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It is really uncomfortable talking about money with the people we love. But it’s important that we talk about this difficult topic. Like what happens if someone earns significantly more than the other person? What if you or your partner is extending financial support to family member/s? What do you do about debt?
In this special Valentine’s Day-themed episode, I chat with my friend Erin Lowry aka Broke Millennial about having these awkward financial conversations with the people we love.
Erin is a speaker and author of a three-part book Broke Millennial series. Her first book was named by MarketWatch as one of the best money books of 2017. She’s also been featured in The New York Times, Wall Street Journal and on CBS Sunday Morning, CNBC and The Rachael Ray Show.
Erin discusses when and how we should start a financial conversation (and get financially naked) with our significant other. She talks about how to handle income disparity and money conflicts in a relationship. She shares how she and her husband, with different money mindsets, achieved balanced financial and life goals.
If you are still dating, learn what financial red flags to look out for and why you need to talk about finances and/or debt before marriage. Find out why Erin and her husband got a prenup and why you should too!
What You Will Learn From This Episode
- When and how to get financially naked with your partner (money scripts)
- How to handle income disparity and money conflicts in your relationship
- How to set financial and life goals as a couple and make them work
- The financial red flags to look out for when you are dating
- Why you need to talk about finances and/or debt before marriage
- What you need to know about prenups and why you should get one
“You should try to find somebody who compliments you when it comes to emotional spending patterns and saving patterns with money.” – Erin Lowry
“You cannot control another human being. So maybe you’ll never leave but you cannot prevent your partner from leaving you. Now I’m not saying your partner is going to leave you… but it happens.” – Erin Lowry
“Things can happen and it is just important to at least voice that and acknowledge that because saying it doesn’t mean it’s going to manifest into happening and not saying it does not protect you either… You have to acknowledge that at certain points your love path might end” – Erin Lowry
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Timestamps
4:59 – When and how you should get financially naked with your partner
10:48 – How to handle income disparity in your relationship
18:28 – How Erin and her husband, with different money mindsets, met in the middle
21:40 – Financial red flags to watch out for when dating
24:13 – Having a conversation with your partner regarding extending financial support to family
25:49 – Erin’s advice on how to deal with money conflicts/fight in a relationship
34:15 – How does money impact relationships and what are perpetual problem/fights
37:35 – Why you need to talk about finances (like income-driven repayment) before marriage
40:01 – Why is there a stigma around prenup and why you should get one
48:26 – What Erin loved about her husband
Resources
- Broke Millennial by Erin Lowry
- Broke Millennial Takes on Investing by Erin Lowry
- Broke Millennial Talks Money: Scripts, Stories, and Advice to Navigate Awkward Financial Conversations by Erin Lowry
- How Your Attachment Style Affects Your Mental and Financial Health in a Relationship: An Interview with Ginger Dean of Loving Me After We
- Brad Klontz
Connect with Erin
Connect with Melanie
- mentalhealthandwealth.com
- melanielockert.com
- Contact: mentalhealthandwealthshow@gmail.com
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