We can look at several examples of power couples in the world today. According to Forbes, the top three power couples are Former President Barak and Michelle Obama, Bill and Melinda Gates and Jay-Z and Beyonce. Power couples are influential and successful in their own right. These couples typically speak the same money language, as well.
It is important that a couple speaks the same money language and shares common financial goals. Any house divided against itself will fall and won’t be considered a power couple, it would be more of a problem couple.
Here are some ways that a problem couple can become a power couple:
1. Have tough conversations – Financial conversations can be really difficult to have, but you must find a way to have these conversations, despite the argument or misunderstandings that might ensue. These conversations will help reconcile the financial ideas and goals of both spouses. A rule to abide by should be that it is okay to disagree.
2. Tell your story – Somehow, whether by talking, typing or writing, both of you should tell your financial story. This story should answer the following questions:
How do you see money?
Would you rather save, spend or invest? Which of these is the highest priority and the least?
What is your financial goal?
Where would you like to see the financial status of the family to be within the next 3-5 years?
How much money do you currently owe?
Where would you like to see the financial status of the family to be within the next 10-15 years?
3. Reconcile any issues – This may take some time, but once both of you expose your stories to one another, you should have another conversation to begin reconciling your goals so that you both can be on the same page. Again, this is a no judgement, agree to disagree zone!
4. Chart a course – Now that things have been reconciled and all the financial items are on the table, make a plan to reach your family’s financial goal. Be sure to check in every month with one another, holding one another accountable. If you need the assistance of a third-party, make sure you do that.
Follow this strategy and Forbes may add you to the couple list. But hey, even if you aren’t added to the list, at least you will be on your way to being an example of a power couple.
You can do it! Are you ready? Let’s go! Oh, and make sure you let us here at GTHU know how it is going!