Modern Financial Wellness

For the first episode of Modern Financial Wellness in 2024, I put together a short "How To" show. I'll walk you through the things to think about and steps to take when you consider organizing your finances.

We'll start with some high-level ideas like: 

• Creating a "Year End Review" for 2023.  Because you can't move forward without thinking about where you have been.
• Having an "Open Growth Mindset".  I reference Carol Dweck's book "Mindset: The New Psychology of Success" which tells us that anything you practice, you can get better at. This directly applies to managing your finances. Especially if managing your money is difficult or stressful. That's totally normal.  If you practice you will get better!  And it will feel less stressful over time!

I walk you through 3 important areas to focus your efforts: 

1) Getting Organized.
2) Understanding where your money is coming from and where you are spending it.
3) Building good processes and routines for cultivating healthy financial habits you can stick with. 

Any time I'm talking about building new habits and routines I always recommend James Clear's book,  "Atomic Habits: Tiny Changes, Remarkable Results".  If you are kicking off a new routine with your money, then this book should be on the top of your reading/listening list. 

I spotlight a few different Tools, Apps and FinTech Platforms that can help make your financial lives easier and generally lower the stress and anxiety around managing your money.  Here are a few: 

• Copilot
• Personal Capital (now Empower)
• Rocket Money
• Quicken
• TillerHQ
• Sequence

Along the way I also share lessons learned from prior episodes including: 

• EP:001 Mindfulness & Money w/ Derek Hagen - The importance of being "Non-Judgmentally Aware" of our spending and habits.
•  EP: 003 Getting Things Done w/ Dr. Moira Somers and Shaun Erikson - We're human, managing money is hard.  Give yourself a break and stick with it!
• EP: 005 Time & Money w/ Time Management Expert Dr. Sarah Reiff-Hekking - The importance of having an open growth mindset.

Finally, I talk about how my wife and I manage the day to day of our finances and what some of our routines look like, as well as anecdotes from client experiences and much more.

Best of luck with your financial goals for 2024 and beyond!  I am here to help if you need me.

And remember if you ever want to chat about anything from the episode or have questions about how these things might apply to you, please feel free to virtually drop by my office sometime using the link below.  I'm always happy to connect and help out where I can...

https://calendly.com/james-grace/office-hours

On this special TECH SPOTLIGHT edition of Modern Financial Wellness Jim talks with Gilad Uziely CEO and Founder of Sequence, a first of its kind “Financial Router”.

So What is Sequence?

Sequence is a “Financial Router” which means it is a platform designed to help you use logic and automation to move money, or route it, between multiple accounts, across the many financial institutions you might currently do business with. 

Why is it Unique?

There are a number of things I like about the platform.  Sequence allows you to visualize your money flow across multiple accounts and automate transactions amongst them.  These are both really useful but other financial apps and institutions do some of this already. 

What makes Sequence different is its use of LOGIC. 

Logic allows you to create rules and what if scenarios across your financial plan to improve efficiency and eliminate as much “human error” as possible.

For example, let’s say you have a cash savings account that gets an automatic deposit into it every month.  Let’s assume you also make some additional deposits into the account when you get a bonus or a commission check.  Eventually your intention is to not have too much in your savings account and to move money into other places.

What Sequence allows you to do is set up a rule that says something like,

“When my cash savings account balance gets up to X amount, move 25% into my brokerage account with Fidelity and move 25% into our joint savings account where my wife and I are saving for our second home.”

Once those rules and logic are established you let Sequence take care of the rest.  And that is what I love most about it.

Some of the Benefits: 

The amount of rules you can apply are endless which will take a lot of time and stress out of having to regularly monitor balances and manually move money across platforms. 

It can help eliminate a scenario I see all the time.  People leaving money in accounts where it doesn’t belong for too long.  That can create a potential opportunity cost of having not done something better with the money while it sat there. 

Small business owners and the self employed folks I work with often struggle to manage cash flow.  There are often multiple revenue streams coming in from many different places and landing in different accounts.  Once revenue is "received in the business" it needs to continue to move between accounts to make payroll, pay rent, take profits, etc.   Sequence can help streamline all of that. 

We should be spending our time planning what we want for our future and strategizing how to get there.  But we shouldn’t have to spend hours making those plans a reality. Once we have our goals defined ideally we’ll use technology to help us implement so we can go back to living our lives.

I see Sequence as being a platform that allows us to do just that! 

