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My SO works in the healthcare field and does not grasp anything beyond Dave Ramsey’s “put money away” — so whenever I discuss interest, funds, etc... they are confused and get angry. How do you handle this?
that’s hot. works for me, will see if it works for her
You equate having a “business career” with knowing about finances, and not having one means you’re in the dark?
I’m implying that having a career in a financially focused area - which the focus of all business is the improvement of finances / managing finances - makes it easier to understand the concept of saving via investing outright as opposed to a non-financially focused area.
Many people - regardless of industry - are clueless when it comes to their finances, and are always in “save” mode. Knowledge, education, and patience is best, especially when it’s in terms of succession planning (I.e. God forbid something happens to you, how does the other spouse take over? Have an action plan.) It’s a learning curve, but necessary. The more general knowledge they have, the more confident they are at making financial decisions.
@OP - yes, but that was still YOUR plan. You didn’t create it WITH your spouse (even though you had them in mind). You don’t have to reinvent the wheel, but including your spouse in the step by step planning and making her feel like she is also a part of the decision making makes a world of difference. Your plan may be great, but present it in small steps. For example, how much are you both contributing to respective 401ks or retirement plans? How much do you want to increase that by every year? The following week / month: how much are you setting aside in savings out of each of your paychecks (or only one paycheck)? Do you need to make any changes? Will this support your lifestyle in case of an emergency?
So on and so forth. Finances can be overwhelming and put many people in a place of inaction. Succession planning is probably the biggest reason to get her to get involved, but in small steps. Just my two cents. 😊
Follow up question: how do you have the discussion when their decision making it quite emotional? My SO is very savings-conscious and we are very much aligned in terms of day to day living. But when it comes to how we invest our savings, he would have it all in gold bullion under our bed if he could. I’m keen to use an ETF but it freaks him out...anyone else dealt with this?
i agree with pdubs2 — education and ranges of acceptability
My wife and I divide tasks. I do the investing, she does the bill paying. This requires trust. Initially our budget (which she created) put investments in the "expenses" category.
We started with more than I wanted in savings until she saw the investment reports for almost a year.