P$yFi | Psychological Finance

Before you set financial resolutions this coming year, Olivia walks you through a paradigm shift to create a financial revolution.

Olivia helps you set the pace and create a sense of season by learning how to budget not only your money, but your time AND energy. Listen to how you can create a subordinate budget to spend on what you want most this Holiday Season…that doesn’t necessarily involve money.

Olivia discusses meal-planning with Redstone Arsenal’s Fox Army Clinic Dietician, providing two distinct but similar perspectives on meal-planning. We don’t even tell you to stop eating out!

Olivia sits down with an Accredited Financial Counselor® candidate to further discuss what financial wellbeing is and is not, reviewing observations of the financial wellbeing class hosted at Redstone Arsenal’s Wellness Summit. If you haven’t already, take the financial wellbeing assessment then listen to episodes 17 and 18.

Olivia continues to dissect the CFPB research on financial wellbeing, focusing on the sited opportunities to advance financial wellbeing. This includes increasing confidence and a multitude of actions that are not income-driven but BEHAVIORALLY driven. Listen to part one in Episode 17 first! To discover your score, and where you can target improvement, take the CFPB financial wellbeing assessment below. If you are a military member, remember to take you financial milestone/touchpoint Common Military Training as an additional opportunity to advance financial wellbeing. Click on the appropriate branch link below. The DoD Financial Readiness Program has also created a military-specific financial wellbeing assessment just for you at https://finred.usalearning.gov/FWBA/DigitalToolCFPB Financial Wellbeing Assessment: https://www.consumerfinance.gov/consumer-tools/financial-well-being/Common Military Training: ARMY https://www.financialfrontline.org/soldiers/Common Military Training: Air Force https://myvector.us.af.mil/myvector/PublicHome/NoticeAndConsentCommon Military Training: Navy https://learning.nel.navy.mil/ELIAASv2p/

Olivia dives into the exciting CFPB research on Financial Wellbeing, defined as “a state of being wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future and is able to make choices that allow them to enjoy life.” Key findings are processed, including the variables that impacted financial wellbeing scores most. Hint, hint, it’s not your income!!! To discover your score, and where you can target improvement, take the financial wellbeing assessment below.CFPB Financial Wellbeing Assessment: https://www.consumerfinance.gov/consumer-tools/financial-well-being/Wellness Summit registration link: https://forms.osi.apps.mil/r/D9M5JEbscB

Recapping August’s P$yFi class, Olivia highlights the larger discussion points on the multitude of steps in the home-buying process. Home-buying is a daunting one, so take it seriously. Learn as much as you can before you commit to purchasing a home!Wellness Summit registration link: https://forms.osi.apps.mil/r/D9M5JEbscBJoin us for the next P$yFi class on 7 SEP 2023 at 11CST, Cover Your 6: Six Things to Know about Credit, Debt, Consolidation, and Settlement https://dod.teams.microsoft.us/l/meetup-join/19%3adod%3ae91c32128d4b4b2b956ad5b46b317d88%40thread.tacv2/1678486849409?context=%7b%22Tid%22%3a%22fae6d70f-954b-4811-92b6-0530d6f84c43%22%2c%22Oid%22%3a%22a98f9218-6f1d-45b5-bb2a-6fc43e9a3099%22%7d

A continuation of Episode 14, Dale Alexander breaks down the reasons for giving as well as saving. He shows his math of how someone making $12K per year or $36K per year can still have a very nice nest egg. He provides new math: 70 > 100.

Have you tried imparting wise financial advice to your children, but it falls on deaf ears? Do you not even know where to start the conversation about money with your kids? Dale Alexander, a Certified Financial Planner, speaks to the core of young adult children, having them ask the question, do you want money to control you or do you want to control money? He offers the one, life-altering decision young adults can make before they receive their first, real job paycheck…before they’ve even set a standard of living: Make 70% your 100%. Listen in to understand.

