My Next Move

Brandon Copeland knows two things pretty well: Football and Money. Football, because he’s currently an outside linebacker for the New York Jets, and money, well, because he’s currently an outside linebacker for the New York Jets. But, as behavioral expert Michael Liersch uncovers on this week’s episode of the financial podcast series, My Next Move, there’s much more to the money part. Aside from his NFL career, Brandon teaches the class, Inequity and Empowerment: Urban Financial Literacy, or as he calls it, “Life 101” at the University of Pennsylvania. He insists that he’s not really what you’d call a financial expert, but rather, just a guy whose career has given him the opportunity to make a good living. He’s had success, but he’s made mistakes, and learned from them. Now, he’s passing these life lessons on to students at Penn. One of the things he and Michael discuss is the importance of knowing what makes you happy – because that seemingly simple notion differs for just about everyone. But once you can pinpoint what you value, you can move ahead financially by making decisions based on those preferences.

How many friends can one have? Well, as we’ll find out in this episode of My Next Move with Michael Liersch, there is a finite number of friends the average human being can actually have at one time. Does that mean having hundreds, even thousands of friends on social media is misleading. Yes. And, no. Those “loose tie” friends outside of your inner circle can actually open up some real opportunities. Call it networking. But, as Michael explains, not everyone on social media is a friend, or even a “loose tie” friend. So, if you are seriously into social media, or just a little bit into it, this podcast is for you. Listen and get some valuable insights about the good, the bad, and the scary of social media and how, by being intentional, you can make these platforms work for you. Not against you.

In this episode of the My Next Move podcast Michael speaks with Maya Prabhu, Head of Wealth Advisory for the U.K. and EMEA at J.P. Morgan. Maya is an expert on Family Wealth Dynamics and has some sound advice on how wealth planning can really make a difference. It comes down to a few basic steps: Figure out what your intent is – what is the meaning and purpose of your family’s money? Then focus on communicating. Who will be involved in the money decisions and what do they think? And finally, prepare, prepare, and then prepare some more. No one is born knowing how to face all of the issues you’ll face protecting family wealth, so make sure you’re ready for anything.

If you have a mobile device, and we’re betting you do, Michael Liersch can help you use it more wisely. In this episode of the My Next Move personal finance podcast series, Michael tells us about the importance of being aware of, and intentional, with our devices. We all know that devices are ubiquitous, but sometimes their mere presence when we’re interacting with others can make things much less personal. And, research says it’s not just an issue with young people. The older generations are guilty of device overdependence, too. Listen and hear all Michael has to say about navigating the mobile device minefield.

You may be surprised to hear Michael Liersch’s assessment of Millennials on this episode of My Next Move, your personal finance podcast series. With research to back him up, Michael tells us that this often mislabeled and misunderstood generation is quite the opposite of entitled. Rather, they are very purpose-driven and culturally aware. But Millennials could stand to improve on the investing and saving side of things. Some have been understandably disenchanted with the idea of putting money away because of the dreary financial landscape when they hit the investing age. But it’s never too late to start. In fact, now would be an ideal time.

Are you “Well off”? Behavioral Scientist Michael Liersch thinks it all depends on how you define the concept of financial success. In this episode of My Next Move, Michael imparts some sound financial advice as he reveals a shocking statistic: more than eighty percent of the world’s population survives on less than ten dollars a day. That really puts things into perspective. And as this podcast points out, knowing you’ve “made it” in terms of wealth isn’t nearly as important as knowing how to be financially intentional and goal-oriented. Michael suggests labeling goals, exactly. What’s important to you and in what order? Money for education? Lifestyle? Philanthropy? And how much do you need for each? It’s this hierarchy that makes getting to where you want to be that much easier. There’s a good chance that all that’s standing between you and your definition of financial success is a healthy dose of structure and discipline.

Here’s a fact that’s as sure as the sky is blue: people fight over finances. Always have, always will. But, before you come to blows, listen to this episode of My Next Move and find out what Behavioral Scientist Michael Liersch has to say about our collective conflict. What you’ll find is that sometimes, if we focus on our shared desired outcomes, and don’t get too personal, money disagreements can turn out to be quite productive. Because getting to the solution is often easier with more than one point-of-view. Be sure to tune in and hear all of what Michael has to say about those infamous financial frenzies that befuddle all of us at some point in our lives.

So, you’re about to share your life with someone, and that’s a beautiful thing. But, before you jump into it, be sure to share some relevant information with them first. In this episode of My Next Move, Behavioral Scientist Michael Liersch shouts it from the proverbial rooftop: Talk to your future spouse about where you both stand when it comes to money. Make that happen. The big question is, when? Michael suggests discussing finances in stages, starting with making sure you’re both aligned. “What does the whole situation look like in terms of how you’re going to be using your money as a couple?” he asks. Think about your shared values as well as your shared financial goals and ideas. Then move forward from there. “Disclosing financial information doesn’t necessarily start with balance sheets but it does start with - what do you want to accomplish with your money?” Michael will tell you why.

Resilience. Tenacity. Toughness. No matter what you call it, it’s covered here, along with a myriad of topics, in part two of Michael Liersch’s discussion with Dr. Meg Jay. She walks us through how to set our kids up for success by helping them, help themselves. “We can raise our kids in a way that makes them more independent rather than more dependent...” “start early with simple things” she tells us. And the discussion doesn’t end there. Liersch and Jay pull back the curtain on some heady topics – identity capital, weak ties and picking your family, to name a few.

If there’s a decade in life that’s jam packed with uncertainty, it’s your twenties. What do you want to do as a career? Where do you want to live? Where will you be in five years? When will you meet a future partner? These questions are only four out of about a million more. In this episode of My Next Move, Michael Liersch digs into the “newly adult” decade with Clinical Psychologist and Ted Talk Favorite, Dr. Meg Jay. Even though it’s your first toe dip into grown-up waters, Dr. Jay suggests that you can actually do a lot of figuring things out in your twenties. This is your opportunity to gain “Identity Capital” and to discover who you are and what you want out of life – financially, personally, and career-wise. Sure, go ahead, play hard in your twenties, but don’t forget to work hard, too. Your future depends on it.