3 Rules for Clients to Build a Healthier Relationship With Money:

Rich, poor, experienced or green, we can all learn to have a better relationship with our money. No matter where you are starting from, learning these rules, and developing the habit of coming back to them when you get off track, will help you get to a stronger place financially. As advisors, you can help your clients develop stronger financial thinking by learning these three rules, and helping clients to incorporate them over time.

Rule 1. Listen for the Story 

Every financial decision starts with a story. A person’s relationship with money is almost never about the numbers. It is about the stories we tell ourselves because of those numbers. This is why one client can feel satisfied with a middle-class lifestyle while others feel constrained on several million dollars a year. 

Each of us has come to believe certain stories based on our upbringing and our experiences with money: stories about who we are and who we are not, stories about what we can and cannot do in the world. This is where our relationship with money is rooted, and this is where sound money management begins.

It starts with a story.

Some people, having watched their parents lose sleep during the housing crisis, will shrug off any suggestion of real estate in their own portfolios. Others believe deeply that life is too short to worry about tomorrow, and are painfully underprepared for retirement. All of us have felt the pull of marketing campaigns that tap into our personal hopes and goals. We buy clothes, cars and homes that reflect the way we want to feel about ourselves. Taken together, these day-to-day financial choices add up to a lifetime of financial health, or instability. 

As advisors, recognizing that every financial decision is based on a story can help you to tap into your client’s underlying financial narrative. For tips and tools on how to help clients tochange the stories that may be working against them, there are some wonderful resources inMind Over Money (Klontz & Klontz, 2009),Strangers in Paradise (Grubman, 2013), and of course my own new book, LOADED (Newcomb, 2016).

Rule 2. Help Them Choose Healthy Strategies 

The stories we believe lead us to choose certain strategies for meeting our needs. A person who believes that ‘good’ parents pay for their kids’ college tuition in full may sabotage their own financial security in order to nurture their children. This strategy may meet some basic needs (caring, nurturing, knowing they matter, etc.) but it threatens others (security and basic survival in retirement).

The goal of a sustainable financial plan is that it will meet today’s needs without sabotaging the needs of our future self. In order to do this, you can help clients to recognize the difference between a need and a strategy.

Needs are constant, but strategies are flexible. Even the frivolous items we buy on impulse are attempts to serve a fundamental need such as fun, comfort, ease or relaxation. Simply cutting back on expenses without addressing the underlying needs that those expenses are meeting is a recipe for unhappiness. This is why so many people set out to make financial change only to find themselves ‘cheating’ on their plan.

A sustainable and satisfying financial plan is far more like a map than a diet. It’s a plan for meeting all of your needs with your limited resources.

Advisors can help clients choose healthier strategies by asking questions that help identify the underlying need. “What are you afraid will happen if Jr. has to work part time or take oursome loans to get through school?”  Once you hear the need you can help them to devise a strategy that will meet the need without sabotaging their future.

Remember, there’s a story underneath the strategy. For example, if the ‘good parent’ story is leading clients into financial insecurity, it might help to point out that ‘good parents’ model good personal financial decisions, and student loans are often a great motivator for hard work. The goal is to find a new strategy that will still meet the underlying need. When you can help them do this, following their plan will feel deeply satisfying.

Rule 3. Connect Assets to Income

Every stream of income can be traced back to an asset that is valuable to others. While we don’t all start out with assets, we all have resources (time, energy, and intelligence at the very minimum). Learning how to combine one’s unique resources into valuable assets that can increase your income streams is the heart, the very soul, of making money.

When clients learn to think of their money in terms of assets and resources rather than simply in terms of income, they will naturally become more attuned to protecting and growing their assets.

Most of us don’t learn early on how to calculate the amount of income that a lump sum will generate. The result is that we can feel much wealthier than we actually are. Recent research tested the effects of presenting retirement savings to one group of individuals as a lump sum ($100,000) and to others as an income stream ($500 per month for life). They found that people who were presented the lump sumfelt more adequately prepared for retirement than those who saw the income stream (Goldstein, Hershfield and Bernartzi, in Press).

Again, it goes back to a story: “$100,000 is a lot of money,” is one story, while “$500 per month isn’t enough,” is another.  The same financial asset leads to two different stories depending on how it is presented.

By helping your clients to make the connection between the income they enjoy and the assets required to produce that income, you can help motivate greater saving and the cultivation of all potential sources of value. Many people have untapped resources (summer homes that could be rented out, unused valuables that clutter their lives, etc).

Once people begin to see that they have value beyond their salary, and learn how much income to expect from a lump-sum asset, they may naturally be motivated to look for ways of earning extra income in order to boost their retirement savings.

