WNA Blog

Thu 21 Jan 2016

5 Rules For An Effective Conversation About Money

Business Planning & Strategies

In any game there are rules of play.

In the relationship game there are 5 simple rules to have an 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).

150526_Couple in Matching Sweaters

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 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

Disagreement about money is one of the most common causes of divorce. Getting a clear financial plan can put you on track to achieve a common goal and work towards your future together.

It is about time that you stopped the arguments. Get in touch with an independent wealth manager to help you put a financial plan in place.

Have you been having difficulty discussing your finances with your partner?

Marisa Hoffenberg and Growth Point Financial Pty, Ltd. Are Authorised Representatives of Synchron, ABN 33 007 207 650, 243313. This is of a general nature only and is not intended as personal advice. It does not take into account your particular investment objectives, financial situation and needs. Before making a financial decision you should assess whether the advice is appropriate for your individual investment objectives, financial situation and particular needs. We recommend that you consult a professional financial adviser who will assist you. The information and certain references, where indicated, are taken from sources believed to be accurate and correct. To the extent permitted by the law, Synchron, its representatives, officers and employees accept no liability for any person that relies on the information contained herein.

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