Do you ever ask yourself the question I was asked in a recent class, “Should I push my child to work or let him/her be a kid?” I provide my insights, as well as a Youth Development Study.To watch the 8 JUN class referenced in podcast, “A Cruel Summer? Lasting money habits for kids, teens, and adult children,” visit Meeting in General-20230608_110123-Meeting Recording.mp4

Marrying a recent financial class with an interesting article, Olivia discusses stats that will hopefully make you feel better about yourself while challenging your thinking that “average” is just not good enough. For Redstone Arsenal Employees: To access the Cash Flow Analysis mentioned in the podcast, contact Olivia at 256-876-6299.Consider attending Olivia’s P$yFi class series the 1st Thursday of every month at 1100 CST. All P$yFi Classes are “hybrid.” You may choose to join on Microsoft TEAMS at https://dod.teams.microsoft.us/l/meetup-join/19%3adod%3ae91c32128d4b4b2b956ad5b46b317d88%40thread.tacv2/1678486849409?context=%7b%22Tid%22%3a%22fae6d70f-954b-4811-92b6-0530d6f84c43%22%2c%22Oid%22%3a%22a98f9218-6f1d-45b5-bb2a-6fc43e9a3099%22%7d or in-person at Toftoy Hall, 3495 Patton Rd, Redstone Arsenal. If joining in-person, please leave a message for Olivia at 256-876-6299 so she can bring you a goody bag.

Ever feel like an ill-equipped parent? Discover what little it takes to make your kids both mentally AND financially strong. Of course, parenting is not for the faint of heart. Warning: it will involve saying “no.” Join Olivia on 8 JUN 2023, 1100 CST, for more financial parenting advice in “A Cruel Summer? Lasting Money Habits for Kids, Teens, Young Adults, & Adult Children. Join the class at: https://dod.teams.microsoft.us/l/meetup-join/19%3adod%3ae91c32128d4b4b2b956ad5b46b317d88%40thread.tacv2/1678486849409?context=%7b%22Tid%22%3a%22fae6d70f-954b-4811-92b6-0530d6f84c43%22%2c%22Oid%22%3a%22a98f9218-6f1d-45b5-bb2a-6fc43e9a3099%22%7d

Just like any other task in life (e.g., work, household chores, parenting) we must learn what skills motivate us or burn us out. Learn how to assess your financial motivational skills so that you can do more of them, then identify your financial burnout skills so you can delegate to someone else, whether a spouse, child, lay professional, professional, etc. There is the potential for everyone to win, especially if you are delegating a burnout skill that is a motivational skill for someone else. You will also learn how to develop financial skills and transfer non-financial skills into financial skills.Class Recording: P$yFi (Psychological Finance) Class Series-20230406_110114-Meeting Recording.mp4

YOU are the only one who controls your financial destiny. Let’s don our nerd glasses when we crunch the numbers and suit up when necessary to fight for our financial freedom. BAM! Examine the POWer-packing punches that will keep your portfolio fit: spend less than you earn, save for the future, invest, protect your assets, and pay down debt. WHAM! See the attached P$yFi schedule for upcoming hybrid classes.If you are a Team Redstone member, call 256-876-6299 for an appointment.For PowerPay information, visit https://extension.usu.edu/powerpay/April is Financial Capability Month—no fooling! Visit https://finred.usalearning.gov/ and choose a financial goal — or five! — that you can achieve.” #FinancialFuture2023

Discover the remaining 2 F.I.R.E. paths. Let’s not get burned out by inflation and poor exchange performance. This podcast reveals HOW to start catching fire NOW with a few calculations.April is Financial Capability Month—no fooling! Visit https://finred.usalearning.gov/ and choose a financial goal — or five! — that you can achieve

Did you know there's more than one way to retire? Many people tend to think of the long, arduous task of saving impeccably for 30+ years, remaining loyal to 1 or 2 employers. But wait, there's more! F.I.R.E. gives you hope. It has morphed over the years, realistically incorporating new ideas for achieving retirement goals, whether you’re focused more on financial independence, retiring early, or both. Discover the first 2 of the 4 different F.I.R.E. paths. No matter what your F.I.R.E., discover how F.I.R.E. can consume retirement’s worst enemy: inflation.

In the previous episode, you discovered the fallacy in predicting feelings (affective forecasting). In this episode, complete a few future-self exercises to improve the connection with your current and future self. Closing this identity gap opens the floodgates for truly understanding your deepest desires. If you missed the Financial Symposium, never fear. We will kick off the next round of P$yFi classes in April. Stay tuned for more information.

Money really does not buy happiness, but we consistently overpredict that it will. “If only I could get that promotion, then I would be happier.” This is called affective (feeling) forecasting, in which we fail miserably each time. We even fail to predict what will make us unhappy. Listen in on how we tend to get our future selves mixed up with an unknown person. Discover how empathizing with your future self can actually improve your financial well-being.Don’t miss Redstone Arsenal’s FREE Financial Symposium on 9 MAR 2023 at the Overlook. This is an in-person event open to anyone with Redstone Arsenal access. FREE Lunch will be served in conjunction with the Army Emergency Relief kickoff. Can’t make a full day of it? Attend one or two classes. Certificates of completion will be provided for CLPs. Leaders, consider making this an alternate duty location for your servicemen and women. Free goody bags to the first 100 registrants! Register here: https://forms.osi.apps.mil/r/mYtsVVcwWc Please call 256-876-6299 with any registration issues.

