How to Improve Your Wealth as a Couple
We all know that being in a relationship is hard work and involves good communication, flexibility and a willingness to grow and learn from each other.
One of the biggest challenges in a relationship comes down to money and wealth creation as a couple.
Over the years I have noticed for many there is a huge breakdown in communication for most couples in the area of money management and wealth creation. This can be due to one partner earning more money and wanting to control what they earn, bad beliefs around money or even a fear around money and the loss of it.
Here are some of the top tips when it comes to working together as a couple to create greater wealth creation.
1. Communication is essential
I know this seems really obvious yet most couples struggle to communicate effectively which leads to arguments, hiding things from each other and fear of upsetting one another. This will never work to get ahead financially nor will it help to build trust and security in a relationship. It is a must to learn how to communicate about each other’s goals for the future, fears, concerns and also to keep each other accountable to the forward growth of the relationship and finances.
2. Set goals individually and communicate about them together
It is important to set goals as an individual in all areas of life including finances then come together as a couple to communicate effectively between each other and work out how as a couple you can work together to help each other achieve the goals you want. This may involve multiple conversations on the topic as now 2 separate individuals come together to communicate what is important to them in life and also what will help fulfill them. It may even lead to a few disagreements but your ability to work together and help each other will determine your ability to help each other thrive in life.
3. Create a plan or strategy for wealth building and stick to it……..NO MATTER WHAT!
If you thought the first 2 were going to be hard then this is can be a little more challenging. You have to create a system for building wealth and stick to it. Over the years when I have taught the wealth principles that allowed myself and my fiancé to break free financially. Many often follow the system well at first, only to give up when times get hard. This is why most people struggle financially as they take the easy option when things get challenging and not stay committed to the commitments they have made as an individual or a couple to be financially abundant. This is usually a problem relating to the next area.
4. Work on your mind.
When I first started going to seminars, reading self-help books and learning about myself, most of my friends said it was stupid and dumb. Now they call me lucky.
Your mind is the greatest tool you have in wealth creation and also to creating an empowered and fulfilling life yet most don’t value their mind, nor do they prioritise the growth and expansion of it, hence why most people struggle not just financially but in life. Warren Buffett (one of the world’s richest people) stated he reads for at least 5 hours per day. Personally as a coach I have found that the vast majority of multi-millionaire clients I have had over the years dedicate time to learn from experts in their chosen fields either through seminars, workshops, coaches, mentors or just associating with people with expansive knowledge.
If you think about it, you spend your entire life living in your mind yet most people don’t think that if they improve their mind they can improve their results in life over time.
5. What you prioritise, grows.
It has been said that where mental focus goes energy flows and where energy flows, growth happens. This is true with wealth creation. It is essential that couples create a time each week to sit down, discuss finances, potential problems, goals and also to manage the flow of money. Over the last few years I book time in my diary every week on Tuesday night to sit with my partner who is the main money manager in the relationship as she is more detailed and methodical that I am, and we discuss the month coming, potential financial issues that may occur and we talk about our future goals and what we need to do to keep achieving them.
With the number one cause of divorce in Australia being noted as financial stress, problems or indifferences, making sure as a couple you work together, grow together and have clear communication is a high priority. Over time your partner will become your greatest asset in wealth creation as you will work as a team to both challenge and support each other in your financial endeavours.