These three rules can help you as an advisor to bring your conversations with clients to a new level. By helping them to recognize and challenge the stories that influence theirstrategies for creating and consuming their stores of value, you can lead them into healthier and more stable financial lives.

Credit by Sarah Newcomb

How should you prepare for a career in your 70s?

Donald Trump will be 70 next week and Hillary Clinton will be 69 in October Professor Albus Dumbledore, headmaster of Hogwarts, was well over 100 years old when he died. The exact age is subject to dispute; JK Rowling has previously talked about him being 150 (and, as the author, she should know), but her website says that he was born in 1881, making him either 115 or 116 at the end.

One place I hoped to find the exact answer was at Bloomsbury, Rowling’s publishers and the hosts of an excellent party last week to celebrate two of their other authors, Lynda Gratton and Andrew Scott. The latter are also professors, albeit at the London Business School, and have written a book called The 100-year Life, looking at (among other things) how careers will work in an age when half of today’s children will live beyond 100.

The book does an excellent job of bringing together in a coherent way all the points to consider in a long career — health, wealth and competencies. I have started to realise how many people work on into later life. At the conclusion of a meeting last week, I headed for the tube, along with the person I had met, in full-time employment, who produced a free senior travel pass. Is this a sign of austerity, or fulfilment? Of course, Dumbledore was not alone in carrying on in his job well beyond the time he would have earned a Freedom Pass in the Muggle world.

In the US, people regularly work into their 70s and 80s. Donald Trump will be 70 next week and Hillary Clintonwill be 69 in October, yet both are vying for a job that will be more time consuming than anything either of them have ever done before.

Closer to home, Jeremy Corbyn, aspirant prime minister, is 67, and our head of state is still going strong at the age of 90.

Working later and longer is going to become the norm. Are you prepared for it? Professors Gratton and Scott have usefully included a diagnostic tool on the website for their book, which I dutifully filled in.

It tells me that I am “building my productive and my transformational assets”, and “maintaining my vitality and my tangible assets”. Translated, that sounds like it means I need to exercise and save more, and that I am ready and prepared for the move to my next career.

One of the practical points that Professors Gratton and Scott make in their book is that a long lifetime may mean multiple romantic partners as well as multiple careers. Dumbledore never married. Professor Gratton, who I confess is a role model of mine, (and who introduced me to Herminia Ibarra, the subject of my latest podcast), is engaged to be married to Nigel Boardman, the M&A lawyer, who continues in a long and distinguished career at Slaughter and May.

Both qualify for Freedom Passes, and both are shining examples of long and successful careers. Neither shows any signs of slowing down. I wish them every happiness, with careers as long and as successful as that of Professor Dumbledore.

Credit by Mrs Moneypenny

The legacy of Jamsetji Tata

No company evokes Indian business better than TATA. The legendary family business founded by Jamsetji Tata in 1868, TATA has established a domestic and international reputation that is arguably greater than any other Indian business.

When it comes to the numbers, TATA is truly impressive. The TATA Group is the holding company of 29 companies listed on the Bombay Stock Exchange. It accounts for 8 percent of the market capitalization of the Bombay Stock Exchange. TATA has made its mark in every major industry in India - steel, power, automobile, aviation, information technology, telecommunications, financial services, consumer goods, education, healthcare, and more.

But perhaps its role in the building of India and placing the importance of community before the profit motive are factors that have contributed most to its success - certainly from the point of view of many of its stakeholders. The journey of development of India can be traced through the house of TATA and the businesses that they ventured into. And during that journey profitability was not the only thing on the company’s mind. Indeed, nation building was just as important, if not more so.

For example, when the family built TATA Steel in Sakchi, now Jamshedpur, TATA also established an entire city around it. When the Taj Mahal Hotel was built in Mumbai, it was “to attract people to India”. When Tata Hydro Electric Power Supply Company was established, it was with the hope that Bombay would become a “Smokeless City”. And today the mission of the TATA Group continues to be: “To improve the quality of life of the communities we serve globally, through long-term stakeholder value creation based on Leadership with Trust”.

The early founders of the company - Jamsetji Tata, Sir Dorabji Tata and Jehangir Ratanji Dadabhoy Tata - worked to uplift the country and to improve the quality of life of the people around them. This was so central to their decision making that many times they put the importance of the community before their own wealth. In fact, profits were always secondary to Jamsetji Tata, and this tradition has been followed by his successors. But because they pursued excellence in whatever they did profits followed.

Sometimes in the world where instant gratification is so dominant in most societies there is a need to go back to the life and times of people like Jamsetji Tata and the other earlier pioneers of TATA to understand and appreciate their values just a little bit more.

