April 18, 2022 — Money + Marriage: Wealth psychology expert Kathleen Burns Kingsbury shatters the myths
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In today's episode of Margaritas with Marguerita Cheng, CFP® Pro you'll learn how to Break Money Silence®
Kathleen Burns Kingsbury teaches us to: How to Shatter Money Taboos, Talk More Openly about Finances, and Live a Richer Life.
Monday Morning Magic, April 18, 2022: Research shows that money arguments are a leading cause of divorce, second only to infidelity. According to the Institute for Divorce Financial Analysts, high levels of debt and poor communication lead to stress and anxiety when it comes to finances. Nearly half of couples with $50,000 or more in debt say money is their top reason for arguing, and 2/3 of all marriages start in debt. Is it inevitable that so many marriages will end in divorce? No, insists author and wealth psychology expert Kathleen Burns Kingsbury.
We continue our celebration of Financial Literacy Month with tips from this wealth psychology expert, internationally published author, and speaker. In addition to being featured in this month’s issue of Inkandescent Women magazine, Kathleen starred in a recent podcast/video interview on Margaritas with Marguerita Cheng, CFP® Pro.
Here are a few of Kathleen’s top tips for couples:
- Love conquers all. We’re told that if you love someone, that conquers all. But you can love someone and handle finances differently. That’s not necessarily bad, but if you can’t work it through, that can cause conflict and split-ups. Mature love means learning how to negotiate, talk, and manage together.
- Love means sometimes having to say you’re sorry. Why is it that a couple can have the same fight over and over about what car to buy? Maybe it’s not the $30,000 price tag, but how they grew up — in one person’s family, a car was something important, and in the other, it wasn’t. When there’s a disagreement, an essential way to forgive and move on is to say, “I’m sorry.”
- Couples should always agree about money. First, that seldom happens. And there are some real benefits to having different perspectives about money. Perhaps one spouse is more of a saver and the other more a spender. If you respect those differences, you can draw on one another’s strengths and find a middle ground.
Click here to check out some of Kathleen’s books: How to Give Financial Advice to Couples and Breaking Money Silence®: How to Shatter Money Taboos, Talk More Openly about Finances, and Live a Richer Life. Learn more about how to Break Money Silence here.
We leave you with this powerful parting thought from Kathleen Burns Kingsbury: “Is it a myth that women need to be rescued financially? While many women have careers and do whatever it takes to get by, some still wait for their Prince Charming to save them. I’m not saying you shouldn’t trust your spouse, but you never know what will happen. Divorce or premature death can unexpectedly leave a woman in the driver’s seat. Statistics show that more women are now the breadwinners in their households. It will be interesting to see if there’s a change in women’s beliefs about money and the importance of taking control of their finances as they shoulder more of the income-generating burden.”
Until next Monday: May your week be packed with open communication and the joy of knowing you are in control of your financial future. — Hope Gibbs, Inkandescent™ Inc.
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