How does your behavior regarding money affect your relationships?
This career has taught me that there is more to wealth building than a high income. What I’m going to share with you my personal secret sauce to wealth. I’m excited to share it in this article AND in a live webinar on Wednesday, December 13 at 12 PM CDT. Register here: here. I hope you join me!
Through my work, I know how intertwined money and life are. The WHO in our lives is the most important, and the money in our life is the enabler to enjoy WHO. Money is one of the last taboo subjects out there and it can be difficult to talk about even with our closest loved ones. When discussed in a cooperative and respectful way, money conversations can help us grow even closer to the ones we love.
The first step in improving your money and life relationships is realizing what your own Moneytude is. Conscious or unconscious, we all carry around attitudes about money, or, as we call them "Moneytudes." These are formed in our mind by the time we are about 5 years old!
We have identified 5 Moneytudes for the purpose of this article and webinar. There are various roles everyone plays when it comes to money.
She's a spender. She's an extreme couponer.
2. Wealth Creation
She's a planner. She is karma.
Money is evil. Money is good.
4. Risk Tolerance
She is a risk avoider. She is a risk embracer.
She is generous with money. She feels shame about money.
None of the attitudes are bad, however, taken to an extreme, they could be unhealthy. You may not identify with some of them at or all or they seem foreign to you because you didn't experience that messaging throughout your experiences. These are not static behaviors or patterns. For example, you might be a spender one day and a saver the next. We typically identify with one or two more than others, and they all have a sliding scale.
Recognizing our moneytudes is important because they can affect your relationships. Here is where we see them, in the closest relationships:
1. In marriage (divorce can be the largest financial transaction in a lifetime for some).
2. Raising kids--teaching them values, best practices and wisdom around money and the possibility of preparing them for inheritance or planning for our aging.
3. With our parents-- talking about money when it's never been talked about before and how to take care of them by understanding their wishes as they age.
Do you identify with any Moneytudes? Do you peg your spouse for any of them? Have you thought about why you lean one way as opposed to another? It's a very good first step in being successful with money and in your relationships surrounding money to see what your biases are and acknowledge they exist.
Date and Time
Wed, Dec 13, 2023
12:00p - 1:00p CST