Flourish Financially with Kathy Longo

Research shows that kids learn their money habits and values from their parents, yet 69 percent of parents are reluctant to discuss money with their children. Kids are always watching, however, and parents are teaching by example - whether they realize it or not. Since parents are such powerful influencers over their children, it is critical to discuss money matters so that kids are learning from...

Did you know that 33 percent of women and 25 percent of men find talking about money to be stressful? If you find yourself in this category, you’re not alone. Equating money with stress can make it difficult to make financial decisions or to meet your goals, and it often comes down to a lack of confidence. Luckily, there are four steps you can take right now to increase your financial confidence,...

Money decisions are about much more than dollars and cents - they are about your core values and how they impact your financial planning and decision-making. Unfortunately, many people experience disharmony between their values and their financial decisions. If you could benefit from more clarity about your values and what they mean for your financial and life goals, your challenge this week is to...

The financial services industry remains dominated by men, and there is a lingering feeling in some circles that women take a backseat when it comes to money matters. This can lead many women to feel unheard or uncomfortable in financial conversations, even though women control 51% of personal wealth and have a greater desire than ever to take control of their financial futures. Add in the fact tha...

Conversations with family regarding money, estate planning, retirement planning, elder care, and what will happen to investments when someone dies are not easy. Of course, they are also necessary for protecting your family’s financial future. In this episode, Kathy explains how to approach these discussions using the “TALK Method” to conquer your money conversation anxiety and broach just one mean...

Retirement planning requires having a smart strategy on several fronts, including your investment plan. One way to achieve a successful and fruitful retirement is to make smart investment decisions - and more importantly, to avoid making common investment mistakes. In this episode, Kathy shares the three most common investment mistakes, and challenges you to review your investments to ensure your...

Your financial life won’t flourish in a vacuum, so it is crucial to engage in money conversations with the people around you. This includes your spouse or partner, your children, your aging parents, and even your close friends. Although these discussions may feel awkward at times, having them is an integral step in achieving your goals and improving your financial health in important ways. This we...

If your financial plan focuses mainly on your current phase of life, plus overarching goals like maxing out on retirement contributions, you need to ask yourself if you’ve done enough legacy planning. If you’d like to leave something to your children, grandchildren, or your favorite charity, the time to begin planning these “legacy gifts” is right now. Your challenge this week is to think about th...

Retirement looks different for everyone, but you’re likely to be happier and healthier if you remain active and engaged in the world around you. Research shows that retirees who work part-time, volunteer, or otherwise spend their time in active or socially engaged situations have a lower likelihood of developing age-related chronic health conditions. They also show higher levels of emotional well-...

The transition from working full-time to retirement raises all types of emotions - including challenging ones like apprehension and sadness. When you spend much of your life identifying as a professional or a parent or both, it will take time to cope with adjusting to a new phase of life. If you’re struggling, this week’s challenge is to give yourself a “retirement identity makeover” by digging de...

According to the Bureau of Labor Statistics, nearly 55% of young adults will move back in with their parents for a period of time before age 27. These ‘boomerang’ kids often return home while they look for work, while they save to buy their own home, or while they pursue higher education. Regardless of the reason, this scenario has financial implications for parents and it may require taking measu...

When your children leave home for the first time, the transition to an empty house can be challenging. It can also be very exciting! Just as with any other transition in life, you’ll probably experience a range of emotions. How you manage those emotions, as well as your time, finances, and relationships, will impact your wellbeing as you adjust to an empty nest. In this episode, I share my top thr...

In this life, financial surprises are all but inevitable. One thing we can control, though, is how we handle surprises when they come along, and preparation is key when it comes to surprises that impact your money. That’s why it’s so important to have an emergency fund. In this week’s episode, I share tips on handling life’s financial curveballs, including how to take small but meaningful steps fo...

Most Americans will have debt at some point, but this isn’t necessarily a financial failure. That’s because there is a distinction between “good debt” and “bad debt.” As a general rule, good debt facilitates a goal, such as buying a home. Bad debt, on the other hand, is debt that includes a high interest rate and doesn’t necessarily support a life goal, such as credit card debt. This week’s challe...

Parents often feel responsible for setting their children up for a successful future. However, in terms of priorities, your retirement savings should generally always come before saving for college. Once you have a pool of retirement dollars and a plan for sustaining your income and lifestyle during retirement, then you can begin considering what you can truly afford to contribute to a college edu...

When it comes to financial planning, there is no one-size-fits-all strategy. Your situation is unique – and so are your goals – and you may find that you need more extensive planning than most people. For example, do you own a family business, have a child with a disability, or require special planning in some other way? My challenge to you this week is to make sure you are appropriately prepared,...

Financial conversations are often difficult, particularly within marriages. This is especially true for those who have been married more than once, and for those with children from prior marriages. Money discussions in blended families can become quite complex, so in this episode, I share some of the key discussion points you’ll want to keep in mind when it comes to raising children with input fro...

Charitable giving is a very personal decision, and two-thirds of Americans give money to a charitable organization annually. If giving back is a money value you hold dear, you’ll want to make sure you get the most “give” for your giving. This week, I’m sharing six tips to help you maximize your charitable gifts to the causes and organizations that are meaningful to you and your family. Don't forge...

It is an unfortunate truth that money can be the catalyst for some of our most difficult struggles. This is why it is so important to minimize the negative impact that our emotions have on our financial decisions during challenging times. If you fear your financial decision-making has been compromised by sadness in the past, this week’s challenge is for you. I share two steps that you can begin ta...

Financial infidelity comes in various forms, but they are all characterized by keeping money secrets from your spouse or partner. This can be incredibly damaging to your relationship, and to your finances, which is why open and honest communication is key. This week, I challenge those of you with money secrets to lay your cards on the table and have an honest discussion about money with your spous...

Happy New Year! Whether it’s due to a change in income or simply a decision to prioritize savings goals, we all need to tighten our budget belts sometimes. While it’s not easy to change your spending habits, it begins with reminding yourself of the difference between necessary spending and those purchases that are simply nice to have. In this episode, I share a simple practice that can help you ta...

During an emotional life transition, it can be difficult to get outside of our own heads. Emotional turmoil clouds our decision-making, yet there are often many financial implications when a relationship ends, and decisions must be made. One of the most effective ways to come out financially on top after a relationship ends is to keep emotion out of these decisions. Though difficult, this ensures...

While most people don’t plan for divorce, it impacts roughly 50 percent of families. It changes nearly every aspect of our lives, and it is both mentally and emotionally draining. Very few things happen overnight in a divorce process, so you have time to truly consider your long-term decisions. However, there are four practicalities you should address right away in order to organize your thoughts...

If you play or watch sports, you’re likely familiar with the importance of players mastering the mechanics; that is, gaining proficiency in the fundamentals of how the game is played. It’s the same with finding success in managing your household finances, where it is crucial to lay a foundation built on strong mechanics. My challenge to you this week is to ask yourself four questions. Your answers...

You and your spouse each bring your own money story, values, and financial resources and obligations to your marriage, which can create complications. One way to head-off financial turbulence in your relationship is to commit to the marriage with eyes wide open. My challenge to those of you on the cusp of this exciting life transition is to put in some proactive work before you get married – namel...