WOC 2016: Financial Freedom Skills (Presented by Jackson Insurance)
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Childhood experiences shape many of our adult attitudes and behaviors – even when it comes to money. This session will begin with the four main "Money Scripts" that motivate our financial behavior as adults. Money Scripts are the unconscious beliefs about what money is, what it is not, what it can or cannot do and the role it plays in our lives. This session will also cover two new life stages that modern Americans face in their 20s and 60s and how to align money behaviors with your principles, values, and beliefs at any stage of life. Participants will take away practical financial tools to begin using today. Join us for this session to learn how to spot money scripts, combat destructive money behaviors and build financial freedom skills no matter where you are along life’s journey.
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WOC 2016: Financial Freedom Skills (Presented by Jackson Insurance)
- 1. 1 www.womenofcolor.net October 13-15, 2016 Detroit Marriott Renaissance Center Detroit, MI
- 2. 2 October 14TWO THOUSAND SIXTEEN DETROIT, MICHIGAN JACKSON FINANCIAL FREEDOM
- 5. 55 Jackson 5 Financial services company Founded in 1961 More than 4 million customers and 4,700 associates today A national leader in annuity sales $230.4 billion in IFRS assets (as of 06/30/16) and consistent financial strength ratings 1 2 3 4 5
- 6. 66 BELIEFS ABOUT START AT HOME
- 7. 7 Money Scripts Brad Klontz, Psy.D., Kansas State University Sonya L. Britt, Ph.D., Kansas State University Jennifer Mentzer, B.S., Kansas State University Ted Klontz, Ph.D., Klontz Consulting Group
- 8. 88 Money avoidance - Money corrupts people, or It’s not okay for me to have a lot of money when others don’t. Money worship - These beliefs often boil down to variations of Money can buy happiness and You can never have enough money. Money status - Such scripts equate self-worth to net worth: Success is measured by the money I earn, or If I live a good life I’ll be taken care of financially. Money vigilance - Many of these money scripts are helpful, not harmful. They include It’s important to save for a rainy day and You should always look for the best deal before buying something—even if it takes more time. Source: Kiplinger Article Your Worst Money Problems Are All In Your Head by Anne Kates Smith Money Scripts
- 9. 9 Emilio’s Money Script Balancing the checkbook with Dad…
- 10. 10 Danielle’s Money Script Stuffed animals for sale…
- 11. 11 Klontz Money Script Inventory 1. I do not deserve a lot of money when others have less than me. 2. More money will make you happier. 3. Money buys freedom. 4. I would be a nervous wreck if I did not have an emergency fund. 5. If something is not considered the “best”, it is not worth buying. 6. Rich people are greedy. 7. Poor people are lazy. 8. If you cannot pay cash for something, you should not buy it. 9. It is not OK to have more than you need. 10. I will not buy something unless it is new (eg car, house). 11. People get rich by taking advantage of others. 12. It is important to save for a rainy day. 13. You can never have enough money. 14. Money would solve all my problems. 15. Your self-worth equals your net worth. 16. You should always look for the best deal, even if it takes more time.
- 12. 12 Money Script
- 13. 13 Tools to Address Money Scripts Awareness of automatic thoughts around money, and their origin, can be a profoundly transformational experience.
- 14. 1414 Tools to Address Money Scripts 1. Financial therapy interventions 2. Money Script Log 3. Healthy Money Mantra 4. Financial Planner
- 16. 16 U.S. Ranks 14th in Financial Literacy
- 17. 17 U.S. High School Financial Education Source: Council for Economic Education 2016 Economic and Personal Finance Report
- 18. 1818 HELP
- 19. 1919 Federal Government Resources USA.gov – Create a Budget, Save for Retirement, Tools to Research Investments https://www.usa.gov/saving-investing My Money – Skills for Kids http://www.mymoney.gov/Pages/default.aspx Consumer Financial Protection Bureau – Toolkits and Training to make Informed Financial Decisions http://www.consumerfinance.gov/empowerment/
- 20. 20 State & Local Financial Empowerment
- 21. 21 Jackson’s Center for Financial Insight
- 24. 24 The New Life Stage
- 25. 25 The New Life Stage
- 26. 26 Planning for the Future Retirement Planning Planning for Life Yes!