Credit by Nupur Bang

Seeing myself dead in my dreams

Dreams have always been a mystery to us. The Association for the Study of Dreams has revealed that the majority of us have dreams with similar themes, and it is possible to gain better health (mental and physical), entertainment and even financial gains from such dreams.

A well known American psychic, Edgar Cayce claimed that through dreaming, people gain access to their spirit and all possible questions are answered by our inner conscience. Some dream interpretations are strange, while others are pretty understandable.

Today I’m going to share my morning dream which I saw on 20^th April, 13 and I know that you will laugh on it, but this dream is not as normal dream and I never watch these kinds of Dream ever in my life.

In my dream I saw someone dying and he again came to earth with their relative’s as spirit and I didn’t knew him and also I didn’t remembered his face, but I’m very keen to know that what happens after death as its mysterious and like me many other people would also like to know that what happens after death.

So I tried to ask the person who was dying but he was busy in his activity and was ignoring me and he didn’t wanted to know anyone about this mystery, But after convince he was ready for it.

As he starts...!! Yamraaj (lord of death) came there and he took me along with him and that place where I went with Yamraaj it was like a 4^th floor building and we were on 3^rd floor where many people was there and some of groups was drinking tea and Yamraaj was also seated and he offered me a tea and then suddenly I woke up from sleep.

I was very scared and at the same time many things were going on my mind..?? These kind of dream I had heard from my parents, relatives and even from friends many times.

In my childhood I mostly like to read GK books and which I purchased from local market and same when I was in 6^th or 7^th Std.  I purchased one book from the same market and the book was suggested by my friend Amit. He is very nice friend of mine and at that time I stay in Delhi.

The book is related to meaning of Dreams, Mole on body, Sneezing etc and in this book mention about the meaning of death in dreams. If someone who is very closed or relative if die in your dream that is okay and I also heard from my relative and senior people of my family they said that if you see someone die in your dreams it means that his or her age of life will increase.

In this book there is also mentioned that if you see yourself dying or someone beating you in your dream, it means your death is near and you will die in 3-4days. 

When I woke up after my dream thought started coming in my mind which created shivers in my body. And I tried to forget all my dreams and I got ready for office and took my mobile and immediately searched on Google for “dreams and their meaning” and I read many articles related to dying in dreams.

And after reading articles I thought that why did I saw this dream because few days earlier I was in deep stress regarding my jobs and my personality I wanted many changes in life, so that it will help me in my career.

And finally I believed that this is the sign from God or Nature. And he also wanted some changes in me. I know it is a very challenging task for me but I will do my best, if I lost this precious time then I will never be an successful man in my life and this thing will hurt me throughout my life.

I would like to share some articles which I read and its gives some inspirations for thinking. I believe that every dream is gives us some message and you will also find many articles related with dreams on Google.

“Article 1”

To dream about death represents change. Your personality or life situation is transforming for better or worse. An area of your life has come to an end, an era has come to a close, or roles are shifting.

Seeing bad people die in your dreams is a sign that issues have been confronted. Negative aspects of the personality are being overcome by positive influences. Good people in your dreams dying symbolize positive aspects of your personality being overcome by negative influences.

To dream of being dead represents feelings of loss or total failure. If your death takes on a more positive theme it may reflect positive changes or transformation.

To dream of people you know dying symbolizes changes to certain qualities in yourself that these people reflect in you. It may also represent your view of these people succumbing to a problem as well as shifts in their personality or lifestyle.

To see your parents die in a dream reflects an inability to make positive or effective choices. Your father dying symbolizes your conscience or ability to make positive choices being compromised. Your mother dying symbolizes your intuition or ability to think ahead being compromised. A dead mother may also reflect feelings of being overwhelmed by bad luck. You can't find answers you want, or you feel unlucky. The death of parents in a dream is a sign that you need to seriously reconsider your current life path. Significant or fundamental changes may be in order.

To see a boyfriend or girlfriend die in a dream symbolizes a helpful or protective aspect of your personality that has been overcome by a problem. A habit or situation that had your best interests at heart may no longer be viable or has been compromised.

To dream of a spouse dying represents a permanent or secure aspect of yourself that has been compromised. A habit or situation that you've completely depended has changed. Something you were accustomed to may have been compromised. It may also reflect a loss of something in your life that you never believed would change.

“Article 2”

This makes for a sad dream, but death isn’t as ominous a theme as you’d think-it’s more about change on the horizon. If someone you know dies in a dream you have, think about your connection to that person. Is there an aspect of your relationship that needs changing? Or is there something about the person’s life that you’d like to see manifesting itself in your own? Death-related dreams might also be about incoming change or the dreamer’s need to change.

