Mindfulness Methods for Taming Mischievous Money Habits

1. Mindfulness Methods for Taming Mischievous Money Habits For AFCPE - November 2017 Susan Zimmerman, ChFC, LMFT, CCTP

2. Common “mischievous” Habit$ • Audience input - observations: • Over-spending • Under-saving • General Negligence • Excessive gifting (esp. adult kids) • Financial literacy gaps • Investment allocations lopsided

3. All aboard the brain train! • Can’t Erase $ Stress, but… • Can ____ the way

4. Stress • How does it feel? • Goal = De-stress rather than Distress! • APA study - $300 Billion • Using stress as motivator • Mindful = A&A: __________________

5. Brain Training for $tress Taming • Handy model • Terrain vs. Train • Holding ‘Cort’ BYOB

6. Then vs. Now Money Rascal Personality Money Motive Pattern • Named for mischief it makes • Focus primarily on problematic habits and consequences • Goal = non-defensive responses to prepare for change • Educates about emotions , thoughts, & decisions • Change personality habits • Named for outcome desired • Focus on strengths, then challenge areas • Goal =Link to behavioral change using “Avoid & Drive” • Educates about emotions , thoughts, & decisions • Modify motivated patterns

7. Motivated Asset Pattern (MAP) What motivates you most? Money Motive Spectrum SpendEmotions Thoughts Save <---------------------------------------------------------------------------------------> Prestige Spontaneity Peace Simplicity Virtue Security Control Growth (See worksheet exercise)

8. Using MAP Worksheet (P.1-a) • “This exercise (MAPX) identifies 8 motives, or desires we all have to some degree in our money lives.” • “None of them are superior over any of the others; they’re simply about your most frequent or common preference for financial outcomes.” • “On the spectrum here, what is your first impression of which motives most closely represent your top desires in your money life? Please circle 2-3 of them.”

9. Using MAP Worksheet (P.1-1b) • “That’s very good, thank you. Now, on the list below you’ll see each motive is briefly defined.” • “First view the list while thinking about your primary desires when you make Spending decisions.” • “Put an ‘S’ next to the one (or two if equally strong) that is your primary desire when Spending.”

10. Using MAP Worksheet (P.1-2b) • “Excellent. Now, look through this list again and think about your primary desired outcome when making Investment decisions.” • “Put an ‘I’ next to the one (or two if equally dominant) that is your primary motive when making Investment decisions.”

11. Using MAP Worksheet (P.2-a) • “From the front side of the worksheet, we’ve identified your Motivated Asset Pattern (MAP), which is like an internal map that guides some of your decision styles.” • [Check off the ones client identified from first page.] • Now we’ll link those to two behavioral processes: • Avoid = action from which you move away • Drive = action you may move toward

12. Using MAP Worksheet (P.2-b) • [Read to client each motive statement checked for the ‘Avoid & Drive’ processes. Then ask:] • “To what extent does this seem true for you?” • [You can also ask client to rate on 1-10 scale] • Plot the answers on the spectrum that shows both money motives and money rascals.

13. Neuroplasticity – paper demo

14. HIRE your Higher Brain • Halt • Inhale • Reflect • Elect

15. GEM process for Encouragement • Gather Essential Memories • Gain Enlightened Meanings • Generate Empowered Movement

16. Family influences & Genogram Use

17. Resources – in Exhibit Area New this year!

18. Thank you! Free e-book atwww.MindfulAssetPlanning.com