My Next Move show

My Next Move

Summary: People have complicated feelings about money. But a few simple principles can guide us toward financial health. In a weekly podcast, My Next Move, J.P. Morgan's Michael Liersch explains where to focus and what to do to move forward to reach your financial goals.

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  • Artist: J.P. Morgan
  • Copyright: © J.P. Morgan Wealth Management 2018

Podcasts:

 Why are your twenties so crucial? Dr. Meg Jay explains | File Type: audio/m4a | Duration: 877

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.

 Are men and women different when it comes to financial decision making? | File Type: audio/m4a | Duration: 321

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.

 Do you know the money basics? | File Type: audio/m4a | Duration: 406

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.

 How do I talk to my parents about their money decisions? | File Type: audio/m4a | Duration: 412

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.

 Intentional Investing: A conversation with Howard Professor Omari Swinton | File Type: audio/m4a | Duration: 884

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 mynextmove@jpmorgan.com

 Top 3 questions of 2018 | File Type: audio/m4a | Duration: 744

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!

 How do I talk to my spouse about money? | File Type: audio/m4a | Duration: 479

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.

 How do I align my own money behaviors with what I want to accomplish with money? | File Type: audio/m4a | Duration: 443

In this episode of My Next Move, J.P. Morgan’s goals-based financial podcast, host Michael Liersch puts the personal back in personal finance. Liersch explains that the single most important piece needed to put investment advice and financial planning ideas into effect is —You. And the first step is for you to have a talk...with yourself. Communicating about money with family members, talking to children about money, engaging with partners or people outside the family about money—My Next Move has been saying how important those all are. But this time, you’re going inward. Liersch explains why it’s so important to have an internal dialogue about money, and how to make sure this money self-dialogue is authentic (it will probably require some self-argument). He also has a method for making sure what you say to yourself is really, authentically true, for your life right now. In addition, he has techniques for holding yourself accountable, and Liersch reveals the single most important money question to talk to yourself about. Once you have an answer to that question, Liersch offers step-by-step advice for taking action, as always, drawing on the science of behavioral finance. Listen to the podcast and get started aligning your money behaviors with where you really want to be

 Do you secretly feel that your money is a burden? | File Type: audio/m4a | Duration: 391

In the latest episode of his weekly podcast, My Next Move, J.P. Morgan’s planning and advice expert Michael Liersch thinks about why money can make us feel overwhelmed and how we can shift to feel the promise of opportunity. Like many journeys, it begins with a small first step. What one thing can you do right now to feel less burdened? Don’t set crazy financial goals that are unattainable. Set small ones—very small ones—that you know are achievable. Then find just a few things you can do to help make it happen. Say you have many investment accounts scattered in different places. Maybe in a year’s time you want to have all your money in one place. Make a list of where everything is—that’s a great first step and you can move on from there. Listen in this week to learn how you can set your own goals-based path to a better place where having money feels like the opportunity it really can be.

 What are the risks in talking to my family about money? | File Type: audio/m4a | Duration: 387

What are you communicating about money, whether on purpose or unintentionally—to your family and to the outside world? Wealth in families makes a lot of people nervous or scared. In this episode of J.P. Morgan’s financial podcast Michael Liersch offers fresh advice on handling communication about family wealth online and on social media. He raises awareness about the possible consequences. This may not be one of the typical financial goals you’d discuss with an investment advisor, but it makes sense to consider what money messages you want to convey, and the impact on your family. Fostering a healthy relationship between children and money is often important where there’s wealth in families. So it’s worth looking carefully at the risks as you create perceptions, while communicating about the things you do, including with photographs. Have you taken the Google test yet? If people can find out a lot about you online and you have children, are they educationally ready for the after effects? And there are risks in the other direction, too—it’s possible to fall prey to the dangers of money silence. Consider how to bring your family values into play here, while Liersch offers some ideas to help you work through this particular dilemma and get better at communicating about money.

