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Money Psychology

Trying to Avoid Pain With Financial Denial

“Just think positive, and everything will turn out fine.” “Preparing for the worst just opens the door for bad things to happen.” “Oh, I’m sure it’s not that bad.” Statements like these are examples of financial denial. Denial—ignoring the reality of a situation in...

Is There a Dark Side to Cryptocurrency?

I’ve been warning against speculating in crypto currencies since 2017. Any currency typically has no place in any conservative investment portfolio. That is doubly true for digital currencies. They need to be approached in the same manner as any risky speculation....

My State Flunked Financial Literacy. How About Yours?

My CFP peers across the nation are probably tired of hearing me sing the praises of living in South Dakota. One of them recently emailed some disturbing news that put some sour notes in my “South Dakota is God’s Country” song. A recent national survey that ranked the...

Why Your Financial Planner Needs a Financial Planner

If you learned that your financial planner had their own financial planner, would you be concerned? Would you see it as a confession of incompetence or a sign of confidence and wisdom? Years ago, when I told my clients that I had a financial planner, their reactions...

Coping With Finances While Coping With Grief

In last week’s column about grief, I suggested that all of our personal losses, such as the death of a loved one, have financial aspects. These may range from a severe reduction in family income because of a divorce or the death of a wage earner, to the complexities...

Should You Be Afraid of a Bear Market?

“The Bear is coming! The Bear is coming!” Indeed it is. Should you be worried? No, if you have heeded my advice and diversified your portfolio and set aside a cash reserve. You can actually stop reading now. For everyone else, the answer is “probably...