FIND HIM @: 

[email protected]
https://www.getsequence.io/
LinkedIn: https://www.linkedin.com/in/giladuziely/

READ + LISTEN + LEARN:

Gilad recommends Starting Greatness : https://greatness.floodgate.com/

He is also a fan of the Ben Miller, founder of ChroniFi and host of the ChroniFI podcast:

WELLBEING: 

Gilad shared with us that he surfs and enjoys the fact that he can’t take his phone with him when he goes!

CHECK OUT Modern Financial Wellness

In this episode Jim talks with mortgage expert John Donlon about the home buying experience, why it can feel so stressful and how to best prepare for the biggest financial transaction in most of our lives.

John has over 20  years of experience, helped thousands of people purchase a home or refinance their existing mortgage and talked thousands more through the process ultimately never leading to a completed loan.   He has seen it all.

HERE IS WHAT WE LEARNED:

• Things not working out, loans failing, homes not being purchased are often times a good thing.
• Why buying a home so stressful and how to prepare yourself for the journey.
• What's at stake when buying a home.
• How to be okay with uncertainty.

HELPFUL TIPS: 

• Buying a home or moving takes "100 hours" start to finish when you consider all the moving pieces.  Start Early.
• "It is an emotionally charged process,  a 10/10 on the scale and somewhere along the way you will have failure.  Failure is necessary along the journey, if not you may end up owning a home that just wasn’t meant to be ."
• Write a mission statement. What do you want out of your home?  
• Be true to yourself and your mission, stay patient and don't settle.
• Build a team and build it early.

We learn from John that the real estate market is more challenging today than ever before, which requires more preparation than ever.  It is important to keep in mind that it is a competitive process.  Which means that the most competitive offer is the one that offers the lowest risk to the seller.

"Prepare, give yourself time, build your team, pressure test your why." 

John describes the home buying experience as if ...

"...you are raising your hand and jumping into chaos.  You shouldn't move reactively, make a proactive gameplan and follow it."

Jim also shares his experience in buying and selling homes over the years, as well refinancing mortgages.  He describes the stress that came with those transactions and what he learned from it.

• Listen to your gut!

WELLBEING: 

John is a fan of putting "Permanent Guardrails" around the important and meangingful things in his life.  Hacks if you will, that allow him to stay focused and committed to the things most important to him and his family.  

As an example, John has made coffee at home since January of 2019 and has a system in place to make sure it's ready every morning, automatically without having to think about it. 

FIND HIM @
 
Are you ready to buy a home ?  Check out your  "Home Ownership Aptitude Score"
Instagram
LinkedIn

ABOUT JIM:

My name is Jim Grace and I am a CFP®️ (Certified Financial Planner) and the Director of Wealth Management at Silver Pine Capital, LLC. a registered investment advisory firm in Medfield, Massachusetts. ​

In my spare time I host a podcast and write about Financial Wellness & Wellbeing.  Check out some of my other work @  Modern Financial Wellness . On the website I try to unpack each episode a little further and also spotlight any other resources I think might be helpful to anyone trying to feel better about their finances.

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On this episode Jim talks with couples financial therapist and coach Ashely Quamme, LMFT about couples & money and why talking about money can be so difficult. 

So why is it difficult for couples to talk about money?  Here are a handful of ideas from Ashley and Jim’s conversation: 

• Culturally money can be a taboo subject, we don’t talk about a lot in our families and growing up.
• We may have deeply rooted beliefs about money and finances, and we bring these beliefs into our relationships.
• Money brings with it a lot of emotions, sometimes negative emotions, and that can be difficult to deal with.

Ashley describes money as sometimes a “content issue”.  It is what clients might be arguing about, but that’s just at surface level.  Like an iceberg, money can be the issue above the surface, but below it there can be all kinds of negative emotions and history that needs to be explored and dealt with.

So how do you do that?

Ashley suggests starting with good conversations, but acknowledges that getting two people to the table can be “the real work”.   Both partners need to be willing to come to the table and “accept influence from our spouses and partners” to really have a chance at making progress. 

If we can do that, then she says everything else is usually “figureoutable”.  And even though that's not a real word, we LOVE that advice.

So what can you do to have a better money relationship with your partner?  Ashley suggests: 

• Regular money dates.  Don’t call them “meetings”, because no one likes meetings!
• Try creating a money timeline.
• “Think. Feel. Do”
• Use “We” language instead of you and I.  How do we spend our money together?
• Being transparent, especially when keeping separate accounts.
• Don’t be afraid to reach out for help.

