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  • Financial Reflection
    trace money personalities through several generations I use it in Filed Under Children and Money Financial Reflection Modeling Values Money Stories Talking about Money Tagged With affluence bills children estate expenses finances genogram money money management responsible values wealth The Psychological Education Of An Estate Planner In her column this month my wife Eileen introduces a three dimensional model of money relationships This model examines our relationship with money in terms of acquisition use and management For the last two years I have been using Eileen s model in my day to day estate planning practice as a means of helping clients select Filed Under Financial Literacy Financial Reflection Modeling Values Talking about Money Tagged With beneficiaries estate finances income loan money money management tax wealth Understanding Your Relationship With Money In my last column I talked about my two year 1995 97 study of sudden wealth An incidental side effect of that study was the development of a three dimensional model of money relationships that is the subject of this column As part of my doctoral dissertation I reviewed the psychological literature dealing with money Prior Filed Under Financial Literacy Financial Reflection Modeling Values Talking about Money Tagged With acquisition bills finances money money management values The Psychological Impact of Sudden Wealth A book review in The New York Times changed the course of my professional career I had gone back to graduate school to get my Ph D in psychology One Sunday morning I came across a review of Susan Litwin s Postponed Generation in which she argued that American youth were taking an extra ten years to Filed Under Financial Reflection Modeling Values Talking about Money Tagged With affluence children finances money wealth The College Dilemma Who Pays Earlier this year my husband Jon and I conducted

    Original URL path: http://www.galloconsulting.com/Financially-Intelligent-Parenting/category/financial-reflection/page/2/ (2016-04-28)
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  • Modeling Values
    Straight Part II This entry is part 2 of 4 in the series Getting Your Money Story Straight In Part One of this Article we discussed your money story and introduced the concept of your money personality as it reveals itself in the dimensions of how you acquire money how you manage money and how you use money Let s look at each area in more detail so that you can Filed Under Children and Money Financial Reflection Modeling Values Money Stories Talking about Money Tagged With acquisition children investment money money management money messages responsible spending values Getting Your Money Story Straight Part I This entry is part 1 of 4 in the series Getting Your Money Story Straight You send your kids messages about money all of the time through your words and actions This may sound straightforward but many parents are clueless about the money messages they are sending their kids If you re married your spouse is also sending your kids money messages Quite possibly these money messages conflict Filed Under Children and Money Financial Reflection Modeling Values Money Stories Talking about Money Tagged With children expenses finances money money management money messages responsible values wealth Financial Reflection Part III This entry is part 3 of 3 in the series Financial Reflection In Part Two of this article we introduced the Family Money Diary as a means of helping our children learn to think reflectively when it comes to money Let s look at Eric and Jenna and see how they use this technique Eric and Jenna have two children a daughter Monica age Filed Under Children and Money Financial Reflection Modeling Values Tagged With children finances financially intelligent parent money money management responsible values Financial Reflection Part II This entry is part 2 of 3 in the series Financial Reflection In Part One of Financial Reflection we talked about the importance of asking your children questions that stimulate discussions designed to encourage reflective financial behaviors Important as these steps are you need to be reflective yourself Many parents don t practice what they preach at least when their kids are watching To assess Filed Under Children and Money Financial Reflection Modeling Values Tagged With children finances financially intelligent parent investment money money management responsible values Financial Reflection Part I This entry is part 1 of 3 in the series Financial Reflection When it comes to making money decisions kids are frequently impulsive In fact when it comes to making most decisions kids are usually impulsive It doesn t matter if the choice involves money food or friends they often react without thinking Children simply aren t born with the capacity for self observation and the ability Filed Under Children and Money Financial Reflection Modeling Values Tagged With children finances financially intelligent parent money money management responsible values Engaging In Difficult Money Discussions Part II In our last column we were looking at why parents have a hard time talking to their kids about money and

