You see we all have a relationship with money before we have a relationship with each other. It comes from our parents, and their parents and whatever situation we grew up in. It’s just part of
our fabric and we need to take the time to really understand our partner’s point of view. Some of us are savers, some are spenders. Some folks use retail therapy to feel better and others are
always fearful of being in debt. Most of it comes down to whether we are more worried about losing money or not making as much as we think we could.
To address this issue, I lead my clients through a structured discussion about their thoughts and feelings about money before we ever discuss investments. This gives them a safe place to discuss, debate and ultimately understand where each other is coming from. It also allows them both to have a voice in the decisions being made. Often one spouse is in charge of the money
and the other has little or no interest. While this may seem to result in less conflict, often the one carrying the burden feels too much stress. And, should something happen to the money spouse, the other is left in a very frightening position.
So it’s important to talk about this stuff. And make sure you are having this discussion together with your financial advisor. When I go through this process with my clients it allows them to be able to agree on a plan for their financial future together. And, as I always tell them, “trust me, you don’t want to end up as a client in the other category of my practice!”
Kathy started her career in financial services in 2008 and joined FMB Wealth Management in 2015. Prior to that she was a financial advisor with Merrill Lynch. Kathy strives to educate and empower clients so that they understand and feel in control of their financial future and the well-being of their loved ones. Kathy's process encompasses all aspects of wealth creation, preservation and transfer. She takes a holistic approach to wealth management and she serves as a personal navigator for clients, guiding them through the vast amounts of information and investment choices available to them so that they can focus on what is most relevant and valuable to them. Kathy’s specialty is Divorce Financial Planning and she is a member of several divorce related resource and support groups in the community.