Let's Talk Money

If you ask any financial advisor which generation they are most concerned about financially, Generation X tops the list.  Research shows, time and again, that Gen X is in the worst prepared for retirement, have the most debt and spend the most money on non-essentials.  On top of that, Gen X’ers are also the worst at talking about money overall and even with their partners.  

Today’s episode is all about how do you get comfortable talking about money. EEK, we just saw your eyes go wide because the concept freaks you out a bit, but we got you! 

HOW TO TALK ABOUT MONEY:

• Try to limit the emotional connection between your feelings on your financial situation and yourself.  Money is an emotional topic but if you bring your high emotions into the conversation, it can easily go astray. Really break out the fact from the fiction. 
  
  
• Don’t use the word you in the conversation.  When you have any difficult conversation, as soon as you say something like you spend too much, the other person feels attacked or blamed, causing their reaction to get heightened. 
  
  
• Money can be a triggering topic, recognize that it will take time to have this conversation. You may need to take several breaks and come back to it. 
  
  
• Schedule regular meetings about finances.  The more you talk about finances ongoing, the less awkward it will be. It is like anything else you do, the more you do it the more comfortable you get. 
  
  
• Everyone values money differently, so discuss what your money values are and have an open dialogue.  For some, they value money to buy things, while others value money for security and some for status.  
  
  
• Create a plan for your short term and long term goals and stick with it.
  
  
• Do what works for you. Just because your parents always had a joint checking account doesn’t mean you have to. 
• Congratulate yourself for having this conversation. Recognize each small win here. 

SUMMARY: 

Finances aren’t a comfortable topic for most people but bringing these taboos into your home can have costly effects on your marriage. Start having the financial discussion today, it isn’t too late.

Sometimes changing your financial habits and how you communicate about them isn't something you can do alone.  Contact Jackie at jackie@therestingmind.com to book a free discovery call.

Are you feeling stressed to the max? Download 5 Steps to Stress Less. It will change the way you deal with stress forever.

Want to uplevel your retirement fund? It's never too late according to CNBC.

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