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  • Find Out About Your Money Personality
    working on her doctoral dissertation in psychology she was studying the psychological effects of sudden wealth she became increasingly unhappy with much of the contemporary writing about people s relationship with money These tended to put people in little boxes and usually those boxes were pretty negative After much thought Eileen realized that people have a relationship with money in three areas how they acquire their money how they use their money spending vs saving and how they manage or mismanage their money After a good deal of tweaking Eileen introduced the concept of a three dimensional relationship with money to financial professionals through an article in The Journal Of Financial Planning Working with VISA we ve taken that three dimensional paradigm of money relationships and created an interactive quiz that you can find in the At Home section of Practical Money Skills For Life There are no right or wrong answers You identify your own relationship with money in each of the dimensions and the quiz points you to tools on the VISA website that you might find of interest For example if you find that you tend to spend a bit too much each month the quiz will point you to articles on smart shopping If you have a problem creating a budget the quiz will take you to tools that make creating a budget a snap Filed Under Uncategorized Tagged With budget children credit cards financial planning money money management money personality Speak Your Mind Cancel reply Name Email Website 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

    Original URL path: http://www.galloconsulting.com/Financially-Intelligent-Parenting/uncategorized/find-out-about-your-money-personality/ (2016-04-28)
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  • 2011
    Your Values In our last column we began sharing some ideas when it comes to helping your kids connect money and values Here are some more Help your children understand the difference between using money for self worth and using money for self fulfillment Over the years we have worked with literally thousands of Filed Under Children and Money Modeling Values Talking about Money Tagged With charity children media money money messages responsible spending values Spending Time and Money Consistent With Your Values Part II This entry is part 2 of 3 in the series Spending Time and Money Consistent With Your Values Because money is so loaded with meaning for most of us it is not unusual for our behavior with money to be in conflict with our other values Using money to buy things because we re depressed and want to feel better is a classic example of money values in conflict Depression is the Filed Under Children and Money Modeling Values Talking about Money Tagged With children media money money messages responsible spending values Spending Time and Money Consistent With Your Values Part I This entry is part 1 of 3 in the series Spending Time and Money Consistent With Your Values What do Billie Jean King tennis super star Venus Williams John Lennon and Bill Walton UCLA All American and NBA star have in common They all attribute their success to someone in their life who was a role model As a parent you are your child s first and often most important role model especially when Filed Under Children and Money Modeling Values Talking about Money Tagged With children media money money messages responsible spending values Psychology and Selling to Kids Mary Pipher a well known clinical psychologist has observed that that the media rather than parents are raising children today In too many cases she is correct Advertisers spent over 200 billion in 2001 or a little over 2 000 a year to reach each family in America They were not just trying to reach you Filed Under Children and Money Financial Literacy Tagged With advertising children media money money messages responsible spending values Money Marriage and Kids Psychologists and financial writers like referring to money as the last taboo In 1913 Freud commented that money questions are treated in the same manner as sexual matters with the same inconsistency prudishness and hypocrisy Today everyone seems to be talking to their kids about sex a search under children and sex education on Amazon com Filed Under Children and Money Financial Literacy Financial Reflection Tagged With acquisition children couples finances investment money money management money messages responsible spending values wealth Parental Money Tasks In the 1950s psychoanalyst Erik Erikson identified a sequence of eight developmental stages that we all go through from birth to old age Five stages occur during childhood successfully completing them contributes to healthy personalities The trust stage is from birth until about age two A child s task is to develop

    Original URL path: http://www.galloconsulting.com/Financially-Intelligent-Parenting/2011/ (2016-04-28)
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  • 2011 June
    sequence of eight developmental stages that we all go through from birth to old age Five stages occur during childhood completing them successfully contributes to healthy personalities The trust stage is from birth until about age two A child s task is to develop a view of the Filed Under Children and Money Tagged With children money money personality patterns values Kids And Charity Becoming A Charitable Family Part II As important as it is to model giving behaviors it s just as important to provide kids with a context for a given charitable act and help them see its real world impact Context means giving your kids a reason why they should get involved This doesn t just mean explaining why but choosing a particular activity Filed Under Charity Children and Money Modeling Values Tagged With allowance charity children financially intelligent parent responsible values Kids And Charity Becoming A Charitable Family Part I As much as we want our children to be good money managers to use their allowances wisely to balance a checkbook and so on it s equally important to provide our children with more than basic money skills Our kids need to grow up to be giving human beings in the best sense of Filed Under Charity Children and Money Modeling Values Tagged With allowance checkbook children finances money responsible values Helping Our Children Develop A Work Ethic Part III This entry is part 3 of 3 in the series Helping Our Children Develop A Work Ethic Schoolwork and extracurricular activities are two of the three basic building blocks that help your children develop a work ethic The other is family chores When it comes to schoolwork let s start off with a surprising truth Pressuring your children to get straight A s does not develop a work ethic It may increase their stress Filed Under Children and Money Chores Financial Literacy Modeling Values Tagged With children responsible values work ethic Helping Our Children Develop A Work Ethic Part II This entry is part 2 of 3 in the series Helping Our Children Develop A Work Ethic In Part One we looked at the importance of helping our kids to develop a work ethic We explained that there are three areas that provide parents with opportunities to teach kids to be industrious and responsible for their work Chores School and Jobs In this Part we are going to look at the role Filed Under Children and Money Chores Financial Literacy Modeling Values Tagged With children financially intelligent parent money responsible values work ethic Helping Our Children Develop a Work Ethic Part I This entry is part 1 of 3 in the series Helping Our Children Develop A Work Ethic Kids aren t naturally diligent or naturally lazy A work ethic is learned behavior and as a parent you re the one who teaches your kids to acquire it If you re like most parents you want your children to work hard and derive meaning and satisfaction

