An Invitation to Developing Thriving Emerging Adults

Please join Kristin Keffeler and I for a Wealth Confidence™ Program Designed for Parents and Grandparents of Emerging Adults (generally 18 to 36)

 When: Thursday, April 26, 2012

Time: 6:00 to 7:30 pm

Where: Hamilton, Faatz & Waller

5105 DTC Pkwy., #475

Greenwood Village, CO 80111

First Bank Building

In this education session you will learn:

• An understanding of the 'Emerging Adult' phase
• Financial skills emerging adults need to develop in order to become autonomous
• Best practices in promoting development of these financial skills
• Gifts that create freedom versus dependency
• The Cauldron of Chaos - what to expect when your kids dream their own dreams
• The two most important factors in creating resilient, adaptable, and innovative kids

Please enjoy a glass of wine and cheese during the workshop. 

RSVP

303-830-0500

hfwpc@hfwpc.com

Investment advice offered through Dynamic Wealth Advisors, a registered investment advisor.

New Beginnings

I am pleased to share some exciting news -  I have opened my own wealth management practice, SBWA, LLC.  I will continue to deliver my boutique signature style of service focused on expert financial planning, smart investment, and the human issues around money.  I will be affiliating with a large firm, Dynamic Wealth Advisors, which is a Registered Investment Advisor.  They will provide regulatory oversight, technology solutions and other resources to expand my offering to clients.  Thank you for your continued support as my practice has evolved over the years.

Best,

Steph

Stephanie Bruno, AIF®, CFP®, CPWA®

720-881-8805 | SBruno@SBrunoWA.com

SBWA, LLC

2810 N. Speer Blvd.

Denver, CO 80211

Every Dollar You Spend, Save and Donate Tells a Story

In my blog Where it all Started, I share the story of how my stay at home mother encouraged me to get a good education and be able to financially support myself.  This is part of my money story.  The story that says I need to be able to take care of myself.  For most of my life this has served me well.  But for every positive money mindset, there can be another side.  Over the years I have worked so hard on taking care of myself that I have had to work on learning how to receive.

Olivia Mellan, a psychotherapist who helped develop theories and treatment around money mindsets, tells a story about how her mother used to go shopping to make herself feel better.  She would often hide the purchases from her husband until he was in a good mood and then parade them out.  She would also lavish purchases on Olivia to show her love.  Olivia noticed early in her marriage that she was falling into the same patterns.  By creating awareness around this and talking through it with her husband and practicing new habits, she was able to improve the impact of money in her life.

Every dollar you spend, save and donate tells a story.  How have the attitudes you were raised with influenced how money shows up in your life today?  What would you like your money story to say?

Developing Thriving Emerging Adults Part III

Following up on my last blog, here are some additional ways to help your emerging adults develop the financial skills that they need.  Let them fail.  If we always bail our kids out, they will never know how hard it is to achieve financial success.  They will also not develop the confidence and pride that they can solve their problems on their own.  Wendy Mogul in her book The Blessing of a B Minus talks about how this failure can help them develop the perseverance they will need to succeed in life .

It is also good to talk with your children about the financial struggles you have faced in the past.  By the time your children are facing adulthood, they see you (and the rest of the world) as having plenty enough money and living a nice lifestyle.  They didn’t know you when you lived in a one bedroom flat and ate ramen noodles.   They don’t realize that the nice lifestyle came over time and after much hard work. 

There are some ways that are healthy to help financially support your children.  Eileen and Jon Gallo, authors of Silver Spoon Kids and Financially Responsible Parents, pointed out in their white paper on the Financial Skills Trust pointed out of that you can help your children thrive by:

-          Paying for education (although it is encouraged that they pay for some part;)

-          Vocational testing;

-          Paying for health insurance; and,

-          To support development of a business plan.

If you are interested in more information on this topic, Kristin Keffeler and I will be presenting a program on Developing Thriving emerging adults this Thursday evening from 6  to 7:30p.m. at the Englewood, Colorado  office of Hamiliton Faatz and Waller.  To attend, e-mail RSVP@HFWPC.com.  If this date does not work for you, e-mail me and I will notify you of the next presentation.

Developing Thriving Emerging Adults - Part II

So recapping from my last post, what are some ways that parents can help their emerging adults thrive financially in a positive way?

Try utilizing a Results Oriented Work Environment (ROWE) approach which was invented by executives at Best Buy to reward people in ways that supported their intrinsic motivation.  The primary tenant is that people can do whatever they want whenever they want as long as the work gets done.  This is not to mean that your emerging adults should have free range around the house to leave laundry or dishes around.  I am reminded of a quote from Peter Buffet’s book.  His mother told him “he could be whatever he wanted to be, but not do whatever he wanted to do.”   It does mean giving them flexibility and creativity in how they achieve these steps.  Keep in mind that although they are still developing, they are really striving for autonomy and ways to become individuals different and apart from their families.  Letting them come up with a plan and seek resources on how to master necessary financial skills lets them develop these critical thinking skills and to individuate.  For instance, instead of insisting they balance a check book utilizing a check register to keep good financial records, maybe they would choose to utilize a website like www.mint.com.   The focus is on the goals and results desired and not necessarily any predetermined structure or methodology of how to achieve them.

Another point to keep in mind is to be there for them emotionally even when you choose not to support them financially.  Say for instance they would like for you to help them start a new business.  If you choose not to support the business with your money, let them know that you are there for them otherwise to bounce ideas off of and perhaps direct them to other resources at the local small business development center.    They may seem independent and that they don’t need you during this emerging adult phase, but it is during this difficult time of change when they may need you the most.

Next week we will look at some additional skills that can help you help your emerging adults to thrive in a positive way.