 

“Article 3”

To dream of your own death indicates a transitional phase in your life. You are becoming more enlightened or spiritual. Alternatively, you are trying desperately to escape the demands of your daily life. To dream that you are faking your own death suggests that you are looking for a new start. You need some change in your life.

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"I would like to thanks my sis Akanksha, for helping me out in this post"

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10 Tips for a Total Online Security

With the sudden rise in the Internet usage across the globe over the past few years, there has also been a rise in the amount of online scams and frauds. Today most of the Internet users are unaware of the most prevailing online threats which pose a real challenge for their safe Internet usage. As a result, Online Security has become a questionable factor for the most Internet users. However it is still possible to effectively combat online insecurity provided that the users are well aware of the common scams and frauds and know how to protect themselves. A study shows that over 91% of the Internet users are unaware of the online scams and are worried about their security. Well if you are one among those 91% then here is a list of 10 tips to ensure your total online security.

1. Always install a good antivirus software and keep it up-to-date. Also install a good anti-spyware to keep your PC away from spywares.

2. Always visit known and trusted websites. If you are about to visit an unknown website, ensure that you do not click on suspectable links and banners.

3. Perform a virus scan on the files/email attachments that you download before executing them.

4. Regularly Update your operating system and browser software. For a better security it is recommended that you surf the Internet through the latest version of your browser program.

5. Never share your password (email, bank logins etc.) with any one for any reason. Choose a strong password (A blend of alphanumeric+special symbols) and change it regularly, eg. every 3 months. Avoid using easy-to-guess passwords. (ex. pet’s name or kid’s name)

6. Always type the URL of the website in your browser’s address bar to enter the login pages. For ex. To login to your Gmail account type http://mail.google.com 

7. Before you enter your password on any login page, ensure that you see https instead of http. ex. https://mail.google.com instead of http://mail.google.com. HTTPS protocol implements SSL (Secure Sockets Layer) and provide better security than a normal HTTP.

8. Beware of phishing emails! Do not respond to any email that request you to update your login details by clicking on a link in the body of the email. Such links can lead to Fake Login Pages (Spoofed Pages).

9. Always hit the logout button to close your login session rather than abruptly terminating the browser window. Also clear your web browser caches after every session to remove the temporary files stored in the memory and hard disk of your PC. (Eg: Ctrl+Shift+Del)

10. Avoid (Stop) using any public computers or computers in the Internet cafes to access any sensitive/confidential information. Also avoid such computers to login to your email/bank accounts. You cannot be sure if any spyware, keystroke-logger, password-sniffer and other malicious programs have not been installed on such a PC.

By following the above 10 tips your online security can be guaranteed upto 90%. I hope this will help my readers for keeping themselves safe from any of the online insecurities.

How to Recover Hacked Email Accounts?

It can be a real nightmare if someone hacks and takes control of your email account as it may contain confidential information like bank logins, credit card details and other sensitive data. If you are one such Internet user whose email account has been compromised, then this post will surely help you out. In this post you will find the possible ways and procedures to get back your hacked email account. 

For Gmail: 
It can be a big disaster if your Gmail account has been compromised as it may be associated with several services like Blogger, Analytics, Adwords, Adsense, Orkut etc. Losing access to your Gmail account means losing access to all the services associated it with too. Here is a list of possible recovery actions that you can try. 

Step -1: 
Try resetting your password since it is the easiest way to get your account back in action. In this process Google may ask you to answer the secret question or may send the password reset details to the secondary email address associated with your compromised account. You can reset you password from the following link 
Gmail Password Reset Link

If you cannot find success from the Step-1 then proceed to Step-2. 

Step-2: 
Many times the hacker will change the secret question and secondary email address right after the account is compromised. This is the reason for the Password Reset process to fail. If this is the case then you need to contact the Gmail support team by filling out the account recovery form. This form will ask you to fill out several questions like

• Email addresses of up to five frequently emailed contacts
• Names of any 4 Labels that you may have created in your account
• List of other services associated with your compromised account
• Your last successful login date
• Account created date
• Last password that you remember and many more… 

You need to fill out this form as much accurately as possible. It is obvious to forget the dates of last login, account creation and similar terms. However you need to figure out the closest possible date/answers and fill out this form. This is your last chance! The more accurate the information filled out in the recovery form, the more the chances of getting your account back. You may reach the account recovery page form the following link 

Account Recovery Form

For Yahoo and Hotmail: 
Unfortunately for Yahoo/Hotmail there is no second option like filling out the form or contacting the support team. All you need to do is either answer the secret questions that you have setup or reset the password using the secondary email option. 

To initiate the password reset process just click on the Forgot password link in your login page and proceed as per the screen instructions. 

I hope this post will help you recover the lost account.