    Original URL path: http://www.galloconsulting.com/Financially-Intelligent-Parenting/category/modeling-values/page/2/ (2016-04-28)
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  • Modeling Values
    in Part One When and How Can the Allowance Be Renegotiated If your children consistently run out of money before the end of their allowance period you need to take a hard look at what is going on They may need help in creating Filed Under Children and Money Chores Modeling Values Tagged With allowance budget children finances money money management responsible spending values Allowances Giving Your Children More than Money Part One Although some specific money interactions with your children will prove important helping them open their first checking accounts doing charity work together helping them save their money for significant purchases allowances represent a particularly crucial challenge for parents Few topics generate as much controversy and confusion Consider just some of the questions and Filed Under Children and Money Chores Modeling Values Tagged With allowance budget children finances money money management responsible spending values The Ten Worst Things To Say to Your Children About Money Part II This entry is part 2 of 2 in the series The Ten Worst Things to Say to Your Children About Money In Part One we looked at six of the ten worst things to say to your children about money Let s continue by looking at the final four That s not an appropriate question If you want to make your child feel guilty about talking about money this response really does the trick Younger children especially ask Filed Under Children and Money Financial Literacy Modeling Values Talking about Money Tagged With children finances money money messages responsible spending values The Ten Worst Things to Say to Your Children About Money Part I This entry is part 1 of 2 in the series The Ten Worst Things to Say to Your Children About Money As parents we want to communicate openly and honestly with our kids about money so that they won t experience problems financial or emotional later But there are some words that should never leave our mouths What and how you communicate to a child about money determines not just if he s fiscally responsible but Filed Under Children and Money Financial Literacy Modeling Values Talking about Money Tagged With allowance budget children finances money money messages responsible values work ethic Chores and Money A Google Alert led us to some well thought out comments on both sides of our recommendation that allowances and family chores should be kept separate Is it wrong to pay kids for chores Filed Under Children and Money Chores Modeling Values Tagged With children money responsible values Using Genograms to Help Understand Relationships with Money My most recent Money and Soul column May 2001 introduced a three dimensional model of money relationships which examines each person s unique relationship with money in three separate dimensions acquisition use and management This column explores a tool that you and your clients can use to trace money personalities through several generations I use it in Filed Under Children and Money Financial Reflection Modeling Values Money Stories

    Original URL path: http://www.galloconsulting.com/Financially-Intelligent-Parenting/category/modeling-values/page/3/ (2016-04-28)
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  • Modeling Values
    of the attendees raised the issue of kids graduating from college or Filed Under Children and Money Financial Reflection Modeling Values Tagged With children college expenses finances income money responsible savings Chore Wars and Gender Stereotyping A study by the University of Michigan s Institute for Social Research suggests that parents may be unconsciously perpetuating sexual stereotypes in the way they parcel out chores The study found that boys are more likely to get paid for doing chores around the house than girls Frank Stafford the economics professor heading the study speculates Filed Under Children and Money Chores Modeling Values Tagged With children money responsible values Rent The Movie Make The Popcorn and Get the Kids Off the Couch We got an email from Sarah Bowman and Diane Phillips Shakin the creators of Kids Off The Couch Their idea is simple A bowl of popcorn and a memorable movie Like a spoonful of sugar the magic of a good film will lure kids to cultural outings that are more than typical kid fare We Filed Under Children and Money Modeling Values Tagged With children money values Young Entrepreneurs Doing Good While Doing Well Parents who over emphasize the importance of money or rewards in achieving a goal rather than the process of achievement itself run the risk of turning their children into a kind of money junkie who has no true enthusiasm for anything except more money This is not a particularly good recipe for a meaningful or happy Filed Under Children and Money Modeling Values Tagged With achievement acquisition children college entrepreneur responsible values Why It Isn t Nice To Fool The Tooth Fairy Welcome We re delighted to introduce The Financially Intelligent Parent Blog Ever since Warren Buffett announced that he was giving some of his billions to

    Original URL path: http://www.galloconsulting.com/Financially-Intelligent-Parenting/category/modeling-values/page/4/ (2016-04-28)
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  • Divorce, Your Children and Money
    allowance not only teaches budgeting skills but also reflective thinking which is the ability to think in terms of choices alternatives and consequences John Gray Ph D in Children Are From Heaven ranks reflective thinking among essential life skills and Stanley Greenspan M D a leading child psychiatrist describes self reflection as a gift that enables children to become responsible citizens Minor children should receive a consistent allowance Often parents have joint custody and the children alternate living with each parent for a week or a month at a time Both parents should agree on the amount of the allowance the items covered by the allowance and the frequency weekly biweekly or monthly and the children should receive that allowance consistently no matter whose house they are at Will there be a separate clothing allowance If so how much and what does it cover Does the allowance come out of child support or is it extra This same question applies to extra curricular activities from piano lessons to sports equipment Cars Do the children get cars when they are 16 Does it come out of child support or is it extra If cars don t come out of child support which parent is responsible to provide the money Is the cost split between the parents How do they decide on the type of car and the amount to be spent What about gas maintenance and insurance Consider using an Alternatives Grid which is a decision making tool which we discussed in our first book Silver Spoon Kids How Successful Parents Raise Responsible Children McGraw Hill 2001 Make a grid with four columns labeled Alternatives I ll Try It I ll Consider It and No Thanks Under Alternatives the parents can list each possible approach to the issue in question If the question is who pays for car insurance alternatives could include i Father ii Mother iii Split Equally iv Comes out of Child Support v Child and vi Split Three Ways Father Mother and Child Each party then selects among Yes Maybe and No for each alternative Such an Alternatives Grid would look like this If an alternative is marked I ll Try It by both parties a clear choice exists If none of the alternatives are marked I ll Try It by both parties further discussion is in order starting with alternatives that were marked I ll Consider It Of course the Alternatives Grid is not restricted to dealing with who pays for a teenager s car It can be used for virtually all of the children and money issues discussed in this column College costs Who pays for the costs of college How many years are included Is the child expected to maintain a minimum grade point average or successfully pass a minimum number of units each semester or quarter What about room and board and travel expenses to return home to visit one or the other parents What if the parents now live in different cities or

