Resources

 

Wealth Psychology and Financial Therapy Stir up all Kinds of Emotions

Jamie Traeger-MuneyWealth psychologist, Jamie Traeger-Muney, is finding herself more and more in the role of thought leader in a field that is evocative and controversial.  Her message is consistent and clear - vilifying the rich is harmful to society. Polarizing statements that put everyone into one group and speak uniformly about those who have the same identified characteristics leads to furthering the problems we seek to change. The media plays an important role in either fanning the flames of hostile envy and micro (and macro) aggression against the wealthy, or in educating everyone about how to build bridges and bring disparit groups together by identifying common experiences and how we are all uniquely human.

We continue to make a concerted effort whenever we are approached by a reporter to speak on behalf of the marginalized and isolated clients we serve who often feel they need to have their wealth remain hidden for fear of judgment, attack, and shame. We have yet to see where shaming someone leads to a positive outcome.  It is our sincere hope, as well as our expressed purpose, to shine a light on dysfunctional approaches to wealth-disparity and to bring about a shift in thinking and speaking about those who are considered wealthy. A wise man once said: "If you want to be rich, bless them, instead of criticizing those who are."

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How Does your Personality Impact your Spending Habits?

spending habitsEmily Bouchard, managing partner of WLG, was interviewed for an article looking at common "money personalities". In the article, the five money personalities described are:

  • Optimists
  • Conservatives
  • Risk Takers
  • Thinkers
  • Emotional Spenders

Here's an excerpt from the "Thinkers" section: 

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What you Need to Know if you Have a Family Owned Business

"Family owned businesses generate 60% of the country's employment and 78% of jobs created." -- Bloombergmpower radio show

MPower Radio invited Emily Bouchard to share insights about family businesses and the complex dynamics families face, such as:

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Financial Therapy: Addressing the Rich Stigma and Hostile Envy

Excerpt from article in Comstock Magazine:Comstock Ben Franklin crying

The Rich Stigma

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What to do When His Grown Children are Afraid You're a Gold Digger

[Note: This article first appeared in Emily Bouchard's "On The Money Column" in StepMom Magazine]

The pervasive cultural label of a stepmother being an untrustworthy gold digger often leads to legal battles and destruction of family ties. There are some key communication strategies professionals use successfully with stepfamilies to avoid these outcomes.  One such professional is Liz Oakley, who has worked in the estate planning field for the last 11 years.  Oakley has seen it all – from irate family members with accusatory claims to many innocent and weepy stepmoms. Oakley says: “It is all too often a case where no amount of evidence will change anyone's opinions. I've found that families who keep the communication lines open, and who can discuss their problems like adults, often reach some kind of a mutual understanding of the other party. That's very important in reorganized families, keeping the communication lines open."

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Best Kept Secret: PreNups Strengthen Second (or Third) Marriages

[Note: This article first appeared in Emily Bouchard's "On the Money" column in StepMom Magazine]

How well a couple communicates when there’s conflict is the key indicator as to whether or not they will stay together for the long run.  Since conflict about money is often cited as a leading cause for divorce, knowing how to talk about money successfully is one of the most important skills a couple can develop.  Turns out that navigating the questions relevant to pre-nuptial agreements – questions related to what happens with your assets and debts before, during and after you are married -- is a great way to build those skills.

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Blended Family Back to School Budgeting

[NOTE: This article first appeared in Emily Bouchard's "On the Money" column in StepMom Magazine]

September signifies the end of summer, the beginning of school routines, and great opportunities for life lessons regarding spending and choices. For those of you who are already in the swing of school, with an early August start date, this column will give you great ideas for next year, as well as a chance to evaluate what worked and what you’d like to improve in the future.

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Top 4 Common Money Complaints Stepmoms Have

[Note: This article by Emily Bouchard first appeared in StepMom Magazine]wlg blended

Is discord about money ruining your relationship? Researchers consistently point out that unresolved issues related to money are the leading source of conflict in marriages. Couples with stepfamilies have added complexities when it comes to financial decision-making that can potentially increase the tension and discord in their relationships. No matter how much money each of you brings to the relationship, there’s much you can do to decrease the resentment and increase the romance as you address the leading causes of financial conflict.

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Reducing the Negative Impact of Guilt in Blended Families

[Note: This article by Emily Bouchard first appeared with the title "What to do About Guilt" in StepMom Magazine]

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Redefining Success thanks to Huffington and the Next Generation


Tiger Woods

 

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Is Our Culture Suffering From 'Affluenza?': Shifting the Cultural Conversation about Wealth

meteorWealth Legacy Group's founder and wealth psychologist, Dr. Jamie Traeger-Muney, is a featured expert on the HuffPost Live show.

HuffPost's Third Metric seeks to redefine success beyond money and power. 'Affluenza' has been used to describe the contagious pursuit of wealth in our society. But how does it affect us psychologically and influence our daily lives?

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Wealth Psychology featured in Wall Street Journal

wsjMoneyMagThe (Wealth) Doctor Is In

Wealth psychologists tug at a host of money issues typically avoided by financial advisers. Does it work?