    Original URL path: http://www.galloconsulting.com/Financially-Intelligent-Parenting/2011/06/page/2/ (2016-04-28)
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  • 2011 June
    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 we began looking at some guidelines to having productive conversations about money with your kids Let s continue that exploration A close relative of the why won t you question is the why can t I question Filed Under Children and Money Modeling Values Talking about Money Tagged With children college discussion financially intelligent parent money money management responsible values Engaging In Difficult Money Discussions Part I One of the most important behaviors of financially intelligent parents is being able to talk to your kids about money Financially intelligent parents understand that they teach their kids a lot about money through their modeling behavior but they also understand that they teach them even more in day to day conversations that involve money Filed Under Children and Money Modeling Values Talking about Money Tagged With budget checkbook children credit cards discussion finances financially intelligent parent money money management responsible spending values Divorce Your Children and Money Bill a 45 year old divorced father of two teen age children received a phone call from his 16 year old son Brian who lived with Bill s ex wife Brian wanted

    Original URL path: http://www.galloconsulting.com/Financially-Intelligent-Parenting/2011/06/page/3/ (2016-04-28)
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  • 2011 June
    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

    Original URL path: http://www.galloconsulting.com/Financially-Intelligent-Parenting/2011/06/page/4/ (2016-04-28)
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  • 2010
    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 a break out session on Raising Responsible Children In An Affluent Environment for the AICPA Conference on Tax Strategies for the High Income Individual During the Q A session at the end of the presentation one 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 Alpha Moms and Viral Marketing Nintendo has found a new way to market its Wii video game console use Alpha Moms The December 25 2006 edition of the Los Angeles Times reported that Nintendo has merged viral marketing techniques with Tupperware parties by recruiting gregarious tech savvy moms whom it dubbed alpha moms to share the console with their Filed Under Children and Money Money Stories Tagged With children money products Rent

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  • The Psychological Education Of An Estate Planner
    was so inured to the subject that I was introducing my clients to estate planning by calmly and dispassionately discussing the most stressful events that could happen to them I also came to understand that life change events do not have to be negative to be stressful Positive life changes require as much life adjustment as unpleasant events For purposes of the SRRS social readjustment measures the intensity and length of time necessary to accommodate to a life event regardless of the desirability of this event italics in original Often the event that motivates a client to see an estate planner is a positive change they have gotten married No 37 on the list had a child No 17 the children are older and have moved out on their own No 41 the family business has been sold and they suddenly are more liquid than ever before No 27 or they have retired No 29 And so after 30 years in practice I changed my introductory meeting into one which explores the clients relationships with their children and grandchildren and focuses on the values that the client wishes the estate plan to convey Asking the clients to prepare a family mission statement accomplishes far more than extolling the virtues of exempt generation skipping trusts Eileen s three dimensional paradigm of money relationships has also turned into a major practice management tool I use it in a two stage process first helping the client identify his or her relationship with money and second providing the client with a means of characterizing the effect of various estate planning techniques In the first stage I explain that the paradigm allows us to understand our relationship with money in the three dimensions of acquisition use and management My explanation of the paradigm follows what Eileen discusses in her column namely that each dimension is a continuum with extremes at either end and a broad range of normal behaviors in the center I also point out that people almost always tend to view one of the three dimensions as more important that the others but that which dimension it might be is highly idiosyncratic The client is asked to rate himself or herself on each of the three dimensions and to identify the predominant dimension Husbands and wives tend to enjoy rating each other and identifying the predominant dimension It is extremely rare that they disagree in their ratings of each other As the second step I explain that a convenient means of understanding the numerous available estate planning techniques is to categorize them in terms of the paradigm Some techniques appeal to the client whose primary interest lies in acquisition while other techniques may resonate with the client interested in use or management By identifying the particular orientation of the estate planning device in terms of the paradigm the client is able to be more proactive in selecting techniques with which he or she will be comfortable Acquisition For entrepreneurial clients whose focus is

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  • beneficiaries
    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 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 Parents Part II The Seven Beliefs of Financially Intelligent Parents Part I Teachable Times Being Alert for the Moment When Money Messages Can Be Sent Spending Time and Money Consistent With Your Values Part III Spending Time and

    Original URL path: http://www.galloconsulting.com/Financially-Intelligent-Parenting/tag/beneficiaries/ (2016-04-28)
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