In today’s episode, Mary from South Carolina wants to know how to address the income inequality of her fiancee’. So In this episode I’ll share some light on the matter.
If you’ve ever been in a relationship for very long, especially if you are married or living together, it is almost a guarantee that you’ve had a money fight. One of the biggest causes of problems in relationships is differences in values and goals and income inequality when it comes to couples and their money, and especially communication about money issues.
Money can’t buy you love, but it sure can tear it apart.
This episode is to learn how to talk about money, and learn to align your financial goals. If you can do those two things, you’ve done more than most couples, and you’ve done a lot to keep your relationship and your finances from going bankrupt!
So I suggest to sit down and talk about it all. The house, the kids, education, so everybody keeps increasing their skills, include a healthy emergency fund, and then the nice cars, , nice clothes and vacations each year, etc. it’s important to write down all your wants…
First off, try to remove emotions from financial conversations.
From your first time you sit down to talk about financial goals to your subsequent weekly talks , it’s important that the two of you stay level headed about the conversation. It’s easy to feel or get hurt or even angry over any of the issues, and try to look at these issues objectively.
One thing I teach people in negotiation is:
When possible make things like this a cooperative negotiation and NOT a competitive one! That means you are on the same side. I illustrate this by advising people to push the objective to the other side of the table and for the two parties to join each other on the same side of the table and now look across at the objective and see how jointly a solution can be created
This episode will be filled with value on how you can create simple actions that lead to happiness in a relationship.
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
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