In this episode, I talk to Erika Wasserman, Your Financial Therapist, to explore the relationship between money and emotions. Erika shares her journey from learning finances from her father to a dynamic career that included significant life transitions, such as marriage, children, divorce, and inheriting assets. Through these experiences, Erika deeply understood money's impact on personal relationships and the importance of clear financial communication.

We talk about the crucial role of estate planning and life insurance, particularly for parents with children and aging parents. Erika gives great advice about reducing spending, setting financial boundaries, and using conversation tools to facilitate healthy money discussions. She also talks about the benefits of small, sustainable financial habits and introduces innovative methods, like using conversation cards, to improve financial wellness.

We Talk About:

• Importance of estate planning and life insurance
• Communication between parents and children about financial matters
• Financial support for aging parents
• Setting boundaries in financial discussions
• Challenges in talking about finances and overcoming them
• Reducing spending and building sustainable habits
• Practical tips for financial conversations
• Aligning spending with personal values
• Creating a “Yes Plan” for financial priorities
• Importance of updating estate plans and documents
• Erika's background and journey in financial therapy
• Using conversation cards to improve financial communication

READ+LISTEN+LEARN:

Erika offered a great list of resources for helping with estate planning and money conversations:

1. Books:
   • Cash Flow Cookbook by Gordon Stein
2. Resources:
   • Let's Talk Finances, Erika's new game: https://www.amazon.com/Couples-Relationship-Conversation-Card-Game/dp/B0CZM89CZD
   • Erika's website: https://yourfinancialtherapist.com/
   • Erika's LinkedIn: https://www.linkedin.com/company/your-financial-therapist/
   • Erika's Facebook: https://www.facebook.com/yourfinancialtherapy
   • Erika's Instagram: https://www.instagram.com/yourfinancialtherapist/
3. Wellbeing and Music:
   • "War" by Katy Perry

ABOUT ME:

My name is Jim Grace. I am a CFP®️ (Certified Financial Planner) and the Director of Wealth Management at Silver Pine Capital, LLC, (www.silverpinecapital.com) a registered investment advisory firm in Medfield, Massachusetts. ​

In my spare time I host a podcast and write about Financial Wellness & Wellbeing. Check out some of my other work @ www.ModernFinancialWellness.com. On the website I try to unpack each episode a little further and also spotlight any other resources I think might be helpful to anyone trying to feel better about their finances.