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It’s pretty much etched in proverbial stone: Owning a home defines the American Dream. But what does owning a home really mean? What does it get us? How does it affect us financially, and emotionally? In this week’s My Next Move podcast, Michael Liersch gives us some sound financial advice, and it all relates to home ownership. Listen in as Michael suggests that we all ask ourselves some key questions about owning a home: do you see your house as an investment you’ll eventually sell, or is it like a family member that you’d never dare part with? Being really attached to your home could lead to the “Endowment Effect,” which says people tend to overvalue things they own. Do you plan to recoup the cost of improvements, or do you consider them investments in your quality of life? No matter how you see your home and its place in your financial life, be intentional and decisive. Do you plan to pass it on to heirs, and if so, are they aware of your plans and are you sure they really want to keep it after you’re gone? Considering all of these things can help make a house truly a home, as opposed to a headache.
We want to hear about what you want to hear about. Let us know your ideas for future My Next Move topics by emailing us at [email protected]
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It’s been said that there’s nothing certain in this world except death and taxes. That second item may be debatable, but the first absolutely isn’t. As Michael Liersch reminds us in this episode of the My Next Move financial podcast series, time will have its way with all of us, and although we can’t avoid it, we can and should prepare for it. There are two big things to check off of your list of preparations: first, have you actually done any preparing at all? Assuming that you have the next thing that’s imperative is telling those around you – family, close friends, even business partners. They need to know your plans and wishes. As surprising as it sounds, many wealthy, famous people neglect to tell heirs about their wishes, and some don’t even have legal guidelines – like a last will & testament – set up. Michael urges us not to be one of those people. We owe it to those we love and value to let them know how we want our assets distributed. And remember, it’s highly unlikely they will approach you about this, as it can be misinterpreted as them anticipating your death. Plus, it’s just an uncomfortable subject. So, it’s up to you to take charge. It may not be the most fun thing you’ve ever discussed, but let’s just say, it’s part of life.
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Saknas det avsnitt?
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Fear can be exhausting. But in this episode of My Next Move, your weekly financial podcast series, Michael Liersch says fear can also be a good thing. Specifically, when it comes to matters of money and investing. It’s pretty frightening to imagine losing all of your hard-earned money. Or any of it, for that matter. And that hesitation can hold us back and cause us to make unproductive financial decisions, or even worse, no decisions at all. But we can fight back against fear by using it to our advantage. Research tell us that people tend to perceive risk as bad. “What if I lose everything?” is a powerful sentiment. So, as Michael tells us, reframe all of those fears as opportunities. Make well-educated, measured decisions, but don’t be afraid to take risks. After all, they say with great risk, comes great reward and there’s nowhere that rings more true than in the financial world.
We at My Next Move podcast are cordially inviting you to speak up and let us know what financial subjects we could cover in future episodes. No subject is too big or too small. Just let us know by emailing us at [email protected]
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To put it simply, Kam Shing Kwang has a wealth of knowledge about wealth management - and that makes perfect sense for someone who happens to be the CEO of J.P. Morgan Asia Private Bank. Kam Shing was born in China but raised in other parts of Asia. And, as Michael Liersch discovers in this episode of the My Next Move financial podcast series, that gives her a uniquely cultural point-of-view on how finances affect families. She tells Michael that, yes, Asian families have the same financial hopes, dreams and fears as American families, but there are some differences that may come into play. In China, the one-child limit law that was in place for decades helped shape some of those differences.
Traditionally, the son would inherit the family business, but we now see women stepping in more frequently. And what about the growing entrepreneurial spirit that’s being embraced by younger generations? Kam Shing stresses its impact. “There are also quite a lot of the families understanding that this child may not want to take over the family business, so they actually start thinking about succession planning a lot earlier,” she says.
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Being part of a blended family - usually a couple with children from both their current and former relationships - can be financially tricky. But there are ways to navigate the fiscal waters successfully. In this episode of the My Next Move financial podcast series, behavioral expert Michael Liersch tells us why being intentional can help blended families be more harmonious. Michael explains that many people have different ideas of how fairness in a blended family is defined. The most common fairness heuristic, called 1/N (One over N), which essentially says all assets should be divided equally, isn't always observed or followed in a blended family. There is an array of variables that affect how money is treated and distributed.
So, Michael says, if you are one of the responsible parties in a blended family, be explicit about how financial resources will be divided or shared - and consider three principles when dealing with these resources: Psychological readiness, need and equity.
We have a lot of insights to share with you on My Next Move, but we're always ready to go deeper. If you want to suggest a financial topic for us to cover, send an email to [email protected] .
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Unless your last name is actually Jones, you might want to think twice about acting like them. In fact, in this week’s episode of the My Next Move financial podcast series, Behavioral Expert Michael Liersch advises us that “Keeping up with the Joneses” could be seriously detrimental to your well-being. Instead, frame up, or rather, reframe your current financial outlook. Look at your debt. Is it helping you or is it a hinderance? Ask yourself, “why am I buying this and spending on that?” Finally, consider your investment habits. Are you doing your homework and investing wisely, or just doing what all of your friends and coworkers are doing? Keep in mind that you and your family are in your own unique situation, and what may be the right investments for some, may be all wrong for you. Ultimately, Michael tells us, the real danger is that if you can’t afford to spend conspicuously, your loved ones may end up paying the price.