The founder and director of Wealth Legacy Group, Jamie Traeger-Muney, is featured in this weekend's WSJ Money Magazine's article on the use of wealth psychology to address the emotional, qualitative side of wealth in people's lives.  We also want to congratulate our newest member of the WLG team, Kathleen Thurmond, for sharing her experience of the RichLife Portfolio so openly in the article.

ON A RAINY afternoon in an affluent neighborhood in San Francisco, a small klatch of baby boomers is gathered in a comfortably elegant living room, deep-breathing in unison and wiggling their fingers and toes. For nearly two days, they've been immersed in a workshop run by two veteran therapists—and emotions have been getting intense. One participant, overwhelmed by the discussions, slumps in her chair, complaining of a headache and focusing problems (hence the group's breathing exercise). When a former CEO is guided through a family-history exercise, she discovers a long line of ancestors who were made to feel—cue the aha moment—less than adequate... READ ENTIRE ARTICLE

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Purposeful PreNups Q and A

collaborationL. Paul Hood, Jr. and I got to embody the Purposeful Planning Institute's mission of inspired collaboration during our hour-long training for advisors on "Purposeful Prenups". We explored how to negotiate prenups that are empowering and have a positive impact, and we had some great audience participation and incorporated a number of questions that expanded the conversation in a truly collaborative way.

 

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Holiday Joy Diminished by Family Money Dynamics

sipress will

 

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Using PreNups to Strenthen Relationships: Training for Advisors

“For those who want a relationship to continue: Communicate.  Negotiate.  Compromise.  You must be able and willing to change.  You must be able to consider another person’s needs.  You must talk with each other, not just guess what your partner is thinking.  What else are words for?”  Dr. Hanna Kapit

couple poorly communicatingFormer estate planning attorney, L. Paul Hood, Jr. and I just put the finishing touches on our upcoming "Purposeful Prenups" presentation for the Purposeful Planning Institute taking place Tuesday, Dec. 3rd at 9am pacific/noon eastern.

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Prenuptial Agreements Aren't Just About Protecting Assets in Case of a Divorce

Are you in a situation where you're planning your wedding and your life with your fiance - but when it comes to talking about your disparity in FINANCES, and the need for a pre-nup, things aren't going so well? You may be surprised to learn that more and more couples are using their pre-nup conversation as a way to begin to plan for their future and learn more about each other when it comes to values and emotions that are inextricably linked to money.

I was quoted in this week's "WEEKEND INVESTOR",  when LIZ MOYER focused on the use of prenuptial agreements, especially in stepfamily situations, to explore estate planning as well as contingency plannng.  According to Moyer, "Increasingly, such contracts are being used as an estate-planning tool by men and women, says the American Academy of Matrimonial Lawyers, a trade group based in Chicago. Prenups are particularly popular because of demographic shifts toward marrying later in life after people have already accumulated significant assets they want to keep separate."

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Generational Wealth: How to Have it Strengthen Your Family

If you’ve built up significant assets, you probably want to ensure that they enrich your family for decades to come. It’s entirely possible, with smart financial planning, for your savings to help even a great-grandchild pay for college or maybe even finance a mortgage.

Generational Wealth: Making Your Assets Last for GenerationsPassing wealth between generations, though, isn’t always easy. Tax implications and how heirs handle the money are just two factors that can complicate your plan. In fact, most family wealth won’t make it to the third generation, according to Tim Voorhees, a tax lawyer.

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The Inheritor's Dilemma: How to Claim Your Identity in the Face of New or Inherited Wealth

meteorThe word is getting out about the profound impact sudden money and inherited wealth can have on a person's life and well being. 

It was only through a fluke that we became aware that our founder and thought leader in the arena of wealth psychology, Dr. Jamie Traeger-Muney, was quoted not only by Barclays, but also in "Wealth Arabia Magazine".

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Investigating Insurance: What You Need to Know with Krystalynn Schlegel

KrystalynnWhen you hear the word "insurance" what is the first reaction you have?

Do you contract and immediately resist any further interest in the conversation? Do you become engaged and interested and curious about what you need to know in order to make a wise decision?

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Impact Investing: What you Need to Know with Deb Wetherby


Deb Wetherby photo copyThere are many ways your dollars can make a statement in the world and make a difference.

Along with charitable and philanthropic giving, more and more people are becoming interested in "Impact Investing" - where you invest your money in intentional ways that express your values.  Impact investing, also known as "socially responsible investing", is in greater demand, and there are more ways than ever before to have your dollars make a positive difference while also making a decent return on your investment.

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Latest News

Money Types will Assist or Derail Financial Conversations"Valerie" (not her real name to protect her privacy), newly engaged to Bob who has two children from his prior marriage, is meeting with Bob and his long time male estate-planning attorney. The...
Jamie writes: "To truly calculate your net worth, you must consider all of your assets. Now, let me be clear, as a coach and a consultant to some of the world's wealthiest people, I am not simply talking about real estate, jewelry, or other types of ...

Recent Blogs

This week, I'm turning 50 and I thought the best gift I would receive was finishing the first draft of my book, Thrive & Help Thrive. The concept of the book is the more we leverage our True Net Worth (our talents, trusts, treasures & time) t...
​The number one concern we hear from our clients is the worry that their wealth will negatively impact their children and grandchildren, causing them to be spoiled, entitled, and to lack motivation.Questions like these are keeping thoughtful parents ...