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July 4, 2008
The value of money
Knowing about finances relieves the stress.
OLGA LIVSHIN
Whether we want it to or not, money affects all aspects of our lives. "We need money, save money, earn money, spend money, invest money and think about it a lot," reads the new book Dollars & Cent$ored by Lana Marks Pulver and Kerri Marks Chetner. The book was launched earlier this month, on June 18.
Pulver and Chetner insist that, since money is so important, we have to talk about it. Their book demystifies such financial terms as money management and investment, deferred payment and charitable trust but, most of all, it teaches readers how to handle money in accordance with their goals and values. The book's subtitle reveals its real potential: "Your money, your values, your stress relief."
Recent mental health surveys in Canada and the United States have found that about half of the reported cases of stress in both countries are caused by money problems. Some of those problems, especially between family members, arise from extreme consumerism or attempts to match the lifestyles of the rich and famous. Other problems originate in the lack of communication about money between husband and wife, parents and children. In Dollars & Cent$ored, Pulver and Chetner offer solutions to such concerns, and the first of these solutions is to remove the unspoken taboo of the topic of money. In order to solve the problem, we have to discuss it, to understand it, they argue.
Both authors have been financial consultants for more than a decade and their book is a summarization of their professional experience.
"Money needs to be managed in a way that is consistent with your personal values," they write. Furthermore, money is a tool helping people to achieve their goals, but these goals and values are different for everyone.
The first part of the book is dedicated to finding these goals and values. The first three chapters resemble a school textbook, filled with worksheets and exercises. Consisting of a set of empty charts and lists, the pages invite readers to fill them. In the authors' opinion, these charts help readers define strategies towards achieving happiness: "A document outlining your goals becomes the roadmap to a successful life's journey."
As readers fill up the charts, their own values and priorities become clearer to them, so afterwards they can create their own plans of action, outline their short- and long-term goals and devise steps to fulfil these goals, based on the discovered values. Pulver and Chetner have used such charts in their everyday dealings with clients.
In the second part of the book, the authors offer multiple case studies, outlining different aspects of money and different family and business scenarios. Although they have changed the names to protect their clients' privacy, the situations outlined in the book are real and were encountered during the consultants' careers.
A couple of examples deal with the monetary problems of divorce. One case explores the complications of kids and money, another shows helpful tactics in dealing with aging parents. There are cases investigating debts and investments, donating to charity, buying property and planning for retirement. The book even includes a glossary of financial terms, often necessary for laypeople.
Both authors are qualified to write this book. Pulver holds a master's degree in business administration and an honors bachelor of arts degree in both commerce and economics. In 1996, she co-wrote her first book, the national bestseller First Class: The Original Financial Guide for High School Students. She has also served on the boards of several Jewish organizations.
Chetner, Pulver's younger sister, holds a business degree and has achieved her personal financial planner designation. She is also active in the Jewish nonprofit field.
The sisters have been working together as financial consultants and partners for more than 14 years and, the longer they worked, the more they wanted to offer their knowledge to a wider audience.
"Time and money are our main resources," Pulver said. "We wanted to show people how to balance them." By her own admission, the book haunted her and demanded to be written, until they finally started to write.
"We sat at the same computer, bandying ideas and typing in turn," Chetner recalled. "We allocated a few hours every day to writing this book."
Dollars & Cent$ored took the sisters two years, from idea to publication. Although aimed at middle-class readers, the book can actually benefit anyone.
"We consider ourselves life coaches," the authors said. "We are educators."
In concert with this postulate, both often do public speaking, presenting their knowledge and expertise in money management to corporate audiences and charity organizations. To learn more or to book a public appearance, log onto their website, www.dollarsandcentsored.com.
Olga Livshin is a Vancouver freelance writer.
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