Click here to download the transcript of Farnoosh's best money & relationship tips!
Podcast: Play in new window | Download | Embed
Subscribe: Apple Podcasts | RSS
Your spouse can make or break you financially.
That's no surprise, given how money is one of the leading causes of divorce.
But there is much more to the relationship and money question than just divorce or marital bliss.
Unless you plan on being single forever, this is an issue that should concern you. It's important to know how to talk about money with your spouse, and it's equally important to be on the same financial page.
Just think about all the important financial goals you share with your spouse and how they affect the outcome of your lives together:
- Will you retire early by building a lifestyle focused on saving and delayed gratification?
- What house will you buy and how much of your income will you dedicate to a mortgage?
- Is your car for self-image, or is it just transportation?
- Do you like to camp on vacation or stay in 5 star hotels?
- Would you prefer to spend that money on an investment property so you can retire faster?
All of these decisions have long-term financial implications, and they're much easier to accomplish when you and your spouse are working together as a team.
In addition, there is much more to this than just financial goals. Gone are the days where men are the sole breadwinners in society. Women are climbing the ranks, and that means learning how to overcome the traditional gender roles society has imposed on us for so long. This can cause marital stress if it isn't handled properly.
That's why I asked Farnoosh Torabi on as a guest for this episode of the Financial Mentor Podcast. Being a female breadwinner, and the author of When She Makes More: The Truth About Navigating Love and Life for a New Generation of Women, Farnoosh is able to share many valuable insights gained from her personal life and research from the book.
Listen in as we address the complex financial issues couples face today, and get her best tips and solutions to ensure your relationship is a happy and thriving one.
In this episode you'll discover:
- How to talk about money with your significant other in a constructive way.
- The importance of understanding your own money story, as well as your spouse's.
- Why you need to be open and transparent about your financial habits.
- How to foster a supportive dynamic in your relationship, regardless of who has the bigger salary.
- How women and men can embrace female breadwinners in the family.
- The critical importance of making your financial values conscious.
- What to do when you're in relationship with your financial opposite.
- Why it's actually not a bad thing to have differing financial viewpoints in a relationship.
- Why you might want to think about bringing in a third party to mediate financial discussions.
- The surprising research showing how women are becoming more successful than men.
- How you can overcome the unconscious gender biases of our society.
- How you can make sure you're on the same financial page as your spouse.
- Why disagreements about money aren't always about dollars and cents – money issues go deeper than that.
- Different techniques for how couples with disparate incomes can manage their money together… blissfully.
- Why you should consider having separate bank accounts, and a joint account as well.
- The harmful assumption that whoever earns more has more power in the relationship.
- How Farnoosh and her husband manage their day-to-day finances – revealed.
- How financial infidelity can be just as damaging to your relationship as “real” infidelity.
- and much more….
Resources and Links Mentioned in this Session Include:
- Farnoosh's website is Farnoosh.TV, and you can follow her on twitter: @FARNOOSH
- Get Farnoosh's new book, When She Makes More: The Truth About Navigating Love and Life for a New Generation of Women (just coming out in paperback).
- Farnoosh's web series, Financially Fit, on Yahoo Finance
- Farnoosh's other book, Psych Yourself Rich: Get the Mindset and Discipline You Need to Build Your Financial Life
- My group coaching curriculum, 7 Steps to 7 Figures (one of which is putting together a wealth plan)
- Mint.com, a tool you can use to manage your money
- The real estate 1031 exchange calculator, for when you're selling and buying investment property
- (Please note: some of the links above are affiliate links so if you buy a course or book using these links I will receive a little compensation. Thank you for supporting this site!)
Help Out The Show:
Leaving a review and subscribing to the show on iTunes is the best way to support this show.
I read every review, and your support helps the show rank so more people find us and benefit from the message.
If you could spare a minute to leave a review on iTunes it would mean a lot to me. Thank you so much!
Click here to subscribe to the show on iTunes and leave a review…
Alternatively, this link below will help you subscribe and leave a review on your device…
Click here to subscribe and leave a review from inside your iTunes account…
"Discover The Comprehensive Wealth Planning Process Proven Through 20+ Years Of Coaching That Will Give You Complete Confidence In Your Financial Future"
- Get a step-by-step action plan to achieve financial independence - completely personalized to you.
- How to live for fulfilment now, while building wealth for the future.
- No more procrastination. No more confusion. Just progress and clarity
Expectancy Wealth Planning will show you how to create a financial roadmap for the rest of your life and give you all of the tools you need to follow it.
Thanks for this podcast – it made really interesting listening. As you said, financial opposites do attract, and my wife and I are no exception. The concepts you discussed, especially the idea of knowing each other’s Money Story, are incredibly useful. I’m a very recent convert to the quest for financial independence, and I was dreading trying to broach the subject with my wife, who’s a keen shopper! We talked about our money stories together last night, and learned so much about each other (which sounds silly after a decade together, but it’s true). It was a really important first step, and I’m much more confident now that we’ll be able to align our financial goals. There’s a way to go before we have a wealth plan we can both commit to, but now I know we’ll get there.