DWN Communication and Technology Chair Lark Mills recently spoke with Julie Murphy Casserly, an independent certified financial planner and author, to discuss her unique approach to financial planning and her upcoming talk at the DWN Winter Brown Bag Luncheon on January 17, 2013.
Julie Murphy Casserly, founder of JMC Wealth Management, Inc. and author of The Emotion Behind Money: Building Wealth from the Inside Out, took a break from her busy schedule to speak with me by phone. Not only is Julie a top expert in her field, but she is also a savvy, female entrepreneur; she uses social media to reach out to her current and prospective clients by providing them with a wealth of information and inviting them to join the conversation.
Julie Murphy Casserly’s Upbringing
Julie was the second oldest of 12 kids growing up. She explained that she did not grow up with money, but from an early age, she was intrigued with how money can grow.
“I’ll never forget the first time I realized that they paid you interest on a savings account. That was a big aha moment in my world. When I was in 7th and 8th grade, I used to deliver the Sun Times and the Tribune before school every day and I was always reading the business section. I always had an interest in finance and clearly it made me who I am today.”
Julie was a finance major and said the idea of writing a book herself did not seem feasible at first. However, people repeatedly encouraged her to put her advice on paper, and she eventually decided to go for it. The book debuted in August 2008. “The timing was impeccable because it was right before the stock market crash and within 30 days of my book being out, I found myself being flown to New York to be on the money desk of CNBC,” Julie explained.
When I asked Julie how her book is different from other finance books, she explained that she acknowledges the emotional side of money, which is a key component that is overlooked in her industry. Julie argues that a balance between financial numbers and emotional numbers is the real key to financial success. Moreover, Julie explained that we tend to operate only our left-side, logical brains when trying to manage our finances when we should also be operating our right-side, emotional brains in order to break the cycle of financial mistakes. “It is human beings making emotional decisions day-in and day-out and so that is the bridge that I have created in my business, just acknowledging and honoring people who are building their financial plan [and helping them find a balance between their emotional and financial numbers.]”
Financial Advice for Women
When I asked Julie if she had any financial advice specifically for women, she argued that women need to empower themselves to be more conscious about their spending habits.
“Women give away their personal power to money! They let money control their lives because of unconscious spending and wanting to stick their heads in the sand when it comes to money. When they get afraid, they choose to avoid handling it. So, it is really about empowering women to not shy away from it [money management], but to embrace it and acknowledge the emotional component. We either work things out or we act things out. When we act things out financially, there is something you are unhappy about in your life and it has nothing to do with money and you act it out by buying that dress or buying that latte to fill that void.”
Julie has lived through what she teaches to her clients: she made financial mistakes and consciously decided to end that cycle of financial dysfunction. Julie offered this overview of money management: “It is about cleaning up your financial past, which is all your debt, while living in the present moment and planning for the future at the same time.” Julie is more than a traditional financial planner; she helps guide her clients toward financial healing.
Preview to Julie’s Talk at DWN’s 2013 Winter Brown Bag Luncheon
Julie gave me a hint to what she will discuss at the DWN Winter Brown Bag Luncheon. She will focus on encouraging us to adopt a different approach to money management. She will provide us with tips and tools on how to make good financial decisions based on our personal goals and desires.
What is your personal finance philosophy? Do you have any financial goals for the New Year?
Former DWN President, Ann Marie Klotz shares her two cents about her 2013 financial goals.