Marriage and Your Inner Money Manager With Matt Bell

Matt Bell is the managing editor at Sound Mind Investing and the author of several books on personal finance, including Money & Marriage: A Complete Guide for Engaged and Newly Married Couples.

HOW DO INDIVIDUAL TEMPERAMENTS AFFECT MARRIED COUPLES' FINANCIAL MANAGEMENT?

Understanding each other's temperament helps couples manage money together effectively since temperament influences how individuals naturally react to financial situations, bringing inherent strengths and weaknesses to money management.

• Temperament shapes our financial behaviors and preferences, influenced by upbringing and personal experiences.
• Knowing and respecting each other's temperament can lead to better teamwork in financial decisions.
• It's crucial to recognize that while temperaments have their financial strengths, they also come with challenges that can be managed through awareness and cooperation.

WHAT ARE THE DIFFERENCES BETWEEN MEN AND WOMEN IN FINANCIAL PERSPECTIVES AND BEHAVIORS?
 

Research shows men and women often have different financial priorities, emotions related to money, interests in financial topics, negotiation tendencies, and risk levels in investing, which can lead to conflict in marriages.

• Men and women have distinct spending priorities, with men favoring electronics and women preferring travel.
• Men associate money with confidence, while women tend to associate it with anxiety and confusion.
• Differences extend to financial interests and behaviors, such as investing versus saving strategies and openness to negotiating salaries.

DO FINANCIAL OPPOSITES ATTRACT IN MARRIAGES ACCORDING TO RESEARCH?

Research indicates that individuals often choose mates with opposite financial habits, such as spendthrifts marrying tightwads, which can lead to conflict but also complements each partner's financial behavior.
 

• Initial attraction may lead to choosing partners with differing financial habits, despite logical preferences for similarity.
• This attraction of opposites in financial habits necessitates understanding and cooperation to manage the inherent conflicts.

HOW CAN COUPLES RECONCILE DIFFERENCES IN FINANCIAL TEMPERAMENTS AND HABITS?

Understanding and accepting each other's financial temperament is key, with communication playing a crucial role in reconciling differences and managing finances as a team.

• Discovering and appreciating each other's financial temperament fosters empathy, reduces frustration, and enhances teamwork.
• Recognizing the strengths and weaknesses associated with each temperament allows couples to assign financial roles and responsibilities that play to each partner's strengths.
• Continuous learning and adaptation to each other's temperaments can lead to more effective and harmonious financial management.

HOW DOES IDENTIFYING AND WORKING WITH EACH OTHER'S TEMPERAMENTS IMPROVE FINANCIAL MANAGEMENT IN MARRIAGE?

Identifying and understanding each other's temperaments can greatly improve how couples manage their finances by maximizing strengths and minimizing weaknesses inherent to each temperament.
 

• This process encourages empathy and understanding, reducing blame and frustration over financial differences.
• By leveraging each other's natural tendencies, couples can create a more balanced and effective approach to financial planning and decision-making.
• Continuous exploration and appreciation of each other's temperament foster a collaborative environment for managing finances as a cohesive unit.

ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:

• I'm retired and haven't made withdrawals from my 457 plan but am concerned about digital currency replacing the dollar. How can I protect my money?
• I want to save for a car for my grandson who will be driving in three years. Should I put the funds in a CD or a U.S. I Bond?
• My mother moved in with me, and we put my name on her accounts. As her primary caregiver, she intends for me to inherit her savings. Do we need to take any legal steps to ensure this?

RESOURCES MENTIONED:

• Bankrate.com for finding the best CD rates

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Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources.

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