Talking to Your Spouse About Money

By Modern Wealth Management

March 29, 2018

Have you ever had trouble talking to your spouse about money?

Or, more specifically, the purpose of your money in life? If you answered yes and your palms started sweating profusely even thinking about it, you aren’t alone. It’s probably (at least partially) due to how the role of money played in your life growing up. Talking to your spouse about money can be hard, but it doesn’t have to be.

Parents have always told their children “money isn’t everything”. While that’s most likely true, it’s also true that money is oftentimes the primary engine to get the things we want and need to live our lives. This is precisely why some get hesitant to reach out for help when it comes to growing their nest egg. For others, the word “hesitant” doesn’t even begin to describe the fear some experience when making financial decisions. Regardless if it’s investing their money or finding a financial advisor to handle that part of planning for retirement.

Why is making decisions about money so scary?

Let’s face it, we make decisions about money every day when it comes to deciding if you will buy yet another $4 cup of mocha-choca-latte-caffeinated drink or if we really need to buy those tickets to a concert. Should you pay the high price of the luxury health insurance policy with all the bells and whistle coverages or roll the dice, buy a cheaper policy with high deductibles and limited coverage all while hoping your health doesn’t roll snake eyes.

When it comes to finances, talking to your spouse about money can be difficult. Emotions can typically run high when the conversation turns to how to save and how to spend. And, in order to avoid conflict, many husbands and wives find it easier to just not talk about it. But talking to your spouse about money is important. And while that short-term solution may seem like a pretty good one, you have to remember that if you are satisfied with how your finances are being used to live your life, it’s also quite possible that your spouse isn’t. And if they aren’t, wouldn’t a better solution be to get your money desires out in the open and find a way to compromise and both get what you want?

Learn How Your Spouse Feels About Money

Now, if you and your spouse agree on how you spend and save money, that’s great! Count yourselves lucky. However, if you have suspicions or just outright know that there are some conflicting interests, the advisors at Modern Wealth Management can help by guiding you by finding your Money Mind. While it may sound like a battery of psychological tests, we promise your advisor will not be showing you inkblot tests and asking you what you see.

You won’t be asked to reveal embarrassing information or skeletons you may have in your closet. It’s actually more like a card game and for those of us who have walked through the process, we found it to be…fun. By the end of the conversation, we all knew what our spouse wanted and why without all the anxiety and anger rearing its ugly head. It’s as simple as that. The process makes talking to your spouse about money easier.

Find Your Money Mind

Intrigued? If you’d like to find out more about how you can go through the Money Mind exercise, regardless if you are a client (who hasn’t already met with your advisor regarding this program) or not, call Modern Wealth Management at 913-393-1000 and schedule a time to find out if you are a Fear, Commitment, or a Happiness Money Mind and how two differing minds can work together to get what you both want when it comes to how you spend your money. Likewise, if you are a client that has already gone through this process with your advisor, please forward this article to a friend or family member that may benefit from having these discussions.

Not quite ready to go through the Money Mind process in front of someone? That’s ok! You can take it at home by visiting the Money Mind and one of our advisors will call you to discuss the results.

Remember, when it comes to your life, unfortunately, you only get one shot. That’s it. Don’t you want to live it to the fullest?

Do you want to talk to one of our advisors to your preparing your family for retirement? We’re happy to have a conversation with you, give us a call at 913.393.1000 or schedule a complimentary consultation below!

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Investment advisory services offered through Modern Wealth Management, Inc., an SEC Registered Investment Adviser.

The views expressed represent the opinion of Modern Wealth Management an SEC Registered Investment Advisor. Information provided is for illustrative purposes only and does not constitute investment, tax, or legal advice. Modern Wealth Management does not accept any liability for the use of the information discussed. Consult with a qualified financial, legal, or tax professional prior to taking any action.