- 27. 27 Small Step to Financial Freedom? Fogg Method – 3 Steps to Changing Behavior Source: BJ Fogg, PhD, Stanford University, http://www.foggmethod.com/
- 28. 2828 1. Financial Freedom Skills worksheet 2. Take the Money Scripts Inventory 3. Educate Yourself 4. Find a Financial Professional What’s Your Small Step to Financial Freedom?
- 29. 29 You’re Not in it Alone! to Financial Freedom! Small Steps
- 30. 30 October 14TWO THOUSAND SIXTEEN DETROIT, MICHIGAN JACKSON FINANCIAL FREEDOM
- 31. 31 www.womenofcolor.net October 13-15, 2016 Detroit Marriott Renaissance Center Detroit, MI
Editor's Notes
- We are proud of our heritage but we strive to be more than a top-rated U.S. insurance company. We already offer products and services that others do not and cannot offer in the retirement space and we need to think of ourselves as a provider of retirement solutions. At Jackson, we believe we’re in the business of improving lives, and that the work we do is critically important to society. Providing for the financial futures of tens of millions of boomers is one of the most pressing social issues of our time. Our products are uniquely suited to meet the needs of retiring baby boomers — annuities provide the opportunity for retirees to receive a guaranteed stream of income for the rest of their lives.
- B-to-B brand. Trust with Financial Advisors built through wholesalers.
- Money scripts—typically unconscious, trans-generational beliefs about money—are developed in childhood and drive adult financial behaviors.
- Money scripts—typically unconscious, trans-generational beliefs about money—are developed in childhood and drive adult financial behaviors.
- Born in Lansing, Michigan Raised by two CPAs who were the first generation in their families to go to college First memories of money date back to my earliest memories chores = allowance hosting “garage” sales in my bedroom to sell my parents and sister stuffed animals First bank account in Kindergarten
- Strongly disagree to strongly agree
- Emilio Money avoidance: 11 out of 24 Money worship: 14 out of 24 Money status: 8 out of 24 Money vigilance: 20 out of 24 Danielle Money avoidance: 7 out of 24 Money worship: 13 out of 24 Money status: 11 out of 24 Money vigilance: 21 out of 24
- Bringing to conscious awareness and linking, for example, money avoidant scripts such as “rich people are greedy” and “people get rich by taking advantage of others” to the experiences and teachings of a parent or grandparent can be quite freeing. Recognizing that this belief was passed down through the family, has had a negative impact on the family’s financial legacy, may have had a negative impact on the client’s income and net worth, and does not accurately depict a significant number of wealthy people, opens the door to helping the client create more accurate and functional money scripts.
- Financial therapy interventions aimed at identifying and changing money script patterns have been associated with significant improvements in financial health, money attitudes, and psychological distress, although more research in this area is needed (Klontz et. al. 2008). Planners who endorse a “life planning” approach might find tools such as the “Money Script Log” (Klontz 2011; Klontz, Kahler, and Klontz 2008) or the “Healthy Money Mantra” (Klontz and Klontz 2009) useful in helping clients recognize and rescript self-limiting money scripts. A financial planner can use the Klontz Money Script Inventory to help identify client money scripts; educate clients regarding the impact of money scripts on financial behaviors and outcomes; and refer, collaborate, or consult with a financial therapist to address underlying psychological issues associated with the behavior, such as addiction, a history of trauma, family dynamics, anxiety, or depression. For a client prone to being a workaholic - Healthy Money Mantra Example – “I can work hard and spend time with my family; they are what matter most.” People prone to money avoidance, but use: “Making money allows me to be more generous in supporting my family and community.”
