ABC-CLIO

Breaking Money Silence®

How to Shatter Money Taboos, Talk More Openly about Finances, and Live a Richer Life

by Kathleen Burns Kingsbury

 

Two thirds of parents feel more comfortable talking about sex with their teens than about investing, making it highly likely that the next generation will struggle with financial illiteracy.

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Cover image for Breaking Money Silence®

September 2017

Praeger

Pages 202
Volumes 1
Size 6 1/8x9 1/4
Topics Business/Finance, Investments and Banking
  Psychology/General

Anyone concerned about finances—and that's just about everyone—will welcome this step-by-step guide to opening up about a difficult subject. It offers a strategy that can save money, improve relationships, and help people raise fiscally responsible children.

Almost half of Americans say that the most difficult topic to discuss with loved ones is their personal finances, so much so that they would rather talk about death, politics, or religion. But what price do you pay for staying quiet? In her fifth book, Kathleen Burns Kingsbury, a wealth psychology expert with over twenty-five years of experience empowering women, couples, parents, families, and wealth advisors, provides you with the answer.

This book equips you with the practical tools needed to navigate difficult conversations and future-proof your finances. Discover how to identify your thoughts and beliefs about wealth, and how doing so can help you talk more openly and honestly about money with loved ones. Acquire skills for engaging in effective dialogues with aging parents about healthcare costs, estate planning, and end-of-life issues. Learn tips for fighting fair financially with your partner, and for raising a financially literate next generation.

Using Money Talk Challenges and real-life stories, Kingsbury coaches you (and your trusted advisor) to take action. You'll walk away with a roadmap for putting what you learn into practice.

Breaking Money Silence is a catalyst for a money revolution leading to a more gender-savvy, financially secure, and financially literate world.

Features

  • Discusses the societal, familial, and personal roadblocks that make talking about money and finance challenging
  • Explores gender differences when it comes to talking about money and how "money silence" contributes to the wage gap for women
  • Reveals the cost of living in "money silence," including how it contributes to the high U.S. divorce rate, how it inhibits the ability of some parents to raise financially literate and responsible children, and how it stops families from successfully passing on wealth
  • Identifies common money myths that fuel financial misunderstandings and mistakes, and offers tools for uncovering these fallacies
  • Shows how the financial advising industry has colluded with the idea that men and women don't need to talk about family finances as a couple—and how advisors can advocate for change
  • Shares practical, easy-to-implement tips and tools for talking about money with partners, parents, siblings, children, and employers/employees
  • Offers a "Money Talk Challenge" coaching exercise at the end of each chapter, with a special section on how advisors can use these tools with clients
Author Info

Kathleen Burns Kingsbury is a wealth psychology expert, founder of KBK Wealth Connection, host of the Breaking Money Silence® podcast, and the author of several books, including How to Give Financial Advice to Women and How to Give Financial Advice to Couples. Kingsbury served on the first CNBC Digital Financial Advisor Council, is a thought-leader columnist for Investment News and is frequently quoted in publications such as The Wall Street Journal and Reuters. Her work has been published in Advisor Perspectives, American Banker Magazine, Financial Advisor Magazine, Financial Planning Magazine, Investments & Wealth Monitor, Money, and REP. Magazine. She is a faculty member of the Certified Private Wealth Advisor program of IMCA associated with the Chicago University Booth School of Business and teaches the Psychology of Financial Planning course at the McCallum Graduate School of Business at Bentley University. Kingsbury holds a master's degree in psychology from Lesley University and an undergraduate degree in finance from Providence College. She is a member of the American Association of University Women, Financial Therapy Association, the National Speakers Association, the Purposeful Planning Institute, and Ellevate.

Table of Contents

Contents

Acknowledgments
Introduction: Being Quiet Was Never My Strong Suit

Section One: The Price of Money Silence
Chapter 1 The Last Taboo: Money Talk
Chapter 2 Silent but Deadly: The Cost of Staying Quiet
Chapter 3 All Men Are Financially Literate and Other Myths about Gender and Money

Section Two: A Roadmap for Breaking Money Silence
Chapter 4 It Is Not about the Price of Milk
Chapter 5 The Buck Stops Here: Dare to Break the Silence
Chapter 6 Curiosity Killed the Cat but Saved the Conversation
Chapter 7 Until Death (or Divorce) Do You Part: Difficult Couple Money
Conversations
Chapter 8 Kids and Money Talk: Raising a Financially Intelligent Next Generation
Chapter 9 Raising Financially Fit Parents

Conclusion: It’s Time for a Revolution
Resource Guide
Notes
Index
About the Author

Reviews/Endorsements

Endorsements

“Like termites eating away at the foundation of your home, money taboos can cause devastation and destruction to the relationships you value most. Whether it’s your romantic relationship or with your kids, parents, siblings, employer or even your peers, Kathleen provides tactical, practical, and actionable strategies to break down those confining money walls. Your entire financial foundation, heck your entire life, will be stronger for having read this transformational book.”—Manisha Thakor, CFA, CFP®, Coauthor, On My Own Two Feet: A Modern Girl's Guide to Personal Finance and Get Financially Naked: How to Talk Money with Your Honey

“Talking about money is the most important personal finance skill anyone can learn, and Kathleen has literally written the book. In fact, this isn't a book, it is a guide. Follow it and it will change your life!”—Carl Richards, CFP®, New York Times Columnist and Author, The One-Page Financial Plan: A Simple Way to Be Smart about Your Money and The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money

