Weekly Notables

from the Desk of Brian Bickett, CFP®

for the Week of December 04, 2019

Effective use of financial psychology…

This week’s notable personal finance article covers the practical implementation of financial psychology theory developed by Dr. Brad Klontz at the Creighton University Heider College of Business.

The article cites the results of a study published this month in the Journal of Financial Planning where participants in the financial psychology group increased their savings rate by 70%.  It then details five steps to significantly increase the odds of reaching your financial goals.

A practical example of implementing just one of these financial psychology techniques into my financial planning process is simply renaming the commonly referred to “emergency fund” as the “sleep-at-night fund”.  The conversation around this financial planning building block shifts from me attempting to convince the client how large their emergency fund should be to the client describing how much the sleep-at-night fund needs to be so that they can do just that.

Enjoy the ride of YOUR life!

— Brian

Find Your Financial Roadmap.

Brian can help you develop a roadmap to get you from where you are to where you want to go — and then put it in action, making your money work for you to avoid behavioral mistakes.

Peace of Mind

(Dennis Friedman, Humble Dollar) – This week’s retirement article details a recent retiree’s experience of successfully making the mindset shift from scarcity to one of peace of mind.  It uncovers the detrimental effects of worry and how much better life truly is once one is able to stop constantly worrying about money.  And, while this article is focused on the transition to retirement, I would argue that addressing worry leads to a significant increase in quality of life regardless of the individual’s age.

Use Financial Psychology to Crush  Savings Goals

(Dr. Brad Klontz, CNBC) – This week’s personal finance article introduces us to a five-step process that implements financial psychology theory to help achieve financial goals.  Pairing clarity and passion with automation greatly increases the odds of successfully reaching goals.

Trump’s Recent Trade Deal Comments 

(Steve Goldstein, MarketWatch) – This week’s economic article covers the market’s swift response to President Trump’s recent comments concerning the China trade deal talks.   I would expect continued market volatility as the markets continue to respond to this President’s unique negotiating style.

Where’s Brian?

Helping the Black Hills Area Bikers Shopping for the Forgotten program…

Additional Articles You May Find Interesting

Presidential Election, Volatility, and the Long View

Presidential Election, Volatility, and the Long View

Article written by Brian Bickett The presidential election is looming next week and, considering the many surprises 2020 has already brought us, the outcome of the election is shrouded with uncertainty, speculation, and angst.  Beyond how the election winner will...

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CARES Act – Returning unwanted 2020 RMDs

CARES Act – Returning unwanted 2020 RMDs

Article written by Brian Bickett   One of the key provisions of the CARES Act, the coronavirus relief act that took effect this spring, permitted retirement account holders to bypass required minimum distributions (RMDs) for 2020. RMDs are the annual withdrawals...

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Summary of the 2020 Social Security Trustees’ Report

Summary of the 2020 Social Security Trustees’ Report

The Social Security Board of Trustees released their annual report at the end of April once again this year.  The report for 2019 spans 276 pages that go into detail about the current financial status, future assumptions, and projections.  Once again…

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Brian Bickett, CFP at Iron Mountain Financial Planning, LLC

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