Studies have shown that sex is the number one issue that couples are most passionate about. While I cannot help with sex therapy, I can address the money side of things as a wealth advisor. I also was married to someone I worked with. It can be not easy to think about, handle and discuss money. It can be challenging to navigate the business world when you are in a relationship.
Here are three proposals to help you navigate the topic of money together.
1. Set a date for money.
A money date is when you and your partner make a plan to meet up and discuss your financial goals and finances. Set aside at most three times a year for you and your partner time to talk money. However, in the idealized world, you would have a money meeting once per month.
It is crucial to have clear boundaries regarding your money. Discuss your financial decisions with your partner, for example, spending $100 or more. You can ask and answer each other questions. Some questions could be: How would you spend the winnings of the lottery? What was the most significant financial mistake you have made? It is a time to review your financial goals, spending, and savings. You can also look at your retirement plans like your IRA, 401(k), and more. Also, you can talk about insurance. Are you too rich or too poor?
You may want to start your own company, but that would drain your liquid cushion. You can make a plan for this date. If you are already the company owner, your money date could be when the business is sold. What is your succession plan? A family meeting can be more than just a money date. Bring your CPA and wealth advisor, as well as a business attorney.
2. You should establish a budget.
We live in a community that gives us so many messages about spending but so few about saving and investing. It’s easy to live beyond your means. Your budget is how much money you have coming in each month. Budgeting can be tedious. A budget worksheet and a timer can make budgeting easier. For 15 minutes, set the timer. You can write down every item you have spent money on during the month in as little as 15 minutes. Then, take a break.
It is possible to discuss your budget with your money date. Cash flow is a constant variable when you have a business. This can lead to stress in your relationships. It’s even more critical to establish a budget for your personal and professional life.
3. Talk to a financial planner.
Talking to your wealth advisor can help you both decide how to manage your money individually and collectively (depending on whether your finances have been merged) over time. You can both discuss your financial goals with someone.
Your financial plan should be your road map. Consider it a road trip. You would not just jump in the car and drive. It’s possible, but it might not be the best trip. A map, a plan, and a guide are the best tools. This is true for your financial life. Your wealth advisor and financial planner can help you create a plan.
I recommend that you find a wealth advisor who is familiar with the needs of business owners. Request referrals, attend workshops and seek out someone you feel comfortable with.
It is essential to get on the same page as your partner, employees, or wealth advisor. The best place to begin is with money.
Securities are offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Raymond James Financial Services Advisors, Inc. provides investment advisory services. Prosperwell Financial, Inc. is not a registered broker/dealer.
This information does not claim to give a complete picture of the securities, markets, and developments. While the data has been gathered from reliable sources, it is not guaranteed to be correct or complete. Nicole Middendorf’s opinions and not Raymond James’s are the sole ones. All opinions expressed are those of Nicole Middendorf and not necessarily Raymond James. They are subject to change without notice. Investing can be risky. You may lose or make a profit regardless of your strategy.
