One Simple Way to Help Your Finances in Times Like These

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You know how hard it is to talk about money. That’s why I want you to blame Your Survival Guy when you bring up the subject with your spouse.

If you’re looking to be a member of my Survive & Thrive club, click here.

That’s why I’m here, to help you both beat inertia and take care of your financial well-being.

One easy way to do this is to start by saying, this Survival Guy feels that simply discussing money will help get us to the retirement we deserve. Use me as the ice breaker: “He says…”

Grant Donnelly, assistant professor of marketing at Ohio State University in Columbus, Ohio, can back me up with research.

He’s quoted in the Wall Street Journal, telling readers:

Let’s Not Talk About Money

With the pandemic forcing millions of people world-wide into financial distress, a natural response may be to avoid conversations about money at all costs. However, our research suggests that discussing money with your partner in hard times can help your relationship and finances if you approach these discussions the right way.

First, set aside a regularly scheduled time to discuss financial matters. Planned conversations are more effective because both partners can prepare and anticipate the coming discussion, leading to exchanges that are calmer and more constructive. Further, planned conversations help couples see their financial challenges as a shared problem (e.g., “Our income decreased by 50% last month”) rather than an individual problem (e.g., “You lost your job last month”), and this shared perspective results in greater collaboration, and, ultimately, better financial recovery and less relationship conflict.

Action Line: Talk to your spouse about retirement today. It’s even more important in times like these.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.