Find Ashley @:
 
The Wealthy Marriage
Instagram
FaceBook
LinkedIn

Resources Ashley Recommends:
 
Financial Therapy Association
Dr. Brad Klontz on TikTok
“Mind Over Money” by Dr. Brad & Ted Klontz

Wellbeing Ideas: 

Reading before the kids get up, slow mornings allowing her to set her day up for success.
Walking, mid day especially after mornings of client work. 

About Me:


My name is Jim Grace and I am a CFP®️ (Certified Financial Planner) and the Director of Wealth Management at Silver Pine Capital, LLC. a registered investment advisory firm in Medfield, Massachusetts. ​

In my spare time I host a podcast and write about Financial Wellness & Wellbeing.  Check out some of my other work @  Modern Financial Wellness . On the website I try to unpack each episode a little further and also spotlight any other resources I think might be helpful to anyone trying to feel better about their finances.

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In this episode of MFW Jim’s talks to time management expert Sarah Reiff-Hekking about the similarities between managing your time and managing your finances. 

Jim recently completed Sarah’s “Jump Start Your Productivity” online program and shared what he learned while spotlighting some of the areas where having better time management skills would benefit someone's financial life.

Jim and Sarah unpack: 

• The importance of having  a Growth Mindset. 
• Mindfulness in Time Management and Personal Finance.
• Why Self Care is an important factor in being productive.
• Meal Prep!
• What a Meaningful Use of Time might look like.
• And Much More! 

Being aware of how you are spending your time, being aware of the present moment and how you are choosing to spend your time are important first steps in gaining control of your days.  Just like being aware of how you are spending your money helps you gain control of your financial lives.

About My Guest:

Dr. Sarah Reiff-Hekking is a Speaker, Coach, and Clinical Psychologist with over 20 years’ experience helping people create and achieve their goals. She’s developed unique systems to help her clients get a grip on their time and step up to the next level in their life or business.

Dr. Reiff-Hekking received her Ph. D. from SUNY at Stony Brook in 1997, and Coach Certification from MentorCoach. She was on the facility at UMass Medical School for 6 years. She founded True Focus Coaching in 2005 and, as a business-savvy entrepreneur, she grew her successful coaching practice during a down economy.
 
Find Her @:
 
LinkedIn: https://www.linkedin.com/in/truefocuscoaching
True Focus Coaching: https://www.truefocuscoaching.com

About Me:

My name is Jim Grace and I am a CFP®️ (Certified Financial Planner) and the Director of Wealth Management at Silver Pine Capital, LLC. a registered investment advisory firm in Medfield, Massachusetts. ​

In my spare time I host a podcast and write about Financial Wellness & Wellbeing.  Check out some of my other work @  Modern Financial Wellness . On the website I try to unpack each episode a little further and also spotlight any other resources I think might be helpful to anyone trying to feel better about their finances. 

Instagram

In this episode Jim talks to clinical neuropsychologist Dr. Moira Somers, Ph. D. and Financial Planner/Fin Tech Founder Shaun Erickson, CFP®️ about why it can be difficult to complete financial tasks and what to do about it.

Dr. Somers describes the 3 biggest reasons why we don't accomplish our financial tasks:

1) Procrastination.  Usually used as an avoidance tool because we don't want to deal with the emotional aspects of our financial lives.
2) Overwhelm.  Simply put, we all have a lot going and sometimes we feel the need to prioritize the things right in front of us.
3) We Forget.  We are all human and it turns out that "40-70% of our best intentions are forgotten" - Dr. Moira Somers

Shaun discusses his work as a financial planner and why he decided to create the FinTech company Knudge, a tool designed to help financial advisors better support their clients in completing financial tasks.

And Dr. Somers adds her expertise to explain why a "Knudge" can be so useful:

"Nothing feels better than progress" - Dr. Moira Somers.

About our Guests:

Dr. Moira Somers, Ph. D. is a psychologist, family wealth consultant and executive coach. She specializes in the psychology of money. She addresses matters that range from the highly personal concerns of individuals and families all the way up to broader service, design and structural issues affecting financial follow-through and equitable access to capital.  Although Canada is her home, her client base is international.

Dr. Somers is a faculty member at the Ultra High Net Worth Institute and at the Sudden Money Institute. She leads the Financial Psychology Special Interest Group for the American Psychological Association. She is a featured guest and writer for many financial advising/family office podcasts and publications.

