Today on MYM360- It’s love and money week all this week in honor of Valentine’s Day! So, let’s kick it off love and money week with 4 ways to make your marriage thrive. Valentine’s Day is just one day – but the real story is building a marriage that lasts and these 4 strategies will certainly help:
- Talk about your financial backgrounds. Talk early and often about your attitudes and needs where finances are concerned. We all come from different backgrounds and experiences in terms of money and finding out what your partner needs and why can help you work out compromises about how to handle your finances in a way that works for both of you.
- Get a prenup or postnup. This might sound counter-intuitive but it gives you the opportunity to lay all of your cards on the table. A prenup is more than just what happens in the case of a divorce – it can be a lot more and spoiler alert – it’s our word of the week this week so I will talk a lot more about that on Friday.
- Talk about money and budgets frequently. Set aside a regular time to do a financial inventory and just like businesses – that means everything – how much is coming in, how much is going out and where it going, setting and adjusting budgets, knowing how much debt you have and where it’s at. How many credit cards you have, the interest rates and the balances – everything. I know this might sound overwhelming but talking regularly about your finances can avoid money fights which can lead to the opposite of a happy marriage. Believe it or not you can do this in 15 minutes each week.
- Define what infidelity means to you. We often think that infidelity is limited to cheating on your partner with someone else – but financial infidelity also exists and it can be just as devastating. You don’t believe me – one woman explained how she felt when she found out just by accident that her husband had gambled away the kids college fund. She said it was an account that she didn’t check very often and she only found out when her advisor called to know if they wanted to keep the account open because the balance was so low.
Want to learn more about what I do and if I might be able to help you? If so, visit http://www.psworth.com/consult and sign up for a mini strategy session with me. I offer sessions for business owners as well as individuals and couples.
Thanks so much for listening and as always remember that minding your money really is the path to a richer life!