FM 021: Money and Relationships with Farnoosh Torabi
Your spouse can make or break you financially. That's no surprise, given how money is one of the leading causes of divorce. But there is much more to the relationship and money question than just divorce or marital bliss. Unless you plan on being single forever, this is an issue that should concern you. It's important to know how to talk about money with your spouse, and it's equally important to be on the same financial page. Just think about all the important financial goals you share with your spouse and how they affect the outcome of your lives together: * Will you retire early by building a lifestyle focused on saving and delayed gratification? * What house will you buy and how much of your income will you dedicate to a mortgage? * Is your car for self-image, or is it just transportation? * Do you like to camp on vacation or stay in 5 star hotels? * Would you prefer to spend that money on an investment property so you can retire faster? All of these decisions have long-term financial implications, and they're much easier to accomplish when you and your spouse are working together as a team. In addition, there is much more to this than just financial goals. Gone are the days where men are the sole breadwinners in society. Women are climbing the ranks, and that means learning how to overcome the traditional gender roles society has imposed on us for so long. This can cause marital stress if it isn't handled properly. That's why I asked Farnoosh Torabi on as a guest for this episode of the Financial Mentor Podcast. Being a female breadwinner, and the author of When She Makes More: The Truth About Navigating Love and Life for a New Generation of Women, Farnoosh is able to share many valuable insights gained from her personal life and research from the book. Listen in as we address the complex financial issues couples face today, and get her best tips and solutions to ensure your relationship is a happy and thriving one. In this episode you'll discover: * How to talk about money with your significant other in a constructive way. * The importance of understanding your own money story, as well as your spouse's. * Why you need to be open and transparent about your financial habits. * How to foster a supportive dynamic in your relationship, regardless of who has the bigger salary. * How women and men can embrace female breadwinners in the family. * The critical importance of making your financial values conscious. * What to do when you're in relationship with your financial opposite. * Why it's actually not a bad thing to have differing financial viewpoints in a relationship. * Why you might want to think about bringing in a third party to mediate financial discussions. * The surprising research showing how women are becoming more successful than men. * How you can overcome the unconscious gender biases of our society. * How you can make sure you're on the same financial page as your spouse. * Why disagreements about money aren't always about dollars and cents – money issues go deeper than that. * Different techniques for how couples with disparate incomes ...