Miscellaneous Nuggets from a Professional Conference (FERMA and ACCI)

I recently attended two back-to-back conferences for financial educators. Below are 14 ideas that I took away:

¨     When people are talking about money, it is not about money. It is about their money values.

¨     Money is not about numbers. It is about the stories we tell ourselves about the numbers,

¨     Don’t make key financial decisions when you experience HALTS: hungry, angry, lonely, tired, and scared.

¨     Some people sabotage themselves when they start to succeed because they lack successful role models.

¨     There are six money habitudes: planning, security, carefree, spontaneous, status, and giving.

¨     A study found that a future-minded time orientation was positively associated with financial capability.

¨     Another found that “thinking ahead” improved financial health more than age, income, or financial literacy.

¨     People who think “I control my financial destiny” feel empowered to successfully manage their money.

¨     When people feel powerless, they should think about a time when they felt completely in control.

¨     Identify an realistically attainable financial role model and identify steps to take to be like that person,

¨     A little money invested for a long time will grow more than a lot of money invested for a short time.

¨     Both health and financial literacy require the ability to read and interpret documents and use numbers.

¨     The lack of houses for sale in some areas is partially due to those age 65+ still working or “aging in place.”

¨     A study of financial literacy with 50 questions found that 5 under-estimate effects of financial education.