5 Rules For An Effective Conversation About Money

07 Jul 2015 12:34 PM

In any game there are rules of engagement.

In the relationship game there are 5 simple rules to have a effective conversation about money (or any highly charged and emotional subject).

  1. Set aside time for the discussion – without interruption
  2. Keep emotional baggage out of the conversation
  3. Take the time to listen to and understand your partners point of view
  4. Keep the end goal in mind
  5. Conclude with a clear plan for action

If you can keep to these rules – congratulations – you have won the coveted prize of Couple Of The Year (last won by the wonderful couple in matching jumpers below).

Despite my husband and I having over two decades of finance experience between us and significantly more knowledge on investment than the average wealth manager, we went to see an adviser. Why?

  • we had a clear appointment in our diary where we would discuss the subject for a over an hour – no kids or mobile phones
  • a professional office was no place to bring up emotional issues such as the mortgage boots or obsolete technology cupboard
  • with a well designed set of questions, we were each given a chance to air our objectives and concerns
  • we explored different strategies to achieve our goals and the strengths and weaknesses of each
  • we came out with a well written plan which we had both agreed to and could refer to if things went off course
  • we had someone else to muddle through the paperwork and in a set time

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