Before the recession: How to talk about money with your partner

As a couple, it can be very difficult to create a healthy relationship when it comes to money.
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According to one, the money stops in the United States A study of Ramsey solutions from 2018 – second only to infidelity as a reason for divorce.

That’s because couples often fail to talk about it, says American entrepreneur and author Ramit Sethi.

He shares three tips to help couples have a healthy discussion about their finances before the recession.

Money is one of the most important things in life. But it can also be uncomfortable to talk about it openly. As the recession becomes more likely, your personal finances can drain into your relationships. One Study financial consulting company “Ramsey Solutions” in 2018 found that money is the second leading cause of divorce after infidelity.

Ramit Sethi is an American entrepreneur, author, and host of couples struggling with money on his podcast, I Will Teach You How To Be Rich. Many of his interviewees have the same problem: they can’t talk to each other or manage money.

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“Couples Don’t Talk About Money”

“Couples don’t talk about money, especially in the beginning,” Sethi told Business Insider. “Most people don’t talk about money until they have to.” So the relationship between people and money is very strained. It is almost always reactive. They wait for something bad to happen and then argue about it. And then they put it off until next time.

Sethi says people often bring their own financial baggage into relationships. “The real issue is that each of us comes into relationships with different attitudes about money: how we were raised about money, how much money we make, and how we think our relationships should work,” explains Sethi.

It can be difficult to maintain a financial relationship as a couple if you haven’t worked on yourself first. “Because none of us really learn how money works, it’s like one plus one equals 1,000, and that’s the reason for so many discrepancies,” Sethi adds.

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Imagine your “rich life” together

Sethi asks couples to “imagine your own rich life,” whether it’s traveling together, buying expensive things, or just feeling financially secure. When a couple wants to change their relationship with money, Seith told Business Insider, it’s important that they create a shared financial vision.

Sethi says he then forces couples to look at the numbers and better understand their finances. He’s seen couples with millions in savings argue over $20 in spending and takeout, he says. “Most people equate their bank balance with their financial health. It’s a very basic way of looking at money.”

Taking a comprehensive look at your collective and individual assets is a productive way to align your financial goals and gain a better understanding of money. Once you have a shared vision and a deeper understanding of your finances as a couple, Sethi recommends creating a financial strategy together.

He also suggests asking yourself important questions about how to manage your finances in the future: “How do you talk about money?” What proactive meetings do you want to have? And when will you book a trip to Italy?

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Sethi doesn’t think his advice always works — about ten percent of the couples he features on his podcast don’t respond to his checks, which he believes is…

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