If you’ve already blown your financial New Year’s Resolution, don’t fret! Learn how to tie any financial goal with a “fresh start” date to increase motivation, movement, and maintenance of the goal.Don’t miss Redstone Arsenal’s FREE Financial Symposium on 9 MAR 2023 at the Overlook. This is an in-person event open to anyone with Redstone Arsenal access. FREE Lunch will be served in conjunction with the Army Emergency Relief kickoff. Can’t make a full day of it? Attend one or two classes. Certificates of completion will be provided for CLPs. Leaders, consider making this an alternate duty location for your servicemen and women. Free goody bags to the first 100 registrants! Register here: https://forms.osi.apps.mil/r/mYtsVVcwWc Please call 256-876-6299 with any registration issues.

Explore your financial worldview and how it impacts your financial decision-making. What you think about money impacts how you feel about money, which ultimately influences how you behave with money.Live class recording link: P$yFi (Psychological Finance) Class Series_ Behavioral Tips for Financial Success-20221207_110010-Meeting Recording.mp4FINRED Wellness Quiz: https://finred.usalearning.gov/FWBA/DigitalToolMoney Script® assessment: https://www.bradklontz.com/moneyscriptstestMoney Mammoth book available to Redstone Arsenal Employees (pick up in Bldg 3443 at ACS desk…same bldg. as Java Café)Money Can’t Buy Happiness TED Talk: https://www.bing.com/videos/search?q=ted+talk+why+money+can%27t+buy+you+happiness&docid=608006114938022424&mid=A835C6A3545AB0F08CBAA835C6A3545AB0F08CBA&view=detail&FORM=VIRE

Explore your financial worldview and how it impacts your financial decision-making. What you think about money impacts how you feel about money, which ultimately influences how you behave with money.Live class recording link: P$yFi (Psychological Finance) Class Series_ Behavioral Tips for Financial Success-20221207_110010-Meeting Recording.mp4FINRED Wellness Quiz: https://finred.usalearning.gov/FWBA/DigitalToolMoney Script® assessment: https://www.bradklontz.com/moneyscriptstestMoney Mammoth book available to Redstone Arsenal Employees (pick up in Bldg 3443 at ACS desk…same bldg. as Java Café)

A new year, a new you. Discover the value in attending a live financial class or personalized financial counseling session. Redstone Arsenal employees and military family members can contact me for a session at 256-876-6299.Active Duty personnel: Remember your mandatory financial CMT training. Consider the live appointment over the virtual class! Visit www.financialfrontline.org to see what financial milestones you’re missing. Details coming soon on the in-person Financial Symposium (early March).

For the full Overspending P$yFi class, follow:https://armyeitaas-my.sharepoint-mil.us/:v:/g/personal/olivia_n_pierce_civ_army_mil/EfDQ8vxqkdxKhyxwhdgSGIUB9UiYS-IvDnIfEGUgBpGy-g?e=IF1UxkYou were never meant to overcome this alone. Army Community Services can help you achieve money harmony at 256-876-5397.Debtor’s Anonymous: Debtors Anonymous - Meetings, Support, Groups and Programs - Debtors Anonymous (this does not imply Army Endorsement)

For the full Overspending P$yFi class, follow:https://armyeitaas-my.sharepoint-mil.us/:v:/g/personal/olivia_n_pierce_civ_army_mil/EfDQ8vxqkdxKhyxwhdgSGIUB9UiYS-IvDnIfEGUgBpGy-g?e=IF1UxkYou were never meant to overcome this alone. Army Community Services can help you achieve money harmony at 256-876-5397.Debtor’s Anonymous: Debtors Anonymous - Meetings, Support, Groups and Programs - Debtors Anonymous (this does not imply Army Endorsement)

Listen to Army Community Service’s New Parent Support Program specialist on money and children. Listen in on how the developmental stages of children, even into young adulthood, should be considered. Please call 256-876-5397 to learn more about the New Parent Support Play Mornings.

In 2018, $707B was spent from 1 NOV to 31 DEC in America. Total “online” holiday purchases totaled $147B! (ConsumerDecisions)Would you like to free yourself of the burden of overspending or overscheduling this holiday season? Take a listen to learn how you can reframe this holiday from a season of spending to “giving.”Please reach out to Army Community Service at 256-876-5397 if you would like to schedule an appointment.

