I recently read the best seller "Atomic Habits" by James Clear. In fact it was my book giveaway in January, I highly recommend it. In this book I learned the tale of the French philosopher Denis Diderot, who in 1765 found himself unable to pay for his daughter's wedding. He was poor, but well known as the co-founder and writer of Encyclopédie, one of the most comprehensive encyclopedias of the time. Catherine the Great, Empress of Russia, was a fan of his encyclopedia and offered to buy his personal library for £1000 - more than $150,000 today. She also offered to pay him a yearly salary to act as her librarian. Suddenly Diderot found himself wealthy. He paid for the wedding and …
Spending
Capture those Dollars – Avoid the Vortex of Spending!
In recent months several of my clients have happily experienced an increase in cash flow. The reasons include: Paying off a student loan Paying off a mortgage Decreased daycare costs due to a child starting school Stopping monthly allowance to an adult child who graduated and got a job (yay!) In each of these cases cash flow went up because of a decrease in a regular expense. Cash flow can also go up from an increase in income such as a raise or a bonus. Clients who have been with me a while know my standard response to an increase in cash flow: "Capture those dollars!" What do I mean by that? If you do not intentionally capture increased cash flow dollars, …
In the great green room there was a telephone and a red balloon. And a whole lot of money.
Hello! Parents in my readership will undoubtedly recognize the subject line of today's newsletter as the first line of Margaret Wise Brown's beloved children's book Goodnight Moon. Like many of you, my husband and I read this book to our son thousands of times before he outgrew it. Today we learn what happened to the book's substantial royalties after Ms. Brown died prematurely in her early 40's. It is a cautionary tale for anyone leaving assets to minor children. Special thanks to elder law and estate planning attorney Nancy Catalini Chew of Harvard, MA for her insights. Best, Michelle Morris, CFP®, EA BRIO Financial Planning The beloved children's book …
What Is The Single Most Important Thing You Can Do To Ensure Financial Success?
Hello! Last weekend my financial planning colleague Kelly Luethje and I hosted a fun "stump the financial planner" coffee hour at Broadway Pastry in South Boston. I'm pleased to say we were not stumped (this time). Read on to hear about my favorite question (and answer!) from that event. If you would like to host a "stump the financial planner" event, just send me an email: michelle@briofp.com. Best, Michelle Morris, CFP®, EA BRIO Financial Planning At a recent event, a bright young Boston professional asked me the following question: "As a financial planner, what is the one thing you urge your clients to do to ensure financial success?" She went on: "Is it …
Beware of the CREEP!
Hello! Today we talk about the CREEP - this is not a person, but a thing. This creepy thing can slow your path to financial independence, the key is mindfulness and planning. Read on to learn more! Best, Michelle Morris, CFP®, EA BRIO Financial Planning The first personal finance book I ever read was "Making the Most of your Money" by Jane Bryant Quinn. I read it shortly after it was first published 25 years ago. It was 1991, my husband and I were newly married and both full-time students. We were somehow scraping by on his research assistantship and the "blood money" which was what we called my earnings from drawing blood on weekends. The next year, I …
