Gorham Savings Bank (my local bank) recently posted this article.
12.05.11
We think she has a good point. We’re talking about Jane Honeck (website), Money Coach and Personal Financial Specialist in Falmouth and founder of a Portland accounting firm, Honeck-O’Toole CPAs. Her coaching methods could be called “Financial Therapy”. Let’s look at an analogy – when people are having problems in their personal relationships or have issues with depression, they might go to a psychotherapist for help. These professionals don’t just throw out industry “best practices” that apply to everyone, they strive to understand why people feel and act the way they do. But in financial advising, bankers (yes, we’re one), and investment advisors tend to focus more on goals and risk preference. Jane explores how spending habits might be related to social norms (like piling on Christmas or holiday presents!), or a reaction to our parents’ behaviors, or to compensate for insecurities. You can’t pave over these deeply rooted behaviors by just cutting out the morning double latte, refinancing a home, or investing in a high dividend paying mutual fund. Jane’s short book, “The Problem with Money” (reviews) is subtitled, “It’s not about the money!” This is not your typical “how to” book for money management. It addresses family history, educational background, cultural values, even spirituality to build a foundation. It goes on to help readers gain power over beliefs so that changes in financial behaviors naturally follow. This behavioral approach is a good addition to anyone’s arsenal of tools to improve their finances. By Gren Blackall, gorhamsavingsbank.com
What do you think?
2 thoughts on “I’m Bad News – Really!”
Hi Jane, first of all, thanks for posting this! Secondly, you are great and we hope to do some work with you in the future. Thirdly, as for the “bad news” title of our blog, let me repeat the response I put on our website –
Gren 12.09.11 at (1:13 PM )
Sorry Jane, no you’re not bad news, it’s bad news that the conventional wisdom needs adjusting to the kinds of things you suggest!! So you’re the good news midst the bad news. 🙂
If you have money and you feel like you have control over your money and you can make wise and responsible choices Banks and other financial institutions may be good for you. If you on the other hand have little or no savings and money (and debt) have control over you, Jane is good, very good for you. She will raise your awareness and help you define the role of money in your life and how to make choices – after all, we always have choices about money – at least Jane will help you see that you have choices and how you want tho exercise your choices. Don’t walk but run to Jane. She will slow you down until you get it. You might even find other changes I your life as you get a hold over money.