Her book, Advice that Sticks: How to Give Financial Advice that People Will Follow, has become an international bestseller. It tackles, head-on, the problem of unimplemented financial advice. It has been adopted as an authoritative guidebook by such diverse groups as postsecondary institutions, private firms specializing in Ultra Hight Net Worth clients, and credit counselling agencies.

Find Her @:

Website: https://moneymindandmeaning.com/
LinkedIn: https://www.linkedin.com/in/moira-somers/

Shaun Erickson, CFP®️ is the founder of Single Point Partners, LLC. a registered investment advisory and financial planning firm in Boston, MA. 

In addition he is also the founder of Knudge.com, a Fin Tech tool designed to help financial advisors better support their clients in accomplishing financial tasks.  

Find Him @:
Website: https://spcfo.com/
Website: https://knudge.com/
LinkedIn: https://www.linkedin.com/in/shaun-erickson/
Twitter: https://twitter.com/Shaun_SPP

About Jim 

Jim Grace CFP®️ is the Director of Wealth Management at Silver Pine Capital, LLC. a registered investment advisory firm in Medfield, Massachusetts. ​Jim has more than a decade of experience in the financial services industry and currently leads the firms flat fee only financial planning offering.  

Website: Modern Financial Wellness
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In this episode Jim talks with YNAB certified Budget Coach Jen Fuhler about how she found confidence and comfort during a difficult personal time by taking control of her finances and budgeting.

 About our Guest:

Jen Fuhler is a YNAB certified budget coach.  She holds a masters degree in Financial Planning and a certificate in Financial Therapy.  She is currently a full time college professor where she created and taught the personal finance course offered at the school.

She is a member of the Financial Therapy Association and financial literacy advocate. She spends some of her free time creating financial literacy workshops and teaching financial skills to kids.

Find Her @:

Facebook: facebook.com/jenfuhlerbudgetcoach
Website: jenfuhler.com
Email: [email protected] 

About Jim 

Jim Grace CFP®️ is the Director of Wealth Management at Silver Pine Capital, LLC. a registered investment advisory firm in Medfield, Massachusetts. ​Jim has more than a decade of experience in the financial services industry and currently leads the firms flat fee only financial planning offering.  

He most often helps busy, successful, professional couples with kids get organized, create meaningful goals and implement financial strategies designed at increasing their financial wellbeing. He is married, is a father to two young children and the son of two aging parents, and faces many of the same financial challenges that his clients and listeners do every day.

Find Jim @:

LinkedIn: James Grace
Company Website: SilverPine Capital
Personal Blog: www.modernfinancialwellness.com

In this episode Jim talks to mindfulness/meditation coach Derek Hagen about what mindfulness is and isn't as well as some practical ways to apply mindfulness to our financial lives. 

 About our Guest:

Derek Hagen, CFP®, CFA, CFT-I™, FBS®, CIPM is a certified mindfulness/meditation teacher and financial psychology expert specializing in meaning in life. He helps clients who feel stuck.

He supports financial health, mindset change, and intentional living by helping people understand their beliefs, values, and thinking patterns to help them live a life of meaning and purpose. He is a certified mindfulness and meditation teacher

 He writes about the psychology of money and meaningful living using simple sketches on his Meaningful Money blog.

 He has been featured in The Wall Street Journal, Nerd’s Eye View, Standard Deviations Podcast, Human Side of Money Podcast, Business Insider, and the Minneapolis Star Tribune.

 Here are some links: 

Website: www.meaningfulmoney.life
Mindfulness Course: www.meaningfulmoney.life/mindfulness
Blog and Newsletter: www.meaning.blog
Twitter: @_derekhagen_
Instagram: @moneypsychology

About Jim 

Jim Grace CFP®️ is the Director of Wealth Management at Silver Pine Capital, LLC. a registered investment advisory firm in Medfield, Massachusetts. ​Jim has more than a decade of experience in the financial services industry and currently leads the firms flat fee only financial planning offering.  

He most often helps busy, successful, professional couples with kids get organized, create meaningful goals and implement financial strategies designed at increasing their financial wellbeing. He is married, is a father to two young children and the son of two aging parents, and faces many of the same financial challenges that his clients and listeners do every day. 

LinkedIn: James Grace
Company Website: SilverPine Capital
Personal Blog: www.modernfinancialwellness.com