When Couples Differ on Money
You see money one way, your partner sees it another. Don't let financial disagreements take a toll on your relationship.
Differences about money can cause friction in your relationship. That's why a trusted, impartial financial advisor can be such a valuable intermediary when couples disagree about spending, savings, and investments. A financial advisor can address your differences through a process of communication, fact gathering and compromise.
Silence is toxic. Avoiding the "money talk" likely won't solve the problem. An empathetic financial advisor will help you start communicating about your financial goals and assumptions. The goal is to have each partner understand the other's perspective.
Replace assumptions with facts. Another problem with poor communication is that each partner may be harboring unexpressed and untested assumptions that don't stand up to scrutiny. A financial advisor is an excellent source of objective information who can quickly knock down misconceptions and provide you with the accurate data you need to make important decisions.
Compromise is healthy for your finances and your relationship. Each partner should get a little and give up a little for the compromise to work. For example, one partner might be concerned with maintaining lifestyle while the other is more interested in saving for retirement. Work together to come up with a plan that addresses both goals.
A set of plans captures your understandings. Your financial advisor can help you create a budget, investment and savings plan, insurance and annuity arrangements, and any other plans that memorialize your agreements with each other. When you and your partner understand each other, you both have a better chance of sticking to your mutual plans over the long term.
The right financial advisor makes all the difference. Call or email me and we can work together to develop a financial plan that works for both of you.
Securities and advisory services offered through LPL Financial, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates.
This material was prepared for Rebecca Bayless, and does not necessarily represent the views of the presenting party or their affiliates. This information has been derived from sources believed to be accurate. Please note-investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting, or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax, or legal advice and may not be relied on for the purpose of avoiding any federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.