On The Agenda:
What do married couples tend to disagree about when it comes to money? What financial matters do they often fail to communicate about? We’ll share some of the primary things that need to be discussed and decided between partners before true financial planning can begin.
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Episode Show Notes:
On this episode of How Money Works, we’re sharing some ways you can communicate better with your spouse about money and what pitfalls to avoid.
We’ve had clients who want to retire early. Oftentimes the wife doesn’t want them to because they’re nervous about paying the bills. Men tend to have a bigger picture mentality, and women are better at specifics and details, in our experience.
Husbands and wives need to have goal-setting meetings, and you need to decide what income you can live off. We are working with a couple who makes about $1.3 million a year. They told us they could live on $150,000 a year, and we told them we don’t think they can do it. Their lifestyle is significantly greater than that.
You need to quantify your lifestyle and how much you want to spend on travel, toys, housing, etc. in retirement. Quantifying the goals is a hard job, but you must figure out your must-haves and your wants. Have a realistic goal. We can help you with the measurement, but you’re going to have to set the goal.
Husband and wives, couples, partners – talk about your goals and decide what you want. Then write down what you’re doing to reach those goals.
So, should one spouse handle all the finances? Handling money is one thing, but understanding where the money goes is the other part. If one spouse takes care of everything and suddenly passes away, that leaves the other spouse trying to pick up the pieces. You need to be on the same page.
Important Points:
0:26 – What couples disagree about
3:07 – Ready to retire?
4:15 – What you need to discuss
6:32 – One spouse handling finances
8:19 – Helping couples get on the same page
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