Finance and Relationships.
Finances and relationships. Yep, we said it. This is a combo that brings a slew of feelings to the surface. And we’re not just talking about romantic relationships, but also your parents, children, roommates, employees and business partners. Sometimes we want to just avoid the topic all together because there seems to be too many landmines, but that only makes it worse.
This month, we are going to explore some of the spaces where our finances and relationships intersect and how to make them more organized and more transparent, less scary and less overwhelming. Here are just a few rabbit holes we will peak into:
Finances in romantic relationships: it can be such a hard conversation to have, but you need to have open communication about what will be separate and what will be joint, how to budget, how to make changes, how to plan for the future. Money can't buy love, but avoiding the topic may bankrupt your relationship.
Financial boundaries: Whether its an official document like a partnership agreement, prenup, rental agreement etc, or just a list of the hows, whats and whys of your financial choices, its important to have a framework. The more specific these tools are, the less relationship angst you will need to deal with because the rules and agreements should be clear.
Education Savings Accounts and Custodial Investment Accounts: not only can you plan for your own future, you can start to plan for your kids as well and teach them savvy financial habits and tools so they hit adulthood ahead of the curve.
Special needs trust or ABLE account for children and loved ones with intellectual or other life long disabilities. It's never too early to start planning.
Retirement planning and end of life care: you don’t want your kids to be stuck taking care of you, so you need to plan ahead. We’ll talk about tools and resources to help.
Wills and life insurance: No one likes to talk about it, but by getting these pieces in order, you are helping out surviving family members when they are dealing your loss. Nothing tears at the fabric of a family like death, and the more you can square away ahead of time, the more disagreements and arguments can be avoided.
Beneficiaries: Not only should you have beneficiaries and contingent beneficiaries on your various accounts, you should check in from time to time and make sure they are still relevant. Did you have children, get married or divorced, or other major life changes and forget to change those designations? How much would it cheese you to see your ex get your life insurance policy? Yeah...that's what we thought.
We hope you’ll join us this month as we explore some topics that make us all squirm but when managed well can be game changers for us as business owners and humans. What is the biggest financial challenge you face in your relationships?
It’s no secret that we enjoy a good cocktail (or two)…
Is there anything sexier than a martini? And with all the varieties, there’s definitely one for all tastes. Grab your favorite human and share this yummy pink version!
FRENCH MARTINI
2 oz Vodka (you can absolutely substitute gin, if that’s your jam)
1 1/2 oz pineapple juice
1/2 oz Chambord liqueur
garnish with a raspberry and a lime twist
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