It is no secret that many individuals aim to grow their wealth. Building a “healthy” relationship with your finances is vital in controlling it. Now, how does one begin to achieve this type of financial relationship? For starters, you must review the basics.
Money values, consisting of internal and external factors, influence your attitude towards money. It can help mold your life decisions too! For instance, a person who values foresight may build a robust retirement plan as early as 30.
Your money values are deeply rooted in your personality. Long before you met your partner, you have developed values surrounding money. Studies suggest that we inherit values, beliefs, and attitudes about money from our parents and other family members. It is important to discuss these money values when entering a romantic relationship.
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Unfortunately, couples rarely talk about their financial values and goals. They see this subject as a restricted topic fueled by social custom. However, it is never too late to have this financial conversation! Talking about your money values is the first step to syncing your financial plans. Start by discussing what your parents taught you about money as well as your financial goals. Having this serious discussion prevents conflicts, which came from differing money values.
In your discussion, consider creating a list of your money values. Here are some of the examples: Value of Time, Openness, Resourcefulness, Honesty, Patience, and Generosity.
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Encourage an flowing conversation whereby each of you will share about your list of money values. Understand each other’s point of view by highlighting the similarities and differences. Afterwards, choose the “top three values” that are important to the both of you. Work with these values to reach your goal.
On the opposite end of the spectrum, your financial discussions may become heated. Pause the conversation and revisit the issue later on. When it comes to money, it is difficult to always see eye to eye. Take a time out. With open communication and understanding, you can devise a plan to reach your shared financial goals. Good luck!