A Purpose in Life May Extend Yours. Study found older people who felt life had meaning had better survival.

Another study finds that having a sense of meaning and purpose in your life might do more than just give you focus -- it might help you live longer, too. The study, involving more than 9,000 British people averaging 65 years of age, found that those who professed to feeling worthwhile and having a sense of purpose in life were less likely to die during the more than eight years the researchers tracked them. Over the study period, 9 percent of people with the highest levels of this type of well-being died, compared with 29 percent of those with the lowest levels, according to the report in the Nov. 7 issue of The Lancet. The study comes on the heels of similar research published Monday in the Proceedings of the National Academy of Sciences. In that study, a team led by Eric Kim of the University of Michigan found that older…

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Talking About Money Before & After You Marry. No money secrets should stand between the two of you as you wed.

  No married couple should suffer from financial infidelity. If you hide debt, income or assets from your spouse, it can lead to a fight and possibly even an impasse in your relationship. Communication & transparency are essential when it comes to money. That truth should be recognized by every couple tying the knot, or even just cohabitating. Yes, financial matters can prove hard to discuss – but if you can’t talk about them together, that’s already a serious problem. That problem may affect more couples than we realize. In 2013, 7% of engaged individuals who answered a National Credit Counseling Foundation poll said that if they discussed money issues with their fiancé, it would prompt a fight; 11% felt such a talk would uncover financial secrets, and 5% said it would “cause us to call off the wedding.”1 On the bright side, 32% felt a conversation about financial matters would…

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Self- Driving Cars

Imagine you have a 90+ old parent who refuses to give up their driving. They have already been in several fender benders but won't hear about giving up the keys. I can remember some very pointed conversations with my dad. At 90 he was still driving. I was the passenger, and dad was giving me a tour of his  Boca Raton Century Village complex. He was pointing out the clubhouse on his right, and the next thing I know we are on the sidewalk. The sidewalk, where people walk.  After a quick adjustment he manages to drive the car back on the street. So I say what any self respecting son would say in the same situation. Dad- were you aware that you just drove onto the sidewalk?  He gives me his all so hearty laugh and says, I am. It happens every once in a while. Depending on your age,…

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3 Tips for Overcoming the Fear of Financial Insecurity

I'll never forget this conversation. I was  helping a client who I will call John,  organize his various investments including; real-estate, companies he owned, investment portfolios. When I presented his statement of net-worth it totalled more than $85 million dollars. The client was scratching his head and said to me, I don't think it's enough. I asked him why he felt that way. He couldn't offer any more details other than saying he had a feeling he would need more. I asked him if he thought he would run out of money? Again, no real clarity was communicated.   It appears that simply by asking people what their "Number" is triggers a series of  emotional responses ranging from blank stares, to sheer terror. This makes no sense especially in the United States where during the second half of the twentieth century, more wealth was created than had ever before existed on the entire planet.1…

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Last Man Off The Ship. God Bless Our Veterans.

A tribute to Irving Blackman, written by Jaimie Blackman Behavioral finance tells us that making quick financial decisions from the gut, often leads to big mistakes with your money.  When it comes to decisions of life and death, the gut trumps logic. My father’s instinct saved his life. ————————————————————– Some of my earliest memories were of my dad’s war stories. Back then I was too young to appreciate them. The ship that sank. The story how dad had to fight for a life jacket. It all sounds like something out of a movie.  My dad was eager to forget it. It is, however, a part of my family’s DNA. The story begins in 1942. Dad, with a newborn at home, enlisted in the U.S. Navy and was immediately assigned to the USS Luce, a brand new destroyer built on Staten Island N.Y, of the same year. For a peaceful and mild mannered…

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Major Risks to Family Wealth. Will your accumulated assets be threatened by them?

All too often, family wealth fails to last. One generation builds a business – or even a fortune – and it is lost in ensuing decades. Why does it happen, again and again? It is because families fall prey to serious money blunders – old and new. Classic mistakes are made, and changing times aren’t recognized. Procrastination. This isn’t simply a matter of failing to plan, but also of failing to respond to acknowledged financial weaknesses. For example, let’s say we have a multimillionaire named Alan. Alan gets a call one afternoon from his bank, which considers him a VIP. It turns out that his six-figure savings account lacks a designated beneficiary. He thanks the caller, and says he will come in soon to take care of that – but he never does. His schedule is busy, and the detour is always inconvenient. While Alan knows about this financial flaw, knowledge…

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How to Live a Rich Life Regardless of How Much Money You Make

The common mantra regarding money is that the more you have, the happier you’ll be. Psychologists, sociologists, and economists have spent decades researching the simple question--Does having more money make a person happier? The answer? It does and it doesn’t.  Money can definitely increase happiness: To the large percentage of the world population living in developing countries, an extra $100 a month could mean consistently eating a meal a day, having a warm place to sleep, and wearing shoes without holes. In this case, more money would definitely mean more happiness.  But for those of us living in wealthier countries, the correlation isn’t as strong: For the average American, the additional $100 or even $1,000 a month does not necessarily increase our happiness. Consider this: On a national level, the cumulative wealth of our country has significantly increased since World War II, yet the average happiness of Americans has not grown.1…

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