Blog
IS IT LOGICAL TO HAVE A MORTGAGE?
When someone secures a mortgage on their residence at a reasonable interest rate, what do they think about? Most people would say that they are glad they got a decent interest rate and long for the day when it will be paid in full and they will own their house free and clear and fulfill a core element of the American Dream. Some people may have the means to pay their mortgage off in 15 years or even 10 years. This, of course, means larger monthly payments. But should they pay it off as soon as possible? What if they had lower monthly payments...
read moreA Lucky Surprise
“Congratulations, you have just won $285,000 in the Publisher’s Clearing House Sweepstakes,” an unfamiliar voice announces, as I pick up the phone the other morning. “Oh, really, I say, somewhat skeptical because I don’t remember entering a raffle, but curious. “Who wouldn’t want a $285,000 surprise, particularly in this economy and right after some hefty Christmas spending,” I mutter to myself as the disembodied voice continues, “We want to deliver the check to you today. All the taxes are paid. It will be coming from the...
read moreA Psychologist’s View of “Frugality Fatigue”
Remember three years ago, December, 2008? The world’s financial system was on the brink of catastrophic breakdown. The major stock markets spiraled out of control. Suffering from loss of investment savings, loss of job and loss of confidence, we Americans ran for the hills. As the holiday season approached few had the desire or the disposable income to spend on gifts or expansive plans to celebrate. Could you imagine then going to a store like Williams-Sonoma and dropping $900 on a few non-essentials? Three years later jobs are still...
read moreFinancial Therapy Association 2nd Annual Conference
On September 11-13, 2011, financial planners, psychologists, social workers and academics met in at the University of Georgia’s College of Family and Consumer Services to share ideas about how to help individuals and families act more effectively with money. Papers ranged from presentations about how anxiety affects money behavior to how money acts as a way to regulate self-esteem. As with many conferences, the interaction among attendees during the breaks offered some of...
read moreDo You Have Financial PTSD?
In my practice, I occasionally counsel patients suffering from post-traumatic stress disorder (PTSD). These patients are grappling with the psychological burden that results from catastrophic losses. Many of us think about post-traumatic stress disorder (PTSD) when we think of soldiers being overwhelmed and fatigued on the battlefield, or flood victims losing their homes and livelihoods. I contend that many Americans are going through post-traumatic stress disorder right now as a result of the heated Congressional debate around the debt...
read moreVacation Budgeting—and Blowing the Budget on Vacation
I’m just back from a 10-day trip through Italy as part of a choir tour. We started in Venice, headed for Florence, then Spoleto (in the Umbrian region of Italy) and ended in Rome. Over the course of our trip, the exchange rate from dollars to Euros varied between $1.48 US to $1.42. It wasn’t very friendly to my American budget, so I made the most of my dollars by getting Euros from the ATM (best way to get money and avoid unwanted credit card fees) and paying for most of my vacation expenses in cash. I discovered on my trip that something...
read moreADHD/ADD In Adults: 50% DON’T Outgrow This Lifelong Condition
Before the early 2000s, the symptoms of ADHD/ADD were not included in national mental health surveys. Now that the symptoms are listed, the reported existence of ADHD/ADD is estimated at 8% of the adult population. ADHD/ADD is a life-long condition. Half the children who have ADHD/ADD do outgrow it by the time they are in their 20s. That leaves a striking 50% who don’t. They are the ones who struggle as adults. In general, adult ADHD/ADDers are burdened with restlessness and an inability to delay. If they want to say something,...
read moreEnlightening podcast from ConsumerismCommentary.com
On May 22, I was interviewed by Bryan Busch of ConsumerismCommentary. Bryan did a great interview about emotional/financial literacy, behavioral economics and how couples relate to money. Intriguing stories emerged about how some couples try and get around anticipated criticism from each other about their spending habits. Click to listen to the Podcast.
read moreTWEENS GET EDGE ON FINANCIAL LITERACY
It is becoming more commonplace for public schools to offer financial literacy courses in middle school. To make financial literacy training as realistic as possible, Junior Achievement partnered with Fairfax County Public Schools and the Fairfax, VA business community to create a 20,000 square foot facility called Junior Achievement Finance Park. The park is a high-tech mall-like building with “real” stores, banks and ATM machines. Each student enters with an assumed identity like “a single mother with a six year old child.” The...
read moreMy Book
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