Have you ever wondered why some people seem to effortlessly manage their finances while others struggle, despite having similar incomes or financial knowledge? The answer might lie not in their bank accounts, but in their hearts and minds. While financial literacy is undoubtedly important, there’s another crucial factor at play that often goes overlooked: emotional intelligence (EI). As Darwin Nelson and Gary Low astutely observed in 2011, “Emotional intelligence is the single most important influencing variable […]
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Understanding Financial Codependency
“Don’t forfeit your self-esteem to another’s disapproval or rejection of who you are or what you have done. Even if the most important person in your world rejects you, you are still real, and you are still okay.” – Melody Beattie Money conversations become particularly complex when our relationships shape our financial decisions. At WellsFaber, we often see how the desire to maintain harmony in relationships can lead to financial choices that don’t serve our clients’ […]
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The C-word
Life has a way of throwing curveballs when we least expect them. One day, everything’s running smoothly – you’re hitting your stride at work, the kids are thriving, and you’ve finally started that healthy eating plan. The next day, a single word changes everything: Cancer. It’s a word that sends shivers down our spines, a diagnosis that none of us ever want to face. But here’s the stark reality – cancer doesn’t discriminate. It doesn’t care […]
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What could a year of this reveal?
“Sometimes it’s about what we buy, sometimes it’s about the ritual, and often it’s a bit of both.” – Cait Flanders Hold onto your hat… this is a radical idea. It’s not for everyone, but it’s a great thought-provoker. In her transformative memoir The Year of Less, Cait Flanders chronicles her personal journey of living with less by embracing a year-long shopping ban. What began as a desire to rein in her spending and gain control […]
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Calm needn’t be the focus
We often think that financial peace or calm is the ultimate goal when it comes to managing our money. We hear phrases like “financial peace of mind” or “calming the storm of debt” and we think, “Yes, that’s what I want. I just want everything to be calm.” And while there’s nothing wrong with seeking calm, it’s not the point. The real goal? Connection. Connection with our money, our values, our goals—and yes, with the people […]
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Ten Rules – Part 2
In the first part of this series, we explored five essential rules for personal finance, inspired by “The Index Card: Why Personal Finance Doesn’t Have to Be Complicated” by Helaine Olen and Harold Pollack. The rules in the blog spoke to things like spending less than we earn, paying off credit card debt, save 10-20% of our income, augmenting contributions to retirement investments, and creating an emergency fund — all laying the groundwork for financial stability […]
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Spending with intention
In her thought-provoking book “The Year of Less,” Cait Flanders shares a powerful insight: “Every time you make a purchase, you’re voting with your dollar for the kind of world you want to live in.” This simple yet profound statement invites us to reconsider our relationship with consumption and its impact on our financial well-being. Mindful consumption isn’t just about spending less; it’s about spending with intention. It’s about understanding that each purchase we make is […]
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Biases frequently affect our financial behaviours
“Wall Street has a few prudent principles; the trouble is that they are always forgotten when they are most needed.” – Benjamin Graham Investing isn’t just about numbers and calculations; it’s deeply intertwined with the quirks of human psychology. Behavioural finance, a field that blends behavioural and cognitive psychological theory with conventional economics, reveals how emotions and cognitive errors influence investors. Despite traditional financial theories that tout human rationality, real-world experiences prove we’re often anything but. […]
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Ten Rules – Part 1
Whilst it’s easy to get lost in a sea of jargon, investment options, and conflicting advice, financial success doesn’t require a degree in economics or hours spent poring over market trends. In fact, according to Helaine Olen and Harold Pollack in their book The Index Card: Why Personal Finance Doesn’t Have to Be Complicated, everything you need to know about managing your money can fit on a single index card. Yes, you read that right—just ten […]
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Don’t bankrupt your relationships
“Money may not buy love, but fighting about it will bankrupt your relationship..” – Michelle Singletary In her insightful book, “Your Money and Your Man: How You and Prince Charming Can Spend Well and Live Rich,” Michelle Singletary doesn’t just offer practical financial advice. She delves into the complex emotional landscape of money’s role in relationships, touching on a truth we at WellsFaber have long recognised: money disputes are rarely just about numbers. Consider the story […]
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