{"id":11675,"date":"2023-05-21T08:41:03","date_gmt":"2023-05-21T12:41:03","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/3-crucial-steps-to-take-before-tying-the-knot\/"},"modified":"2023-05-21T08:41:04","modified_gmt":"2023-05-21T12:41:04","slug":"3-crucial-steps-to-take-before-tying-the-knot","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=11675","title":{"rendered":"3 Crucial Steps To Take Before Tying The Knot"},"content":{"rendered":"<div>\n<p>Here are three tips on how to approach early money conversations with a future partner, based on my own marriage and the experience of coaching many women toward financial independence, pre-marriage and post-divorce.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Initiate Money Conversations Early, Even If They\u2019re Uncomfortable<\/h2>\n<p>You don\u2019t have to get into the deepest level of detail on the first date, but when it gets serious enough that you\u2019re considering a long-term future, you can make it less awkward by prefacing your questions with statements that don\u2019t feel judgmental.<\/p>\n<p>Here are some questions you can use to open up the conversation with a more positive spin:<\/p>\n<ul>\n<li>Are you saving up for anything special? Why is that important to you?<\/li>\n<li>What\u2019s your favorite thing to spend money on? What don\u2019t you like to spend money on?<\/li>\n<li>What did your family teach you about money?<\/li>\n<li>Do you invest? Why do you like investing in that?<\/li>\n<li>I sometimes worry about money. Is there anything in your money that worries you?<\/li>\n<li>Debt can be really hard to deal with. What do you think about debt?<\/li>\n<\/ul>\n<p>A survey of U.S. couples explored their relationship with finances and found that 32% of Americans keep a financial secret from their partner. A surprising 50% do not plan to ever share this financial secret.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<p>I\u2019ve never met someone who didn\u2019t carry around some sort of shame or guilt around money and was completely comfortable talking about the topic, including my husband when we first started dating.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Know Your Own Numbers and Financial Independence Goals To Communicate Them With Confidence<\/h2>\n<p>I specifically work with female students in my financial education coaching to build confidence because they\u2019re often afraid they sound like they are bragging.<\/p>\n<p>According to Pew Research, 29% of marriages today have both spouses earning about the same amount and 16% have a breadwinner wife. Yet I still see a lot of women leaving financial decision-making to the husbands, and I rarely meet a new student who has their own financial numbers down cold.<\/p>\n<p>Before you expect a potential partner to share the ins and outs of their finances with you, it\u2019s in both your best interests to be clear about what yours look like by calculating your total net worth, keeping it in a secure location, and making regular updates.<\/p>\n<p>With these numbers readily available, both you and your partner can have more direct and fact-based money conversations about each of your unique situations and mix of accounts.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Budget Together, Even If You Don\u2019t Share Expenses<\/h2>\n<p>When I first started as a financial coach, I squarely believed married couples should combine finances, no matter what. But as I\u2019ve worked with more diverse couples over the years, that might not make sense for credible reasons including past trauma, significant asset differences, or learning to rebuild trust after it\u2019s been broken.<\/p>\n<p>I coached a couple who has been together close to 20 years, and because the wife was raised by a single mom, she was used to keeping her own finances. Instead of forcing them to combine all their accounts, we focused on areas of their separate budgets where they could share solutions or make decisions together, like an upcoming vacation or gifts for the holidays.<\/p>\n<p>That couple has since paid off all their credit card debt, a car, and almost $20,000 in student loans without having one budget together.<\/p>\n<p>Even if you are doing two separate budgets, sitting down together regularly as accountability partners can provide transparency not just on how much your partner\u2019s income is, but how much your significant other spends. It also creates a recurring dialogue about priorities and stresses, and to sharing solutions with one another on how to fix them.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Don\u2019t Ignore Gender And Racial Wealth Gaps<\/h2>\n<p>It\u2019s important for both partners to also acknowledge that while women have made great strides in their finances, there is still a big gap when it comes to both pay and total wealth. I\u2019ve personally witnessed women of color, me included, feeling ashamed for not making as much or owning as much as our partners. In truth, there\u2019s still a long way to go to have an even financial playing field.<\/p>\n<p>According to Harvard Business Review, \u201cIn the United States, women who work year-round earn somewhere near 82 cents for every dollar earned by men \u2014 but they only own about 32 cents for every dollar of wealth owned by their male counterparts. Both of these gaps are far more acute for black and Latina women.\u201d<\/p>\n<p>Acknowledge that it might be difficult for both of you to open up about money at first, especially with other factors that you cannot control like inflation, recession and volatility causing money stress.<\/p>\n<p>I strongly recommend sharing your money story, and asking your partner to share details with you early and often. This will help create a relationship in which you can share financial decisions in the long term.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/bernadettejoy\/2023\/05\/21\/these-3-financial-steps-are-crucial-before-getting-married\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Here are three tips on how to approach early money conversations with a future partner, based on my own marriage and the experience of coaching many women toward financial independence, pre-marriage and post-divorce. Initiate Money Conversations Early, Even If They\u2019re Uncomfortable You don\u2019t have to get into the deepest level of detail on the first [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11676,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-11675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>3 Crucial Steps To Take Before Tying The Knot | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Here are three tips on how to approach early money conversations with a future partner, based on my own marriage and the experience of coaching many women\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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