When you’re part of a couple, like my wife and I, most (if not all) decisions are mutually decided upon.
When it comes to financial decisions, such as investments, it is of the utmost importance you are both on the same page. Not only for the sake of your finance but also your relationship!
Money is the number one stressor in most relationships and can easily destroy a relationship if you let it.
The mistake many couples make when it comes to financial decisions is letting it come between them, rather than bringing them together.
The most financially successful couples understand that they need to operate as a team to achieve their goals. There’s no other way!
Talk About Money
One of the biggest reasons couples argue about money is because they never talk about it — until it become a problem!
Couple need to talk about money all the time, especially if they want to be successful in their investments. Don’t make the mistake of making money a taboo topic — the more open, the better.
Make a Plan
Decide, together what your financial goals are. What does financial freedom mean to you as a couple?
What would you do together if money wasn’t an issue? Is there a dollar amount you both want to achieve? Get specific on your mutual goals, as well as individual expectations, and find a way to make them align.
Make it a routine to sit down and communicate your goals, so there is a mutual understanding on both sides.
Work as a Team
When you’ve been married as long as my wife and I, you’ve learned teamwork is the ticket to marital success.
Your financial successes and losses will be felt as a team, so be prepared to support and celebrate each one, together. If there are problems, tackle them together, and when there are wins, enjoy them together!
Grow your financial education, together.
Take any and all opportunities to increase your financial education. Read books, research articles, take a class, join a seminar or work with Smart Asset Opportunities.
Both partners need to be equally educated and committed to the process if it’s going to work.
Make the Most of Your Mistakes
Financial mistakes can be particularly hard, but only as hard as you make them. Every couple faces challenges; it is your response to them that will make or break your relationship.
Tackle your “failures” as opportunities to learn and grow, together. Above all, never play the blame game. You’re in this together, for better or worse!
We Can Help
If you and your partner want to learn more about gaining financial freedom, we’re here for you. You can learn about our opportunities and discover if we are a good match by getting in touch with us.