My Next Move

Sure, men and women are different, but are they so different when it comes to finances? Research suggests, they’re pretty similar. In this episode of My Next Move, Behavioral Scientist Michael Liersch pounces on one of the fundamental differences: confidence level. Sometimes having less confidence can pay off, but maybe not so much for those who are too self-assured. And there’s a surprising revelation as he tells us “People who are overconfident and people who are under confident are actually a great mix.” Why? Because their interaction drives thoughts and perspectives that challenge each other, which can lead to smarter decisions and better outcomes. So, now the big question is, which gender is tied to which confidence level. Well, you’ll just have to listen and find out.

In this episode of My Next Move, Michael decides to take a step back to discuss the money basics. He says that it’s smart to “ … structure concepts around how you might think about allocating your resources in your own financial life.” How, exactly? By breaking your money down into four basic categories of what you save, spend, invest and share. From there you can figure out if you’re overspending, underspending, giving too much away or investing too little. As Michael explains, it’s really just about deciding what you want to accomplish in your life, financially. That’s when the light bulb goes off and then it’s simply a matter of working toward those defined goals by taking structured steps to reach them.

In this episode of My Next Move, Behavioral Scientist Michael Liersch leads us through the tricky waters of talking about money with your aging parents. Are they enjoying their hard-earned money and getting what they want out of it? Or, are they going a little bit crazy and spending a smidgen too much – or way too much? It’s often a sensitive subject, so remember to tread lightly. One thing that can really help is aligning with siblings before and during these conversations. Most of us don’t relish these kinds of family interactions. They’re uncomfortable, and tend to make you squirm in your chair, but they’re necessary. And when everyone puts their heads together and stays positive, it can ultimately lead to a renewed sense of trust and respect. Chances are your parents will give you some big hugs for caring.

Sometimes, the best plan is simply having a plan. No one knows that better than Howard University Professor and Dept. of Economics Chair, Omari Swinton. In this week’s episode of My next Move, Michael Liersch talks things over with Dr. Swinton, a father of four and family business owner who advises us that families and individuals can benefit from being intentional with money decisions. He suggests simple, yet often overlooked ideas meant to ensure financial health – like setting up a plan ahead of time to carry out an elder’s wishes or creating a policy for a child who goes off to college. Dr. Swinton also stresses the importance of building credit early, as well as actually being mentally prepared to attend college. “It’s a huge investment that doesn’t necessarily give large returns unless you finish,” he reminds us. Need some light shed on a financial topic? Let us know by emailing us at [email protected]

Ready to be intentional with your money? Welcome to the 2019 My Next Move podcast series. In this episode, J.P. Morgan’s planning and advice expert Michael Liersch dives into the top three questions received last year. He takes a look at questions related to money pitfalls, tackles the stressful topic of borrowing and ends on a lighter note answering why he refers to people as “humans.” Michael also shares examples of productive money behaviors. Are you seeking a way to jumpstart your financial goals and find inspiration to take action? Listen now!

In this episode of My Next Move, J.P. Morgan’s podcast with Michael Liersch, he offers money advice about a personal finance issue a lot of us face: How do you talk to your spouse or partner about money? Communicating about money can be frustrating. Yet it’s so important—it’s one of the biggest issues experts tackle in the field of families and wealth and financial planning. Drawing on extensive research on couples and money, Liersch shows how the money conversation can avoid becoming a conflict. He offers a clear strategy for reframing the conversation to pivot away from disagreement to information sharing and collaboration. Do you know how much your spouse or partner earns? A lot of people don’t. But then, Liersch asks: Is that really a problem? He shows how spouses and partners who can disagree about money in a collaborative way actually have a secret weapon that can strengthen their financial planning, and maybe their relationship. He explains a specific way to converse that lets couples productively challenge one another’s thought processes. Listen, ask your spouse or partner to listen as well, and add some new harmony to how you approach spending money on your lifestyle, your family and your giving.

Are you someone who wants to start communicating about money, but you don’t know how? Michael Liersch, a goals-based financial planning expert, gives advice in his latest financial podcast on family meetings about money. Liersch draws on behavioral finance techniques, giving advice on how to be productive and avoid conflict. Your conversation may want to cover wealth in families, share ideas about children and money, or whatever matters the most to you. Start by talking to your partner or spouse about the intent for your wealth. If you have children, definitely involve them in communicating about money, just be age-appropriate and brief. You might expand later to include extended family members. Liersch explains how you can help the money conversation be more productive by switching the focus from people to ideas, setting an agenda, and talks about giving family members tasks they can work toward- perhaps financial planning goals they can accomplish together. He also explains what research says is the best way to spark creativity and problem-solving.