In today’s episode Cathy, from Dallas, asks the realwealthwhisperer what questions to asks her fiancee about finances before they tie the knot. So I’ll share my opinions and wisdom on how she should tackle love and money.
People like to think love stands above all materialistic concerns, like money. Unfortunately, love doesn’t always conquer all — in fact, money is often the culprit of some relationship disasters.
But it’s not all bad news. Depending on how you manage and discuss your finances, money can serve you well in creating a happy love life
In this day and age, money is being discussed very early on in relationships. Managing your own money can be hard enough, so throwing another person into the equation can make things downright chaotic, but if you decide to mix love & money… managing your money as a couple has its benefits, too. Plus, it isn’t as hard as you might think.
“Managing your financial health is not much different than managing your physical well-being,”
And, it isn’t about obsessing over the numbers. Instead, getting married and setting financial boundries is like rationing. Counting dollars and cents is not much different than counting calories.”
As the saying goes, two heads are better than one, and many couples find financial success when they join forces to tackle budgeting and money management. If want to take your relationship goals to the next level, here are some ideas on how to approach mixing love and money
I want to also add that in episode 012 how to deal with income inequality in your marriage, I discuss in that episode a lot about how to deal with money & relationships too. So be sure to go back and listen to that episode for sure!
When it comes to love and money, there are easily recognizable habits that can pivot your relationship’s chance of success.
“Incompatibility in finances can be a deal breaker though , Spenders and savers have to find middle ground. And high income earners and low or no income earners… have to find common ground too.”
In a recent 2016 Love and Money survey, TD Bank asked over 1,902 respondents currently in relationships several questions about money and relationships.
“The survey helped have a better understanding of how couples discuss and manage money and what impact that has on their overall happiness in their relationship.
The survey revealed that happy couples’ money habits are notably different from those who are unhappy in they’re relationship. And, the bad money habits could lead to hardships down the road — and possibly a breakup. So let’s check out how not to become one of the 50% percent of marriages that end in divorce.
Good communication is one of the hallmarks of a successful relationship. So although discussing finances might lead to some arguments between you and your partner, talking about money can also promote happiness in your relationship.
Don’t get married and expect to change the person financial habits after the fact
A person’s money habits before you get married should give you an idea of what life choices they are making the future— which is why it’s important to talk about money with someone you’re dating earlier on in the relationship rather than later.
“If someone chooses to hustle hard to afford expensive things, that’s a choice that’s different than someone who hustles hard to fund a healthy retirement but lives in a modest home to maintain a certain lifestyle.
“Someone who spends freely may be generous — or conversely not value money at all. And someone who saves eagerly may be resourceful, but also could just be a tight ass or stingy. So make sure you have the same vision of how your lifestyle will unfold as a couple moving forward.
If you delay talking about money with a potential significant other, you might regret it.
I think that most couples would agree that putting off money conversations was their biggest money mistake.
So don’t become a statistic, just talk openly about it as early as possible and when you see fit in the relationship.
Another important item to discuss is investing ideas
Having cash on hand might feel secure, but to really achieve sustainable wealth you have to create an investment strategy.
Successful people keep a modest emergency fund, but they make the rest of their money work for them long term.
“People may be fully invested in their 401k through an employer and constantly watch their brokerage account.
“However, through lack of knowledge or fear, they don’t continue to learn the skills of investing or achieving sustainable wealth and just end up spending their extra cash on things of consumption. And continue relying on third party advisors
Most people who take my wealth age and financial fitness test are usually surprised about how little they are actually earning over their lifetime of savings and accumulating assets.
In fact, some people simply don’t have a savings and investing strategy, but often times it’s an eye opening experience.
If you haven’t aready taken the test, it’s 100% free and available at the realwealthwhisperer.com just go to the home page and sign up to take your test. It doesn’t require anything except you having a desire to see where you are today financially.
In many cases, the fix is simple: “Just making a mindset shift into creating some sustainable wealth investments to bring up the lower end of the earnings could drastically increase the long-term returns of your wealth. So no matter where you are today financially, you can start to build your future.
“With all my years of experience, I can tell you that short- and long-term planning is a joint effort of couples. A lot of people that I mentor soon realize only one spouse is on board. It’s important to try to engage your other half as much as possible and motivate them to feel involved.
In today’s world, regardless of who earns what or who is more financially savvy, working on – long-term sustainable wealth together is truly essential not just for financial success — but personal happiness.
If you have any questions about this and you would like to reach out to me send me an email at questions@realwealthwhisper.com
By the way this is another good time to mention that if you or someone you know has a question about life, love or sustainable wealth, go to the realwealthwhisperer.com home page and hit the “record a question button” on the top or side of the page, then scroll down the page it opens to where it says start recording and simply speak into the mic on your desk top or smart device. or click here: www.realwealthwhisperer.com/record-live-question/
If I can be of any guidance specifically, please feel free to reach out to me. Reach out via email at realwealthwhisperer.com Go to the contact us at realwealthwhisperer.com page and send me an email directly from there
Check out all the details of this episode to learn more.
I would appreciate if you found value in today’s show to share it with someone and leave a review on itunes and head over to the realwealthwhisperer.com and leave a comment in the comments section for this episode
If you haven’t already please remember this show is a fanarchy which means your questions are what drives this show, so keep’em coming and record your live question at the realwealthwhisperer.com just hit the record button and follow the script, it’s that easy
Real Wealth Whisperer.com sample Q’s script:
Hi this is {your name} from {your Company} (if you would like it mentioned on the show), in {city where you’re from}
Note: if you do not have a company, no worries! Hi this is {name} from {city you’re from}
Today I have a question {on or about}…. {life} or {love} or {sustainable wealth} My question is:
{how, who, what, why, when, where………….?}
Note: try to narrow your question to a specific, you get more value from having a direct answer. And that’s what I’d like to accomplish, is something of value for you to implement.
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