369. Marriage & Money: A Conversation with Megan Gorman
Nov 21, 2024
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Megan Gorman, a tax attorney and wealth expert, discusses the critical intersection of marriage and finances. She shares insights on maintaining financial independence while navigating marital partnerships. Megan emphasizes the importance of having open financial discussions with partners and creating monthly money rituals. She addresses common pitfalls where women may lose their financial power and provides strategies to reclaim it. Listeners are encouraged to view marriage as a collaborative effort, fostering equal financial participation.
Women must actively engage in financial discussions within relationships to protect their financial independence and confidence.
Establishing monthly financial rituals with partners enhances collaboration and ensures equal participation in financial planning.
Deep dives
The Importance of Financial Independence for Women
Women’s financial independence is crucial, especially in relationships where traditional roles may diminish their confidence. The podcast emphasizes that many women, even those who are successful in their careers, often perceive themselves as lacking financial acumen, although they are innately capable of managing money. By encouraging women to acknowledge their skills and capabilities, the discussion highlights the need for them to take an active role in financial decisions. This empowerment is essential for ensuring that women feel confident in discussing finances with their partners and can maintain control over their financial futures.
Marriage as an Economic Institution
The evolution of marriage as an economic institution is explored, particularly how this affects women today. Historically, marriage was primarily an economic merger rather than a romantic union, which set more practical expectations for partners. As societal norms shift, both partners now often juggle romantic ideals alongside financial realities, creating potential conflicts that need addressing. The podcast stresses the importance of communicating financial values and expectations within a marriage, allowing both partners to be equal participants in financial planning.
Creating a Financial Partnership
Establishing a strong financial partnership in a relationship is vital, and regular financial discussions can enhance this dynamic. The podcast suggests setting rituals, such as monthly meetings to review finances and work towards shared goals, can foster openness and collaboration. Engaging in these discussions not only helps with budgeting and investments but also strengthens the bond between partners as they navigate their financial journeys together. Furthermore, embracing a mutual understanding of finances can help prevent one partner from feeling financially inferior, ensuring that both individuals remain equally involved and valued.
Who you choose to tie the knot with is one of the biggest financial decisions you'll ever make. Even though marriage has evolved a lot over time, it is still an economic institution that women regularly lose their financial independence to. So, whether you're single or partnered, how can you prevent this from happening?
To answer this question, I'm joined by tax attorney, wealth expert, and author of her new book, "All the Presidents' Money", Megan Gorman. Megan shares how to have those important money conversations with your partner early on and her advice for creating a monthly money ritual with your significant other to stay on the same page. She also explains why women often give away our financial power in relationships - and how we can take it back.