 Passing it forward: David Robinson on money, family, trust | File Type: audio/m4a | Duration: 842

“Money is a tool, it’s a resource. But you build your life around relationships.” David Robinson, one of the all-time greatest basketball players, philanthropist, businessman, and family man, taught Michael Liersch a lesson or two in the latest episode of JPMorgan’s weekly podcast, My Next Move. Who is the authentic David Robinson? “A man who used his talents and resources in a way that was a blessing to others.” Robinson had prioritized philanthropic activities that focused on education: “I want my kids to see that my life is dedicated not just to them but to the next generation of kids.” Growing up middle class but “resource constrained,” Robinson always felt “a tremendous pressure to make the most of what I’ve been given and to teach my children to make the most of what they’ve been given.” Steadily Robinson grew from resource constrained to financially feeling like he made it when signing his first contract with the Spurs and showing off his dribbling with the Sesame Street crew. Listen in this week for a courtside seat to how all-star Robinson navigated money, values, family and financial planning from player to investor.

 Is fair equal? It’s a common question in family conversations about money and estate planning. | File Type: audio/m4a | Duration: 410

For some families, fair does mean equal—but for many others it doesn’t. Say a family gift is distributed equally to three heirs. But one person feels she’s put a little more into the family relationship than the others. To that person, equal doesn’t feel fair. The feeling may fester, leading to family tension, if not open conflict. In the latest episode of his weekly podcast, My Next Move, J.P. Morgan’s Michael Liersch explains how a fair process can circumvent these problems. A fair process, by definition, is well-defined and clearly articulated to everyone involved. Maybe the decision has been made to pay for education. That can be unequal, and thus feel unfair, if, say, some pursue a graduate degree and others don’t. But the process will be fair—and perceived as fair—as long as the rules are clear to everyone in advance. No secrets. That’s a key principle of any sound financial planning, as investment advisors will attest. Michael explains why secret decisions are intrinsically unfair and how to make sure that rules are transparent and understood by all. Learn more about fairness—equal or unequal—and how to make sure it is unchanging, consistent and clear.

 Why does having money embarrass me? | File Type: audio/m4a | Duration: 441

In this edition, possibly his best financial podcast, behavioral finance and financial planning expert Michael Liersch has some very personal advice. It’s not about estate planning or investing for retirement but something deeply personal: How to not be embarrassed about having money. If you are, you’re not alone: Lots of people feel embarrassed about their money. And that can translate into how you behave, what you say, what you don't say, how others behave towards you, and how you move forward (or don’t) in your financial life. Liersch explains a behavioral finance principle, framing: If you frame things negatively, it can lead to unwanted outcomes like avoidance, silence, pessimism and fear. Negative framing around money can lead to losing opportunities, hurting your ability to reach your financial goals. Your framing of money can impact communicating about money with your family, partner, spouse and friends. But it doesn’t have to be that way. If you’re embarrassed about money, you can raise your comfort level and intentionally change how you react.

 How do I have family conversations about money? | File Type: audio/m4a | Duration: 627

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.

 Should I banish these three money behaviors? | File Type: audio/m4a | Duration: 433

Our interactions with money aren’t always perfect, but science-based techniques can help—especially when it comes to three wrong money behaviors that feel so right. We’ve all been there: We sometimes make a money decision that, rather than helping us achieve our financial goals, actually gets in our own way. In those instances, what we think we should be doing and what we actually should be doing aren't the same thing. In this financial podcast episode, Michael Liersch looks at human behavior to help you understand how to improve your chances of getting where you want to go financially. He discusses how to overcome the inertia, lack of confidence and loss aversion; three very common human behaviors to carefully evaluate in the realm of wealth management or estate planning, and that can be particularly concerning when it comes to investing for retirement and planning for the future. Michael Liersch from J.P.Morgan explains that doing the wrong thing is sometimes what being human is all about. And that at the same time, with a new awareness of behavioral finance and economics, it’s possible to turn in a different direction. It isn't just about getting financial advice: it’s also about talking with someone you can trust. Changing your behavior is key to fulfilling your long term goals.

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