5 Ways High-Achieving Couples Can Think about their Finances
Guest post by Financial Coach Bradley Jarryd
A lot of people think that money cures all. My health will be better, my relationship will be stronger, and life will be easier. They burn the candle on both ends for years or decades searching for the paying career that will solve everything. Then they find out that being a high-achiever in the world doesn’t eliminate much stress or anxiety at home and finances play just as big of a role with a 7 figure income as it does making minimum wage. It’s not really about money, it’s the relationship you and your partner have with money. Below are my 5 top ways to strengthen your relationship with your partner and with money at the same time.
Transparency. Being open and honest with your partner about your income, expenses, addictions (gambling, drugs), can only bring you closer. It won’t be easy, but it’s necessary. It’s just as important to share info about your student loans and credit card debt. You’re a team, after all. Drop the egos and admit past mistakes and vow to right the ship.
Share goals and create a vision. When was the last time you went into detail with your partner about the amount of time you would like to travel, the type of home and the price it would cost, and the overall lifestyle you want to have? Take some time to talk about what each of you would like to work towards and figure out what it would take to get there. This will help identify the career goals you will want to have including time off.
Use a personal manifesto. I love this one. Just like a business, what does your relationship stand for? What ground rules can you both agree to and put in writing. What is the purpose of your relationship and what is considered ok and what is considered a violation? Regarding finances, you can include a line that says “We each must consult the other person about unscheduled purchases above $______” This is powerful because it’s far more about respecting one another than it is about the money.
Set a monthly money date. This isn’t just “Set it and forget it!” Nope. It takes consistency and scheduled follow-ups to make sure you and your partner are on the same page. I recommend having a money date at your favorite restaurant once a month. This can be a positive experience that you’re both looking forward to having. If not, it won’t happen. At the date, go over income and expenses for the month, what you both did right and how you want to adjust for the next month.
Get help. It’s surprising how many skilled and talented people there are out there. It is equally surprising how the majority have very little financial literacy and are on the edge of losing everything with one lawsuit, a dip in the market, or a family emergency. If you’re a high achiever, it’s because you do what you do best and allow other top professionals to do what they do best to help you. Help can come in the form of books, podcasts, live events, and coaching. Your relationship with your spouse and your and with money is not worth winging. Do what it takes to feel in harmony in your relationship and feel more ease and peace in all areas of your life.
Find out more about our guest blogger here: BradleyJarryd.com