Jul 2, 2024

Financial planning, Relationships

Navigating financial conversations together with Dr. Megan McCoy

Emily Luk

CPA, CFA - CEO and Cofounder of Plenty

What we discussed


In this episode of the Love and other assets podcast, Emily Luk welcomes Dr. Megan McCoy. Megan McCoy, Ph.D., LMFT, AFC®, CFT-I™, works in the Financial Planning Department in the College of Health and Human Sciences at Kansas State University where she serves as the program director for the Financial Planning Master's Program. She is a licensed Marriage and Family Therapist, an Accredited Financial Counselor®, and a Certified Financial Therapist-I™. She discusses financial therapy, a field that blends financial planning and mental health, aiming to address the intersection between money and overall well-being. Dr. McCoy shares personal anecdotes about her own journey with money, explaining how her avoidance of finances stemmed from a childhood desire to "save the world" and a belief that making money and saving the world were incompatible. She highlights how individual and couples' beliefs about money often stem from their childhood experiences, emphasizing the need to acknowledge and understand those deeply ingrained beliefs.


The conversation delves into common challenges couples face in navigating financial conversations, including polarization, over and under functioning, and differing spending habits. Dr. McCoy offers practical tips for addressing these challenges, suggesting open communication, understanding individual motivations, and using tools like "I statements". She also stresses the importance of recognizing and celebrating each partner's contributions, even those that may not be immediately visible. The conversation covers the significance of goal setting and the power of breaking down large goals into smaller, achievable steps. She recommends utilizing mental accounting, separating financial goals into distinct buckets, and focusing on experiences over material possessions. Finally, Dr. McCoy encourages listeners to embrace "boring investing" strategies for long-term financial security and reminds them that navigating financial challenges is a journey of growth and learning.



What we discussed


  1. Understanding Money Beliefs: Dr. McCoy highlights how personal and couple's beliefs about money are often deeply rooted in childhood experiences and family dynamics. Recognizing and unpacking these beliefs is crucial for healthier financial management.


  2. Navigating Financial Conversations: The episode emphasizes the importance of open communication and establishing ground rules for couples when discussing finances. This includes respecting differences, avoiding blame, and focusing on solutions.


  3. Addressing Polarization and Role Dynamics: Dr. McCoy discusses how couples can fall into polarized roles, such as the "over-functioner" and the "under-functioner," when it comes to money. She encourages conscious awareness of these patterns and finding ways to share financial responsibilities more equitably.


  4. The Importance of Goal Setting and Prioritization: The conversation explores the significance of both individual and shared financial goals. Dr. McCoy suggests breaking down large goals into smaller steps, utilizing mental accounting to manage resources, and understanding the motivations behind each individual's goals.


  5. Avoiding Financial Anxiety and Embracing Long-Term Investing: The episode addresses the common fear of investing, particularly after experiencing losses. Dr. McCoy advocates for a long-term, diversified investment strategy and encourages listeners to embrace the power of consistent saving and investing.


Listen to the full episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Brought to you by Plenty. Plenty is a wealth platform helping modern couples invest and plan for their future together. We bring the investment strategies and products of the wealthy to the everyday household.


SELECTED LINKS FROM THE EPISODE

Connect with Megan McCoy: Website |LinkedIn |

Connect with Emily Luke: Website | LinkedIn | Twitter

Plenty: Website | Instagram | Facebook | YouTube | Twitter


PEOPLE & RESOURCES MENTIONED

Channing Allen

John Gottman

Elizabeth Dunn

Warren Buffett

Financial Therapy Association

Fair Play" by Eve Rodsky

The Gottman Method


THIS SITE IS FOR INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE RELIED UPON AS INVESTMENT ADVICE. This site/application has been prepared by Plenty and is not intended to be (and may not be relied on in any manner as) legal, tax, investment, accounting or other advice or as an offer to sell or a solicitation of an offer to buy any securities of any investment product or any investment advisory service. The information contained in this site/application is superseded by, and is qualified in its entirety by, such offering materials. This site/application may contain proprietary, trade-secret, confidential and commercially sensitive information. Companies listed have mentioned Plenty in press publications. The companies are not endorsing Plenty and Plenty is not endorsing the companies listed.  No compensation has been provided in relation to the press publication

AUTHOR

Emily Luk

CPA, CFA - CEO and Cofounder of Plenty

Emily is the ceo and cofounder of Plenty. Started by a husband and wife team, Plenty is a wealth platform built for modern couples to invest and plan towards their future, together. Previously, she was VP of Strategy and Operations at Even (acquired by Walmart/One) and a founding team member of Stripe's Growth and Finance & Strategy teams. She began her career as a VC, and was one of the youngest nationally to complete her CPA, CA and CFA designations.

THIS SITE IS FOR INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE RELIED UPON AS INVESTMENT ADVICE. This site/application has been prepared by Plenty and is not intended to be (and may not be relied on in any manner as) legal, tax, investment, accounting or other advice or as an offer to sell or a solicitation of an offer to buy any securities of any investment product or any investment advisory service. The information contained in this site/application is superseded by, and is qualified in its entirety by, such offering materials. This site/application may contain proprietary, trade-secret, confidential and commercially sensitive information.