Here’s a secret that you probably already know. Your spouse is a very important part of any investment decision you’re about to make. This is something you want to recognize and it’s something you want to share with anybody who is helping you with your financial planning or investment management.
If you’re interested in learning more about why you need to pay attention to this read on.
Your spouse might understand your financial situation better than you.
If you’re like many families one member of the couple takes care of earning money the other manages spending money. And in many cases, the spouse in charge of spending the money is rarely consulted about where any investments are made.
Because of this, many times a spouse who spends the money is always worried about running out of money. That spouse doesn’t know where the money comes from, when it’s going to come and if it’s invested in a way that they can count on to pay household bills.
The spouse that earns the money or at least the majority of the money, knows where the money comes from but doesn’t know where the money goes. They might think they know where the money goes but because they’re not writing the checks they really don’t.
Being the main breadwinner doesn’t automatically make you a great investor.
Let’s talk to the main breadwinner for a minute. What makes you an expert at where the money should be invested and how the money should be invested? Wouldn’t it make sense if you included your spouse in this conversation? Wouldn’t it make even more sense for both of you to meet with your financial advisor so each of you get the full picture?
I know that you might think that because you earn most of the money you should make investment decisions. If you thought that, you’ll be doing your family a big disservice.
You need to share what’s going on.
Here’s what I want you to do. I want both of you to get together and teach each other where the money comes from and where the money goes. I want you to do this in detail. Once you’ve done this both of you will either gain or not gain confidence that your family is making wise financial decisions.
Many times comfort in the financial world comes from having knowledge. Sharing the information about where your money is spent, where your money is earned and where your money is invested can help both of you sleep better at night.
Make sure your advisor keeps your best interests in mind.
When you meet with your financial advisor and I hope you do have a financial advisor make sure this person knows what your goals are why your goals are what they are and what your hopes and dreams are. Make sure that both of you have a chance to talk during your meeting.
You want your financial advisor to be asking you great questions about what you want to do and why you want to do it. If your advisor isn’t asking those questions how can they possibly help you put together a plan that will make your life better?
Remember, it’s both of your futures, not just yours.
Here’s the key. I want both parts of a family to be comfortable with the financial decisions they make. This can only happen when both parts of the family are present when financial issues are talked about.
The belief system of one of you could be very different from the belief of the other spouse. Doesn’t it make sense that both of you are present in thinking and listening when it comes to your financial future?
Here’s a secret that might help. You want your spouse involved in all of the discussions you have with your advisor as well as the decisions you’ll make. When you do this, you’re doubling the brain power you have working on these very important issues.
Why don’t you click here, send me an email and let me know what you think? And remember it really is important for both of you to be involved.