Weekend Reading: Is Financial Planning As Good As Couples Therapy?

Posted: 02/24/2023

|Forbes |Financial Planning for Couples

This article appears as part of Casey Weade's Weekend Reading for Retirees series. Every Friday, Casey highlights four hand-picked articles on trending retirement topics and delivers them straight to your email inbox. Get on the list here.

Weekend Reading

Money plays a far greater role in relationships than you might realize. It’s one of the most common culprits of couples’ disagreements, which is why partnering in the financial planning process together, joined by the right support, can produce benefits that go far beyond basic math.

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Some of those include:

📌 With a good financial plan, your life plan is at the core: The creation of your financial plan should include discussions about what is most important to you and your partner: Your values, goals, dreams, etc. And, ensuring you both have input in how your retirement plan (or L.I.F.E. Plan, as we call it) reflects those things.

📌 A financial advisor can act as a referee during challenging financial conversations: They say opposites attract, so if you and your partner’s money mindsets differ, your advisor can be an objective third party to find common ground.

📌 Tackling finances together is less likely to cause division: Making money management responsibilities a joint endeavor, versus a “divisive wedge,” can help grow your relationship and your wealth.

When you make aligning on money a priority with your partner, you’ll be surprised to find the positivity it brings to many other facets of your relationship, including one of the biggest areas: Communication.

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