Episode #15: Couples Counseling


The Principle:

Sometimes we serve as a psychologist and provide financial counseling to couples. Learn how we bridge the gap between quarreling spouses.

(Click the featured times below to jump forward in the episode)

Honest Takes:

[00:15] – Are You Talking With Your Spouse? 

  • You probably have big dreams for your retirement, whether they include traveling across the country, visiting Europe, or moving to be closer to family. However, if you’re not sharing them with your spouse, you’re not going to get very far. Many couples have things they want to accomplish, but they fail to communicate those desires with their spouse. The first step toward getting on the same page as a couple is simply having a conversation.

[00:50] – Do You Understand What You Have? 

  • Many couples don’t understand how much money they have. You might have $500,000 sitting in a 401(k) account, but if you’re not sure how to use it, you’re not going to be able to accomplish your goals. Perhaps you want to buy a beach condo, but you don’t know where to begin. One of you wants to use the money in that 401(k) to buy the place. The other wants to rent a place at the beach to avoid taking on a second mortgage. Furthermore, you both have to consider what will happen if you take $250,000 out of your 401(k). Before you can buy that condo, you’re going to have to pay Uncle Sam.

[3:27] – Seek Counseling; Start The Conversation.  

  • Rather than kicking the tires or making assumptions about your goals in retirement, have a conversation with your spouse. Get on the same page, and begin building a plan to help you reach your goals. As your financial advisor, our goal is to facilitate these conversations in a safe environment and help you think through the different implications of your decisions on your finances. Working together, we can develop a plan to fit your situation, whether it include tax planning, buying that beach house, or renting a vacation home instead.

Today’s Truth:

Other Virtues:

The host: Brian Bowen – Contact

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