- Standard & Poor’s alng with several other partners recently conducted a survey of 150,000 adults in 148 countries to gauge financial literacy. To capture whether adults know how to make sound decisions, the researchers asked questions on four basic personal finance topics: inflation, interest, compounding and financial diversification. Anyone providing correct answers to three of the four topics was rated as financially literate. Only 57% of Americans notched a passing grade, compared with over 70% in Norway, Denmark and Sweden, and over 60% in Israel, Canada, the U.K., the Netherlands, Germany, Australia, Finland and New Zealand. Millennials have the lowest rates of financial literacy in the US, closely followed by Boomers. To conduct a survey of this scope, Standard & Poor’s Ratings Services partnered with the Gallup World Poll, the World Bank and the Global Financial Literacy Excellence Center at George Washington University.
- Every two years, the Council for Economic Education (CEE) conducts a comprehensive look into the state of K-12 economic and financial education in the United States, collecting data from all 50 states and the District of Columbia. The biennial Survey of the States serves as an important benchmark for our progress, revealing both how far we’ve come and how far we still have to go. There has been notable progress since the first survey was published in 1998, yet the pace of change has slowed. 2016 Key Findings Only 17 states require high school students to take a course in personal finance – that’s less than half the country Since 2014, two additional states include personal finance in their K-12 standards and require those standards to be taught Only 7 states require standardized testing of personal finance concepts Good news; Michigan is way ahead!
- Michigan Communities for Financial Empowerment (MCFE) is a network for local leaders working to integrate financial empowerment with core public and nonprofit services Wayne Metropolitan Community Action Agency Financial Empowerment Center provides free financial coaching to help families and individuals improve their financial situations. Support provided in the areas of credit scores, personal financial coaching, debt reduction, net income, and net worth. Programming also included two regularly scheduled financial workshops Foundations of Wealth Building and 45 Minute Pathway to Wealth. Contact Wayne Metro at 313-388-9799 or 734-284-6999. Lansing Office of Financial Empowerment provides free 1-on-1 financial counseling, in partnership with the City of Lansing, Capital Area Community Services, and Cristo Rey Community Center. Trained, professional financial counselors meet with clients learn about their specific situation and help clients create a budget, improve your credit score, pay down debt, access safe and affordable bank accounts, and save money for the future. Contact the OFE at 517-483-4550.
- Our mission is to raise the overall level of financial education and confidence in the U.S. by providing useful financial content framed in a way that is relevant, consumable and engaging for the modern investor. The articles, white papers and videos available on the site are all complimentary, and are meant to be shared with your colleagues, family and friends. At the Center, we believe that you don't need an atlas to become an educated investor; you need a roadmap of your local surroundings – information that is organized according to the various stages and events you might go through in life. That said, you can also filter our content by topic, author and content type, so we have something for everyone.
- Financial Empowerment mission www.cha-ching.com Partnership with Junior Achievement
- With all these resources, the best thing people can do is begin planning today for the kind of life they want. Retirement is certainly not a “one size fits all“ event, and planning for the future can be overwhelming. Depending on where you are along life‘s journey and what you want to achieve, your personal finance planning can look quite different.
- Fogg Method - BJ Fogg, PhD, Stanford University
- Even if you're working to educate yourself on finance and investing, you may find you need the guidance and expertise of a professional to help you feel more confident about your decisions. Center for Financial Insight The Advisor Search Handbook: Part I The Advisor Search Handbook: Part 2 Finding the Right Advisor
- Retirement is certainly not a “one size fits all“ event, and planning for the future can be overwhelming. At Jackson, we believe finding the right financial professional to assist with this transition is critically important. In today’s world of investing, retirees should not go it alone. There are experts who can assist with creating a holistic financial plan to help you secure the future you’ve always dreamed of.