7 Different Kinds of “Money Types” – Which One Are You?

What is a Money Type? We all have ways of relating to money. Many of us love to spend, some like to hoard while others would prefer never to think about money and pretend it comes from the tooth fairy or grows in a very special tree in the back yard.


Your behavior with money has a long history.

Most children are introduced to money when they are 4 or 5. Kids go to the store with mom or dad and these days may help mom swipe her credit card to pay for groceries. Children hear their parents talk about money, they learn basic math from counting and sorting coins, they get money to buy a toy or an ice cream cone.

4 Ways Obamacare Will Save Patients From Bankruptcy

When congress passed and Obama signed into law the Patient Protection and Affordable Care Act (ACA), many people were rightfully confused by what this new law meant for millions of people and in particular for them. There have been many statements made by those who resist change to give the ACA a very big black eye. Have they read the 1,200 page document? Probably not and neither have I.

However, there are a few facts I HAVE read that are clear and that everyone should be aware of:


1. Young adults 26 and younger can stay on their parent’s health insurance.

The “What and Why” of Ethical Wills


Most everyone knows what a will is. All of us die sooner or later. The best way to leave money to your heirs is by writing down in a will (an official document) your wishes as to who you want to leave your money to and in what amounts.

People draw all kinds of conclusions from the will’s contents about how the dead person must have felt about, for instance, his son, for whom he set up a spendthrift trust (a trust that sets conditions for getting the inherited money). This is particularly true if , at the same time, his daughter got the same amount of money outright.

Private Seminar on Behavioral Finance


Roger Shawn and Blake Gordon, senior financial advisors at Capitol Securities Management, Inc. gave an investment seminar in Williamsburg VA for their private clients.

They invited me to speak about the behavioral and emotional side of money, in an effort to engage the participants in “money talk” they could relate to more easily than, for example, the intricacies of the gold and bond market.

Participants learned about the impact of childhood experiences in forming attitudes and beliefs about money and the 7 “Money Types” (Spender, Hoarder, High Roller, Money Monk, Amasser and Avoider) and what it means to be a “Money Master”.

Bitcoin 101: Understanding Bitcoin and Why It is So Compelling


Bitcoin sure has made headlines the last few months, much to the mystery for us who may only have one foot in the digital world (mainly those of us who are over 35 I imagine). The capital B refers to the payment network, the system behind the digital network, while the lower case word “bitcoin” refers to the actual unit of digital currency.

Two basic definitions will help the idea of Bitcoin:

First is understanding that cryptography is the science of hiding information so that unauthorized users cannot read it. This is important to prevent the payment system from being hacked and keeping all transactions anonymous to protect the buyer and seller of Bitcoins.

What Is Mental Accounting? What Falling Down the Stairs Can Teach You About Money


A client, Jay, came in today confused. He’d gotten angry that he had to pay $50 to stay at a local motel next to his work instead of driving an hour at midnight to get home. When on his lunch break he heard the nurses talking about how hungry they were, he whipped out his credit card and offered to pay for Chinese takeout for 7 people for a total of over $60. When he visited his 2 nieces he spent over $100 taking them out to lunch and to an amusement park.

How Technology Has Influenced the Financial Advisor


Has the last 20 year technological boon changed financial advising?

For better, for worse?

The “D” Generation

Before the 1990s there was no developed, consumer available Internet. The first time I heard the word email was from a client of mine, in 1990, an IT graduate student from MIT. She was fretting about not hearing from a colleague about the outcome of their joint research. I asked her what an email was (can you believe THAT?) and she said perfunctorily, “It’s the electronic transmission of data.” “Oh,” I said, and we went on to other topics.

What Does the “Spirit of Christmas” Mean in 2013?


This year leaves me more confused than ever when I see Christmas lights going up before Thanksgiving, Black Friday, the day after Thanksgiving and the biggest shopping day of the year being geared up for the night before with some stores opening at 9:00 pm Thanksgiving Day, barely leaving time to digest all the abundance of the Thanksgiving feast. And I musn’t forget Cyber Monday that is fast becoming a greater commercial boon than Black Friday.

Christmas equals shopping for bargain discounts?

Looking Ahead As We Emerge From the Great Recession


We all witnessed the painful drop in the economy in September, 2008. To add insult to injury, in December, 2008 Bernie Madoff’s Ponzi scheme was exposed that left hundreds of investors including many well known institutions and charities broke.

The Great Recession of 2008, is rivaled only by the Great Depression of the 1930s. The Great Recession of 2008 hurt everyone. No one was spared. Compare 2008 with 2000 and the tech bubble burst. Those of us over weighted with technology stocks suffered dearly. A large handful of us were affected, but not everyone. The market went down but it came back relatively quickly when real estate started to ramp up. In 2001 9/11 hit and we all suffered for a short time and then all was “back to normal.”