Apr 1, 2021
Dr. Patty Ann Tublin is an internationally acclaimed relationship, emotional intelligence and communication expert. She is that rare individual who seamlessly moves among corporations, entrepreneurs and individuals creating business and personal success through her consulting, coaching and professional speaking.
- Michael tells the story of his past business partner and his partner’s struggles with his relationship with his wife. The stress she created ultimately ended the partnership.
- Our conscious and unconscious attitude towards money is formed by the age of 12. It’s formed from the conversations and fights the adults in our lives have when we are in our youth.
- Fighting about money has nothing to do with whether or not you have money and has everything to do with what the money represents to you.
- Chances are Michael’s business partner’s wife was raised in a saver household and had a scarcity mindset around money.
- Depending on how we are raised, we either imitate the path our parents showed us or do the complete opposite. We have a relationship with money just as much as we have a relationship with people and they are both heavily influenced by your environment when growing up.
- People don’t do a financial audit of their attitudes towards money before they get married, and that can come back to haunt them. As a couple, you need to identify your investing goals and what money represents to each of you.
- Money is a way to buy stress out of our lives and give us choices that would otherwise not be open to us. Many people deny the role that money plays in our lives.
- Your money mindset comes into play whenever you make a purchase so it’s definitely a conversation you need to have with your significant other.
- When it comes to investing, if you don’t invest today to make your future better then you will have to be satisfied with what you end up with.
- There is no reward without some element of risk, but if you find you or your spouse resistant to the idea of investing in something, you need to address the mindset of why it feels too risky.
- If you don’t understand your risk tolerance you won’t be able to make timely decisions.
- Differing risk tolerance is the most common money stressor between married couples. The fear of losing money has to be addressed, acknowledged, and respected. Chances are that fear is from experience.
- There is a lot of power and control attached to money as well that people should keep in mind. A risk-averse partner might be trying to wield their power over the other, more dominant, partner.
- One of the most difficult conversations anyone can have is asking for a raise, despite the fact that the amount of money involved is rarely life-changing. Money is fraught with emotion for most people.
- When someone in a relationship does show resistance to spending money, ask them their concerns and then dig deeper to the real issue. Listen to what’s not being said.
- If you really want to learn about someone, either live with them or lend them money. The way people pay their bills tells you a lot about them.
- A couple that is on the same page about money can grow their business faster and with less stress. It may take some coaching or therapy to get there but it’s worth it.
- As an entrepreneur, you have to understand your relationship with money. How much money will you have to put in your business? What about the money you will have to spend on your personal development? If you don’t figure out your relationship with money before you start your business, there will come a time later when you’ll be forced to.
- Both partners don’t have to be fully involved in the investments, but there has to be trust and transparency, and clarity on the goals.
- In marriages where the husband handles the money entirely, it’s often because of the wife’s money mindset. In order to best take care of their significant other, they need to have access to that information. They need to understand where their financial security is going to come from.
- Every man on the planet has had a woman in their life who has suffered because of their lack of knowledge about money and financial investment.
- Money is part of the love story. Many people start with nothing and the nest egg is something they build together, so both parties need to be involved and understand what’s happening.
- Seek professional help and let your money work as hard for you as you do for your money.
Mentioned in this episode:
Michael Rozbruch's Tax & Business Solutions Academy - rozstrategies.com