“Kathleen has an amazing gift for empowering people to a better path. Her book will offer you various ways to connect with your family to have meaningful conversations about money. If you're an advisor, you'll want to use some of her suggestions to help you facilitate better money discussions with your clients. Either way, it’s a must-read!”—Deena Katz, CFP®, LHD, Personal Financial Planning Professor, Texas Tech University

“Kathleen Burns Kingsbury’s informed and insightful wisdom will guide you to articulate your money story, and enjoyably inspire you to achieve personal and financial transformation.”—David Krueger MD, Executive Mentor Coach and Author, The Secret Language of Money

Breaking Money Silence provides timeless and practical strategies to help advisors and their clients have deeper, more meaningful discussions about money. Kathleen Burns Kingsbury describes the financial and emotional problems that stem from avoiding honest and direct conversations about money. She doesn't just stop there. She shares essential strategies to engage in more effective conversations with family, friends, and colleagues. I particularly enjoyed the coaching exercise to help me increase the confidence to incorporate them into my practice. The money challenges help me integrate these new skills into my life effortlessly.”—Marguerita Cheng, CFP®, Chief Executive Officer, Blue Ocean Global Wealth Management

“In Kathleen’s latest book she advocates that it’s time for breaking money silence. I agree and think speaking up about money can change the world! Kathleen says, ‘Taboos are made to be broken.’ There is no better time than now! Bravo!”—Cary Carbonaro, MBA, CFP®, Author, The Money Queen’s Guide: For Women Who Want to Build Wealth and Banish Fear

“In Breaking Money Silence, Kathleen Burns Kingsbury issues an important call to action and empowers individuals and families with practical tips, tools, and resources designed to unleash the economic power and potential of all.”—Kara Underwood, Managing Director, Head of Field Talent Management, Morgan Stanley

Breaking Money Silence will change your and your clients’ lives. Any advisors who believe they are ‘holistic’ would benefit from living by the principles covered here. Every chapter includes questions, strategies, and tools that are sensible, effective, thoughtful, and broken out for both individuals and their advisors. A must-read for anyone in the financial advice business.”—Heather R. Ettinger, Managing Partner, Fairport Asset Management

“Kathleen once again shines a much-needed spotlight on a critical financial planning topic. Breaking Money Silence is not only a good read, it provides you, as a financial advisor, with tools to help have more effective conversations with your clients. And then, maybe, you'll have them with your family, too.”—Kate Healy, Managing Director, Marketing, TD Ameritrade Institutional

“Kathleen Burns Kingsbury gets at the heart of financial issues, dispels misconceptions, and provides practical insights that lead to transparent conversations. With her help, we can start to level the playing field for genders and generations to improve overall decision-making.”—Brad Best, CWS®, AIF®, Director of Advisor Education, Cetera Financial Group

“Kingsbury shines a spotlight on the real price that we all pay from believing these money taboos and keeping quiet about money matters. Many books solely focus on the plight of women, but Kingsbury smartly points out that money silence is an equal opportunity issue that affects both sexes and even financial advisors, whom we mistakenly believe have the highest emotional money IQ of all. Rarely will a book change your life and give you the tools you deserve for a richer life— this is one of those books.”—Stacy Francis, CFP®, CDFA™, CES™, President and CEO, Francis Financial, Inc., and Founder, Savvy Ladies™

“In her latest book, Breaking Money Silence, Kathleen Kingsbury turns the high beam of her expertise as an expert in psychology onto a dark and difficult subject: money. Not only does Kingsbury explore why a subject that preoccupies us all is so darn difficult to talk about, but convinces us that our silence costs us plenty when it comes to our wealth and well-being. Best of all, she shows her readers how to change their money mindset and to practice talking about finance with their families, partners, and advisors in a healthy, productive way. If money is the one remaining conversational taboo in our modern ‘tell-all’ culture, it won’t be for long once Kathleen Kingsbury’s book gets the attention it deserves.”—Eleanor Blayney, CFP®, Gender Diversity Advisor to CFP Board Center for Financial Planning and Author, Women’s Worth

“Kathleen Burns Kingsbury has written a truly awesome book that takes readers on a journey that is entertaining and enlightening. Read Breaking Money Silence and you will find your voice and feel empowered to face important questions about your life’s goals and how they relate to your relationship with money. One of the greatest strengths of this work is how it provides the tools to take action, with empathy, strength, and awareness. Brilliant work!”—Michael F. Kay, CFP®, President, Financial Life Focus

“As a woman who personally knows the high price of money silence, I highly recommend that you read Kathleen Burns Kingsbury’s latest book, Breaking Money Silence. Engaging, entertaining, and inspirational, Breaking Money Silence is a must-read for women who are ready to shatter the taboos that have held us back.” —Barbara Stanny, Author, Prince Charming Isn’t Coming: How Women Get Smart About Money

"Kathleen Burns Kingsbury's Breaking Money Silence® is a groundbreaking book for anyone who is seeking to cultivate greater leadership tools to overcome the familiar patterns and pitfalls around money conversations that impede effective influence. In an engaging, clear, and accessible way, Kathleen identifies the common 'money talk challenges' that people face, while providing useful tips for finding one's voice. I strongly recommend this book for leaders and professionals in every field."—Daena Giardella, Leadership and Organizational Development Consultant, Executive Coach, Senior Lecturer MIT Sloan School of Management

In the News

Investment News, Breaking Money Silence: Helping clients understand money taboos and talk more openly about finances, 9/30/2017

ThinkAdvisor, 'Money Silence'' May Be Costing You Clients, 10/19/2017

Look Inside

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