{"id":19644,"date":"2023-06-07T18:49:07","date_gmt":"2023-06-07T22:49:07","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/its-my-money-i-can-do-anything-i-want-that-attitude-is-a-good-way-to-go-broke\/"},"modified":"2023-06-07T18:49:08","modified_gmt":"2023-06-07T22:49:08","slug":"its-my-money-i-can-do-anything-i-want-that-attitude-is-a-good-way-to-go-broke","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=19644","title":{"rendered":"\u2018It\u2019s my money. I can do anything I want.\u2019 That attitude is a good way to go broke."},"content":{"rendered":"
\n

When doctors see you gaining weight, they can\u2019t make you change your eating habits. They can only nudge you to shape up. The same goes for financial advisers who see you spending beyond your means. They can\u2019t force you to stick to a budget. They can only prod you to think about how you save and spend, and to consider the consequences of your actions.<\/p>\n

\u201cNagging doesn\u2019t work,\u201d said Michael B. Hansen, a certified financial planner in Walnut Creek, Calif. \u201cAt the end of the day, you can hear the client saying, \u2018Hey, it\u2019s my money. I can do anything I want.\u2019\u201d<\/p>\n

\n

That leaves advisers with a menu of options to persuade spendthrifts to cool it. The most obvious strategy is to remind clients why they hire an adviser in the first place.<\/p>\n

\u201cYou\u2019re paying me to help you stay healthy, financially,\u201d an adviser might say. \u201cPart of my job is making you aware of when you endanger your financial health.\u201d<\/p>\n

In these situations, an adviser becomes a kind of accountability partner \u2014 a coach who spurs a spender to avoid breaking their budget. Both parties know their role.<\/p>\n

But that doesn\u2019t always succeed. Clients may still resist authority, even if they\u2019re paying that authority figure for advice and expertise.<\/p>\n

Another tactic to stop people from spending too much is to step back and focus on the big picture. Advisers try to put short-term spending into a long-term perspective. In his first meeting with new clients, Hansen likes to ask, \u201cWhat do you want your legacy to look like?\u201d <\/p>\n

The discussion then turns to the individual\u2019s most cherished values. This sets the stage for subsequent concerns tied to overspending. Hansen reminds them of their stated values and adds, \u201cIf that\u2019s still important to you, I suggest you rein in the spending.\u201d<\/p>\n

\u201cUsually, that works well,\u201d he said. \u201cWe go over how they want to be remembered. Then they say, \u2018I\u2019ve lost sight of that recently.\u2019\u201d<\/p>\n

Raising client awareness of their spending is instructive in iteself. Many people operate in a vacuum, not realizing how they deploy their funds and how much they waste on fluff.<\/p>\n

\u201cTracking your spending is important,\u201d said Kelli Send, co-founder and senior vice president of Francis LLC, an advisory firm in Brookfield, Wis. \u201cIt\u2019s downloading all of your transactions to see where you\u2019re spending your money. That\u2019s surprising to many people. They may not pay attention when they use their credit card.\u201d<\/p>\n

Attentive advisers also identify who might influence a client\u2019s spending decisions. For example, a big spender may be trying to keep up with materialistic colleagues, friends or family members who acquire expensive toys.<\/p>\n

Experienced advisers also know to avoid\u00a0\u201cshould statements.\u201d Telling someone, \u201cYou shouldn\u2019t have bought that\u201d or \u201cYou should be more disciplined\u201d tends to trigger defensiveness, not compliance.<\/p>\n

\u201cYou don\u2019t want to say, \u2018You need to cancel that streaming service,\u2019\u201d Hansen said. \u201cYou want them to conclude for themselves versus telling them what to do.\u201d<\/p>\n

More:<\/strong> How to know if you\u2019re living with a \u2018money-avoider\u2019<\/p>\n

Also read:\u00a0<\/strong>Should couples combine finances or keep separate accounts? One option leads to a happier marriage, study finds.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

When doctors see you gaining weight, they can\u2019t make you change your eating habits. They can only nudge you to shape up. The same goes for financial advisers who see you spending beyond your means. They can\u2019t force you to stick to a budget. They can only prod you to think about how you save […]<\/p>\n","protected":false},"author":1,"featured_media":19645,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-19644","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"\n\u2018It\u2019s my money. I can do anything I want.\u2019 That attitude is a good way to go broke. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"When doctors see you gaining weight, they can\u2019t make you change your eating habits. They can only nudge you to shape up. The same goes for financial\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=19644\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2018It\u2019s my money. I can do anything I want.\u2019 That attitude is a good way to go broke. | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"When doctors see you gaining weight, they can\u2019t make you change your eating habits. They can only nudge you to shape up. The same goes for financial\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=19644\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-07T22:49:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-07T22:49:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/1686178147_social.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=19644#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=19644\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"\u2018It\u2019s my money. I can do anything I want.\u2019 That attitude is a good way to go broke.\",\"datePublished\":\"2023-06-07T22:49:07+00:00\",\"dateModified\":\"2023-06-07T22:49:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=19644\"},\"wordCount\":562,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=19644#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=19644\",\"url\":\"https:\/\/ifintechworld.com\/?p=19644\",\"name\":\"\u2018It\u2019s my money. I can do anything I want.\u2019 That attitude is a good way to go broke. | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-06-07T22:49:07+00:00\",\"dateModified\":\"2023-06-07T22:49:08+00:00\",\"description\":\"When doctors see you gaining weight, they can\u2019t make you change your eating habits. They can only nudge you to shape up. The same goes for financial\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=19644#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=19644\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=19644#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"\u2018It\u2019s my money. I can do anything I want.\u2019 That attitude is a good way to go broke.\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"\u2018It\u2019s my money. I can do anything I want.\u2019 That attitude is a good way to go broke. | iFintechWorld","description":"When doctors see you gaining weight, they can\u2019t make you change your eating habits. They can only nudge you to shape up. The same goes for financial","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=19644","og_locale":"en_US","og_type":"article","og_title":"\u2018It\u2019s my money. I can do anything I want.\u2019 That attitude is a good way to go broke. | iFintechWorld","og_description":"When doctors see you gaining weight, they can\u2019t make you change your eating habits. They can only nudge you to shape up. The same goes for financial","og_url":"https:\/\/ifintechworld.com\/?p=19644","og_site_name":"iFintechWorld","article_published_time":"2023-06-07T22:49:07+00:00","article_modified_time":"2023-06-07T22:49:08+00:00","og_image":[{"width":1280,"height":640,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/1686178147_social.jpeg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=19644#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=19644"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"\u2018It\u2019s my money. I can do anything I want.\u2019 That attitude is a good way to go broke.","datePublished":"2023-06-07T22:49:07+00:00","dateModified":"2023-06-07T22:49:08+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=19644"},"wordCount":562,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=19644#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=19644","url":"https:\/\/ifintechworld.com\/?p=19644","name":"\u2018It\u2019s my money. I can do anything I want.\u2019 That attitude is a good way to go broke. | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-06-07T22:49:07+00:00","dateModified":"2023-06-07T22:49:08+00:00","description":"When doctors see you gaining weight, they can\u2019t make you change your eating habits. They can only nudge you to shape up. The same goes for financial","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=19644#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=19644"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=19644#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"\u2018It\u2019s my money. I can do anything I want.\u2019 That attitude is a good way to go broke."}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/19644","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19644"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/19644\/revisions"}],"predecessor-version":[{"id":19646,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/19644\/revisions\/19646"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/19645"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}