Learn what you need to do get your credit back on track and avoid any potential security clearance issues that can arise when you have credit trouble. Free credit reports can be found at www.annualcreditreport.comComplaints with a credit company (after following dispute process) can be lodged through www.consumerfinance.gov.

Thinking about buying a car? Listen to this first. The car market is crazy right now. Prices are at record-breaking highs. Should you buy new or used? What’s the better deal? Let’s talk about the different factors. Learn what’s important to factor in other than just the monthly payment

Are you financially-single, but want to be financially-married?Learn how to change your surroundings and feel financially ready and empowered to move forward with your life. What cues are in your everyday life that are holding you back?Can you identify the learned behaviors that are holding you back?Remember just because you know someone who is living paycheck-to-paycheck doesn’t mean you have to. You can make your own choices.

Did you know people under financial distress are 20 times more likely to complete suicide? Are you financially sick because you’re surrounded by financially sick people? Listen and take note of where you are with your finances. What thoughts about money go unchallenged and are holding you back?Learn how to “change your source” and feel financially ready and empowered to move forward. To watch the full class recording, go to https://armyeitaas-my.sharepoint-mil.us/:v:/g/personal/olivia_n_pierce_civ_army_mil/EYxNDalij_dOi45uDlzbSXUBiSY-WHodA7FH_KZk58m1Sw?e=TtbOLeFinancial Wellbeing Assessment: https://finred.usalearning.gov/FWBA/DigitalTool

Link to full class recording: https://armyeitaas-my.sharepoint-mil.us/:v:/g/personal/quynh_v_nguyen_civ_army_mil/ETJKGBynFMdKgWDH6KrcJ7wBGAujR9v5HYw7C7IpHvK_QQLink to free legal aide: https://www.americanbar.org/groups/legal_services/flh-home/flh-free-legal-help/Link to general estate planning info: https://www.americanbar.org/groups/real_property_trust_estate/resources/estate_planning/

Don't miss our next class!7 SEP (1100-1200 CST) P$yFi class link to join Financial Relationship Checkup: What's Ailing You?: https://dod.teams.microsoft.us/l/meetup-join/19%3adod%3ameeting_c55ab7ae485643db8a0531ba09a5a0e9%40thread.v2/0?context=%7b%22Tid%22%3a%22fae6d70f-954b-4811-92b6-0530d6f84c43%22%2c%22Oid%22%3a%22a98f9218-6f1d-45b5-bb2a-6fc43e9a3099%22%7d

Financial Calculators:https://www.calculator.net/retirement-calculator.htmlhttps://finred.usalearning.gov/ToolsAndAddRes/Calculators/RetirementRecorded Class -- Retirement: Your Rx for Financial Longevity: https://armyeitaas-my.sharepoint-mil.us/:v:/g/personal/olivia_n_pierce_civ_army_mil/EUnENRUePJFJr-IqYeSgFX8Bok1Wx_1UfvocTzgg3_nLtg?email=olivia.n.pierce.civ%40army.mil <https://armyeitaas-my.sharepoint-mil.us/:v:/g/personal/olivia_n_pierce_civ_army_mil/EUnENRUePJFJr-IqYeSgFX8Bok1Wx_1UfvocTzgg3_nLtg?email=olivia.n.pierce.civ%40army.mil>For Uniformed Personnel-- Financial Frontline: https://www.financialfrontline.org/ <https://www.financialfrontline.org/>

Learn how to create a spend plan that you can stick to.Here are some helpful links:IRS Withholdings Calculator: https://www.irs.gov/individuals/tax-withholding-estimatorDigital Envelope App: https://goodbudget.com/Economic Abuse: www.thehotline.orgRecorded Class -- Breaking the Cycle of $tress: Spend Plan Tips: https://armyeitaas-my.sharepoint-mil.us/:v:/g/personal/valerie_l_francis_civ_army_mil/EarDyHU3uuFJhTeXFyqY80IB8ejZ2nWjV7wiRqGLk_kXjgFor Uniformed Personnel-- Financial Frontline: https://www.financialfrontline.org/

Find out what it means if you're a confident money manger, a laid-back balancer or one of the many different financial personalities that shape who you manage your finances. Knowing this about yourself is the first step in learning how to make better financial decisions. Some helpful links:Unveiling your Financial PersonalityFinancial Personality Assessment: https://www.marcus.com/us/en/resources/lifestyle/discover-your-financial-personalityRecorded Class -- Financial Personality: https://connect.apan.org/pd6beswfg6jb/For Uniformed Personnel-- Financial Frontline: https://www.financialfrontline.org/