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Four Money Myths That Could be Hurting Relationships, PART 2
Welcome to the second installment of this two-part series. In Part 1, John Lohrenz, a wealth management expert near Rancho Santa Fe, explained the first two of five money myths that could be putting strain on your personal relationships. The first was that the partner who earns more should make all the financial decisions. The amount you earn does not reflect your wealth management savvy, nor does it mean you have good investment sense, so these kinds of decisions should reflect both partners equally.
The second myth discussed was that the fastidious saving of pennies would ensure good future finances. You have to invest in yourself and your partner in order for you to both realize your full potential. Don’t deny your spouse the ability to further their studies or to travel to a conference, for example, just because you don’t want to spend the money. If you can find a way to afford it today, you will benefit in the future.
Let’s look at two more potentially disastrous money myths for Rancho Santa Fe residents…
Money Myth # 3: Both partners should agree on everything.
Disagreements and even fights are part of any normal and healthy relationship. Just because you may disagree on a money matter, doesn’t mean there is some deep and irreparable difference between you and your spouse that will eventually lead to your demise. You aren’t dating yourself; you aren’t married to you. You’re with another, completely different human being and with that comes the need to embrace differences, whether it’s differences in life philosophy or differences in opinions on finances.
“Compromise is the operative word here,” says a Rancho Santa Fe wealth management expert. “He or she may be a big spender and you may prefer to save. Don’t try to stop him or her from splurging on the occasional treat. You can save AND enjoy the fruits of your labor. What’s important is that you don’t argue over the small conflicts; rather focus on finding a healthy compromise and solution to the bigger ones.”
Money Myth # 4: Finances are a relationship make or break.
“If this is your opinion on relationships, then the importance you place on money and finances supersedes the importance you place on love and compromise,” says the wealth manager in Rancho Santa Fe. “Sure, money probably will rear its head in your arguments at some stage, but by finding those compromises and by avoiding the mistakes so many couples have made before – those discussed in this blog and in our previous one – issues of finance don’t have to be the cause of a relationship downfall.”
Money is not more important than your relationship, so:
Don’t leave all the financial decision-making in the hands of one partner. Even if you are a stay-at-home mom or dad in Rancho Santa Fe, you should contribute to the conversations and planning that govern your present and future financial well being.
Don’t penny pinch your partner: rather invest in them and nurture their full (money-making) potential.
Don’t fight over differences in money habits: find compromises and, when necessary, agree to disagree.
You don’t want regret and resentment to come between you and your partner or spouse. Don’t leave wishes unfulfilled because resentment is far more expensive than smart spending.
If you want to get started on your journey today or would like individualized investment/financial advice from LPL financial advisor, John Lohrenz, please contact JKL Wealth Management at:
Phone: (858) 535-1705
Fax: (858) 535-1701
Alternatively, fill out the Contact Form and we’ll get back to you shortly.
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About Rancho Santa Fe, San Diego
Rancho Santa Fe – situated north of the larger San Diego metropolitan area – is only four miles inland from the Pacific Coastline. When looking at a world map, Rancho Santa Fe is located 117.21 degrees west of the prime meridian and is positioned 32.99 degrees north of the equator. The area sits 245 feet above sea level. With regards to population, 93.4% of Rancho Santa Fe residents are Caucasian, with over half of the population being made up of females. Over half of the residents here are also married. Architectural firm Requa and Jackson developed the master plan of Rancho Santa Fe, with employee Lilian Rice designing the village center and the many houses throughout the area.