Category

Couples and Money

Myth: I don’t need to talk about finances before getting married.

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Julie Lawrence, CFP®, Lawrence Financial Planning, LLC

Not talking about money is the number two reason couples divorce according to Marriage.com. But couples who discuss money matters regularly act as a team and report greater levels of satisfaction with their partners. In today’s episode, Kathleen and Julie Lawrence, CFP®, examine the myth that couples don’t need to talk about finances before getting married. Listen in and learn some tips for talking about money with your honey!

Key Take Aways:

  • Julie shares how she facilitates the telling of each partner’s money biography (consisting of a list of open-ended questions) and how this strategy helps the couple she works with discover their respective money mindsets.
  • Communicating honestly about your saving and spending behaviors can be challenging. But doing so can really help partners understand each other. You may not change your money behaviors, but together you can commit and work toward shared couple goals.
  • Different strategies work for different money personalities. For example, if you are a spender, setting up an automatic savings withdrawal each month makes sense. If you don’t see the money, you won’t spend it!

Julie Lawrence, CFP® opened Lawrence Financial Planning in 2009. She has more than 28 years of experience in finance and management and holds a B.A. in Management from National Louis University.

Julie has been quoted in Financial Planning magazine, Investment News, NAPFA Advisor magazine, the Saint Petersburg Times, MSNMoney.com, the Chicago Tribune and FinancialPlanning.com. She serves as a mentor for new ACP financial planners and is an active member of NAPFA.

Julie has lived in Florida since 1977. She has three children. In her spare time, she practices yoga, walks, and goes kayaking.

Myth: Couples don’t need to talk about money

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Dr. Dorian Mintzer, Revolution Retirement

As a child, Dori grew up recognizing different money mindsets by watching her parents’ financial habits. Couples may have a division of labor when it comes to finances; but, it is important they talk about them so they know what questions should be asked in times of crisis. Dori and Kathleen explore this myth and why it is important that couples need to talk about money and that is actually an act of love.

Take Aways:

  • Use “I” statements when talking about money
  • Ask a third person (financial advisor, banker, estate attorney, relationship or money coach) to help facilitate these conversations
  • Appreciate your partner in a money conversation (share what it was like growing up, was money talked about, what does money mean to you, etc.)

How do you honestly and openly talk about money as a couple? (Click to Tweet)

Dr. Dori Mintzer – With over 40 years of experience as a psychologist, Dr. Dorian Mintzer (Dori) is an experienced therapist, executive coach, consultant, speaker, and writer. She is the co-author of The Couples Retirement Puzzle: The 10 Must-Have Conversations for Creating an Amazing New Life Together, and co-producer of “The Career Playbook: Second Half Plays. Dori has been featured in a variety of media such as the NY Times, Wall Street Journal, NPR, ABC Evening News, and the Today Show. For more information visit www.revolutionizeretirement.com.

Special Offer:

Virtual: The 4th Tuesday Revolutionize your Retirement Interview with Expert’s Series is at 12:00 noon eastern time and open to professionals and the public. Sign-up begins the week before each call at www.revolutionizeretirement.com.

To sign up for the Breaking Money Silence Podcast, click here.

Myth: Couples need to be equally involved in managing money.

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Julie Littlechild, Founder, Absolute Engagement

The idea that couples don’t need to be equally involved in managing money sounds contrary to popular financial planning mindsets. Kathleen and Julie discuss what happens when both individuals in a couple are not equally involved in finances, how to handle expectations, and improve effective communications around money. Listeners walk away with tips on how to reframe the money conversation, decide who is better equipped to take the lead on execution vs. vision for finances, and how advisors can help draw both individuals into the discussion.

Julie Littlechild is a speaker, writer, and researcher. Her firm, Absolute Engagement, conducts on-going research into the drivers of personal, client and team engagement.

Julie has worked with and studied top performing financial advisors, their clients and their teams for twenty years. She is a recognized expert on driving deeper engagement and growth, the author of a popular blog. Her book, The Pursuit of Absolute Engagement, was released in January 2107. For more information, contact Julie at jlittlechild@absoluteengagement.com. 

Special Announcement for Breaking Money Silence Podcast Listeners: 

Julie’s first book, The Pursuit of Absolute Engagement was released in January 2017. More information is available at www.absoluteengagement.com/book where listeners can download the first chapter free.

Myth: I don’t need to save for retirement because I have Social Security.

By | Couples and Money, Podcasts, Women and Wealth | No Comments

Michelle McKinnon, Financial Advisor, Payne Capital Management

Michelle discusses how through her relationships with her clients she has discovered how many people buy into the myth that Social Security will provide for them in retirement.  In this podcast, she warns listeners about how Social Security can lead you into a false sense of security and how important it is to be proactive about retirement savings.  Listen in and learn how to start tracking your expenses and realistically planning for the future.

Michelle McKinnon is a financial advisor with Payne Capital Management (PCM) and host a weekly podcast called $mart Women.  Michelle is committed to helping women manage their finances with ease.  To learn more visit her website at http://paynecm.com/ or listen to her podcast at $mart Women.

Myth: I don’t have to be involved in the family finances.

By | Couples and Money, Financial Psychology, Podcasts | No Comments

Louis Tranquilli, Owner – Tranquilli Financial Advisor.

In today’s episode, Kathleen interviews Lou Tranquilli, owner of Tranquilli Financial Advisor. Together they explore the unhealthy money script that only one partner needs to be involved with the family finances.  Lou often sees this belief in his clients and how this negatively impacts one or both partners. Lou also offers some personal and professional insights into how to become more involved in the family finances, even if it’s not your passion.

Lou Tranquilli is the owner of Tranquilli Financial Advisor located in Clinton NJ.  During the course of his 20-plus years of experience, Lou has developed an expertise in the distinct financial challenges facing women. He was honored with his Broker Dealer’s highest honor, the Ralph S. DeVito award for practice management, client service, and community involvement. For more information, visit http://www.louistranquilli.com/ or call 908.730.6234.

All Securities Offered Through The Investment Center, Inc. Bedminster, NJ Member FINRA/SIPC. 
Advisory Services Provided Through IC Advisory Services, Inc. – An SEC Registered Investment Advisor.
Tranquilli Financial Advisor is not affiliated with The Investment Center, Inc. or IC Advisory Services, Inc.