    Original URL path: http://www.galloconsulting.com/Financially-Intelligent-Parenting/financial-reflection/divorce-your-children-and-money/ (2016-04-28)
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  • estate
    s unique relationship with money in three separate dimensions acquisition use and management This column explores a tool that you and your clients can use to trace money personalities through several generations I use it in Filed Under Children and Money Financial Reflection Modeling Values Money Stories Talking about Money Tagged With affluence bills children estate expenses finances genogram money money management responsible values wealth The Psychological Education Of An Estate Planner In her column this month my wife Eileen introduces a three dimensional model of money relationships This model examines our relationship with money in terms of acquisition use and management For the last two years I have been using Eileen s model in my day to day estate planning practice as a means of helping clients select Filed Under Financial Literacy Financial Reflection Modeling Values Talking about Money Tagged With beneficiaries estate finances income loan money money management tax wealth Fill out the form below to begin receiving our Monthly Newsletter Finacial Literacy Tips and more right to your inbox About Us Helping families cope psychologically is essential for developing the refined financial intelligence most clients are seeking today Eileen Gallo Ph D Eileen Gallo is a licensed

    Original URL path: http://www.galloconsulting.com/Financially-Intelligent-Parenting/tag/estate/ (2016-04-28)
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  • financial planning
    moments and then Filed Under Children and Money Financial Reflection Money Stories Tagged With allowance children college estate finances financial planning money responsible Find Out About Your Money Personality Last year we were asked by VISA USA to help them create a money personality quiz that could be accessed through their educational website www practicalmoneyskills com Our initial reaction was a bit skeptical After all a number of pages in The Financially Intelligent Parent are devoted to the problem of credit card use and abuse by Filed Under Uncategorized Tagged With budget children credit cards financial planning money money management money personality Fill out the form below to begin receiving our Monthly Newsletter Finacial Literacy Tips and more right to your inbox About Us Helping families cope psychologically is essential for developing the refined financial intelligence most clients are seeking today Eileen Gallo Ph D Eileen Gallo is a licensed psychotherapist in private practice in Los Angeles where she assists individuals and families with the psychological and Read More Categories Charity Children and Money Chores Financial Literacy Financial Reflection Modeling Values Money Stories Talking about Money Uncategorized Archives June 2011 October 2010 Recent Articles The Seven Beliefs of Financially Intelligent

    Original URL path: http://www.galloconsulting.com/Financially-Intelligent-Parenting/tag/financial-planning/ (2016-04-28)
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  • Using Genograms to Help Understand Relationships with Money
    add your children If they are old enough try to identify each child s primary relationship with money and insert the appropriate letter If you are really feeling ambitious add your siblings to the genogram and identify their primary relationships with money You are likely to find that a pattern jumps out at you Two Examples Let s look at two couples composites based on many clients with whom I have worked over the years To protect their privacy names and identifying information have been changed I will examine the impact of their relationship with money on their children and show you what their money genograms look like Example 1 Elizabeth and Jack are an example of a situation where a three generation money genogram is extremely helpful They are in their early fifties Jack is a successful plastic surgeon in Beverly Hills California and Elizabeth is an interior designer They enjoy a high standard of living with a beautiful home expensive cars and annual vacations in Europe They have been married for 28 years and have a 24 year old son Justin Both Elizabeth and Jack grew up in families where there was considerable anxiety about money but they have mentally organized that anxiety differently Although Jack s father made a good living Jack s mother was very frugal and was always concerned that someday the family might not have enough Today Jack s primary relationship with money is use Jack enjoys buying cameras computers and other expensive adult toys But when the bills arrive Jack worries that he is spending too much Elizabeth also grew up in an affluent environment until she was 11 but then her father died and the family s standard of living subsequently declined Elizabeth remembers her mother sitting at the dining room table shuffling bills and trying to make ends meet For Elizabeth anxiety about money has translated into an insecure and disorganized management style As Justin grew up he was exposed to a father who often complained that they didn t have enough money while he was driving a Jaguar and buying expensive stereo equipment and a mother who avoided dealing with money often not paying bills until creditors began to call Today Justin is anxious about money He says he doesn t want to duplicate his mother s chaotic management style and regularly balances his checkbook Justin worries if there is even a slight discrepancy Justin has organized his relationship with money by rejecting his mother s chaotic management style but adopting his father s pattern of impulsively purchasing things Their three generational family money genogram is shown in Figure 3 This Money Genogram discloses that Jack has internalized his mother s anxiety over Use and Elizabeth has adopted her mother s disorganized and anxious relationship with management Justin is the product of their joint problems with money having partially accepted his father s anxious relationship with Use and rejected his mother s disorganized style of Management Example 2 Monica and

    Original URL path: http://www.galloconsulting.com/Financially-Intelligent-Parenting/financial-reflection/using-genograms-to-help-understand-relationships-with-money/ (2016-04-28)
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