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Brandon Copeland knows two things pretty well: Football and Money. Football, because he’s currently an outside linebacker for the New York Jets, and money, well, because he’s currently an outside linebacker for the New York Jets. But, as behavioral expert Michael Liersch uncovers on this week’s episode of the financial podcast series, My Next Move, there’s much more to the money part. Aside from his NFL career, Brandon teaches the class, Inequity and Empowerment: Urban Financial Literacy, or as he calls it, “Life 101” at the University of Pennsylvania. He insists that he’s not really what you’d call a financial expert, but rather, just a guy whose career has given him the opportunity to make a good living. He’s had success, but he’s made mistakes, and learned from them. Now, he’s passing these life lessons on to students at Penn. One of the things he and Michael discuss is the importance of knowing what makes you happy – because that seemingly simple notion differs for just about everyone. But once you can pinpoint what you value, you can move ahead financially by making decisions based on those preferences.
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How many friends can one have? Well, as we’ll find out in this episode of My Next Move with Michael Liersch, there is a finite number of friends the average human being can actually have at one time. Does that mean having hundreds, even thousands of friends on social media is misleading. Yes. And, no. Those “loose tie” friends outside of your inner circle can actually open up some real opportunities. Call it networking. But, as Michael explains, not everyone on social media is a friend, or even a “loose tie” friend. So, if you are seriously into social media, or just a little bit into it, this podcast is for you. Listen and get some valuable insights about the good, the bad, and the scary of social media and how, by being intentional, you can make these platforms work for you. Not against you.
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In this episode of the My Next Move podcast Michael speaks with Maya Prabhu, Head of Wealth Advisory for the U.K. and EMEA at J.P. Morgan. Maya is an expert on Family Wealth Dynamics and has some sound advice on how wealth planning can really make a difference. It comes down to a few basic steps: Figure out what your intent is – what is the meaning and purpose of your family’s money? Then focus on communicating. Who will be involved in the money decisions and what do they think? And finally, prepare, prepare, and then prepare some more. No one is born knowing how to face all of the issues you’ll face protecting family wealth, so make sure you’re ready for anything.
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If you have a mobile device, and we’re betting you do, Michael Liersch can help you use it more wisely. In this episode of the My Next Move personal finance podcast series, Michael tells us about the importance of being aware of, and intentional, with our devices. We all know that devices are ubiquitous, but sometimes their mere presence when we’re interacting with others can make things much less personal. And, research says it’s not just an issue with young people. The older generations are guilty of device overdependence, too. Listen and hear all Michael has to say about navigating the mobile device minefield.
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You may be surprised to hear Michael Liersch’s assessment of Millennials on this episode of My Next Move, your personal finance podcast series. With research to back him up, Michael tells us that this often mislabeled and misunderstood generation is quite the opposite of entitled. Rather, they are very purpose-driven and culturally aware. But Millennials could stand to improve on the investing and saving side of things. Some have been understandably disenchanted with the idea of putting money away because of the dreary financial landscape when they hit the investing age. But it’s never too late to start. In fact, now would be an ideal time.
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Are you “Well off”? Behavioral Scientist Michael Liersch thinks it all depends on how you define the concept of financial success. In this episode of My Next Move, Michael imparts some sound financial advice as he reveals a shocking statistic: more than eighty percent of the world’s population survives on less than ten dollars a day. That really puts things into perspective. And as this podcast points out, knowing you’ve “made it” in terms of wealth isn’t nearly as important as knowing how to be financially intentional and goal-oriented. Michael suggests labeling goals, exactly. What’s important to you and in what order? Money for education? Lifestyle? Philanthropy? And how much do you need for each? It’s this hierarchy that makes getting to where you want to be that much easier. There’s a good chance that all that’s standing between you and your definition of financial success is a healthy dose of structure and discipline.
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Here’s a fact that’s as sure as the sky is blue: people fight over finances. Always have, always will. But, before you come to blows, listen to this episode of My Next Move and find out what Behavioral Scientist Michael Liersch has to say about our collective conflict. What you’ll find is that sometimes, if we focus on our shared desired outcomes, and don’t get too personal, money disagreements can turn out to be quite productive. Because getting to the solution is often easier with more than one point-of-view. Be sure to tune in and hear all of what Michael has to say about those infamous financial frenzies that befuddle all of us at some point in our lives.
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So, you’re about to share your life with someone, and that’s a beautiful thing. But, before you jump into it, be sure to share some relevant information with them first. In this episode of My Next Move, Behavioral Scientist Michael Liersch shouts it from the proverbial rooftop: Talk to your future spouse about where you both stand when it comes to money. Make that happen. The big question is, when? Michael suggests discussing finances in stages, starting with making sure you’re both aligned. “What does the whole situation look like in terms of how you’re going to be using your money as a couple?” he asks. Think about your shared values as well as your shared financial goals and ideas. Then move forward from there. “Disclosing financial information doesn’t necessarily start with balance sheets but it does start with - what do you want to accomplish with your money?” Michael will tell you why.
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Resilience. Tenacity. Toughness. No matter what you call it, it’s covered here, along with a myriad of topics, in part two of Michael Liersch’s discussion with Dr. Meg Jay. She walks us through how to set our kids up for success by helping them, help themselves. “We can raise our kids in a way that makes them more independent rather than more dependent...” “start early with simple things” she tells us. And the discussion doesn’t end there. Liersch and Jay pull back the curtain on some heady topics – identity capital, weak ties and picking your family, to name a few.
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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.
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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.
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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.
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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.
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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]
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