My Next Move

For every child, you’re likely to spend a lot on education. But also there are time costs, when you prepare for a new family member and as your child grows. Michael Liersch, in this episode of My Next Move, identifies some of childrearing’s hidden expenses. He also offers tips to help you line up resources—freeing yourself for joy of parenting. For more information, go to jpmorgan.com/mynextmove.

Money conversations among those cohabitating often only happen when resentments erupt. Michael Liersch has advice on avoiding that in this My Next Move episode. Have an open mind, choose a neutral location, keep conversations under 30 minutes and start by covering household expenses. And remember—fair might not mean equal if incomes differ. For more information, go to jpmorgan.com/mynextmove.

Stephanie Ruhle, NBC News Senior Business Correspondent, shares her personal story about earning big, being a go-getter woman on Wall Street, and how she handles talking to her children about money in the first of a two-part conversation with behavioral expert Michael Liersch in this My Next Move financial podcast. Learn more at jpmorgan.com/mynextmove.

Is money making you feel depressed habitually? Behavioral expert Michael Liersch spends this My Next Move financial podcast discussing the social, personal or moral narratives which may be contributing to how you feel. In all these cases, Michael suggests asking for help, from a professional or someone close. Addressing these problems can allow your money to have its intended impact—on yourself, and the people and communities you care about most. For more information, go to jpmorgan.com/mynextmove.

Human beings like speculation—hypothesis testing—because it’s fun when their predictions are right, says behavioral finance expert Michael Liersch in this episode. We often forget, though, that very often, speculation doesn’t work out. Can you avoid letting speculation hurt you? For more information, go to jpmorgan.com/mynextmove.

Many of us experience a tug-of-war between what we want to do now with our money—and what financial planning we should do to take care of our future selves. In this episode of the My Next Move financial podcast, behavioral expert Michael Liersch offers ways to resolve this conflict. Simply create a plan (filled with small, incremental steps) that puts you on a path to financial sustainability. Bottom line: your whole financial life, present and future, can be positive. It just takes you thinking it through, and then making it so.

The best retirement planning starts with imagining your future and adjusting your mental model to some key facts: you’ll likely live longer than you expect, retire sooner, and spend more during retirement than before. Behavioral expert Michael Liersch explains in this My Next Move podcast how to use your mind now to discover and plan for your future self.

Do you do a lot of impulse buying? Is it to make yourself feel better, out of boredom or to fill some void in your life? In this episode of My Next Move, behavioral expert Michael Liersch shows why—although it's normal—in the long run, impulse spending can make you feel worse and hurt your finances. If that sounds familiar, Michael has some ideas. Look at your overspending for several months. What was going on for you in those moments? Did you feel a void? Unhappiness? Were you perhaps acting out of competitiveness, guilt or boredom? The first step is identifying and understanding the reason for your behavior. That can progress to intentionally trying to resist the use of impulsive spending as a soothing strategy, and you can evaluate how that makes you feel. Ultimately, Michael suggests maybe doing the opposite of spend: donate your time or energy, or experience time together with your loved ones at home. Collaborating with others, you can begin a journey to intentionally do more of what gives you happiness, and less of what doesn't.

Women need more confidence—and knowing their own value can actually improve their finances. Michael Liersch explores just what that means in the latest My Next Move episode, interviewing Tamara Gillan, a London entrepreneur and champion of women. Gillan didn’t pay attention to cash flows in her first business venture, leading to its demise. Now she’s much more financially engaged. Gillan also discusses a huge personal mistake: not protecting herself with a prenuptial agreement. She and her now-former husband never talked about money—an experience she says is common. Gillan founded the advocacy organization WealthiHer to help women get stronger financially, after learning from her own mistakes. WealthiHer found that one in three women wish they’d discussed money with their life partner and family. Now Gillan and her child do, regularly. Her big message for women? Fight those who devalue you. Why should only 1% of UK venture funding go to women, and why should women often get pushed out of their own companies? Gillan’s recommendation for your next move: Ask five people to give you examples of why you’re amazing—and write them down so you don’t forget.

In this episode of the My Next Move podcast, behavioral expert Michael Liersch answers a question many clients have been asking lately: ‘If I want my money to work for me, why should I invest now?’ Some people are nervous, even frightened. Trade wars. Polarized politics. Rollercoaster markets. And when humans are fearful, Michael says, the mind tends to use decision rules to simplify the environment —not necessarily leading to optimal decisions. Humans faced with uncertainty tend to use the decision rule, “Take action now.” But an action bias that prompts selling low (or buying high) would just cause you to trade needlessly — to churn and burn your portfolio. Another decision rule, “Do nothing,” can be equally risky if it makes you ignore your investments. So how do you decide whether or not to invest now? Identify decision rules you may be applying. Thoughtfully revisit your investment choices regularly. Base your actions on your goals and the right time horizon to achieve them. That approach is the opposite of trying to time the market. To determine the actions that are right for you, start with your goals every time.