Financial Considerations in Relationships (and not just the romantic ones)
Money can be a complicated thing for many of us. Studies show that nearly a quarter of couples break up over money. But it’s not just romantic relationships that fall victim to financial stress. Your friendships and parent / child relationships can all thrive or suffer based on a few money decisions. As business owners, both money and relationships are constantly affected by our choices. This month we are going to talk about how to use this power for good. We will look at ways to set ourselves up both business-wise and personally to use our money well to take care of the people we love. We will also talk about how to bring those people along in our journey through conversations and planning.
Here are a few things we plan to cover:
Talking to your kids about money. This isn’t always an easy topic and many of us didn’t have good modeling for this. We will discuss how to do it well and help them start out with a good foundation of healthy attitudes and habits.
On that note, we’ll talk about bringing your kids into your business as employees. Many of us have family pitching in to make things run. In certain circumstances, it makes sense to put your kids on the payroll and even set up an IRA for them.
Setting up your own retirement. This is one thing that gets sidelined when we go from being a W2 employee in someone else’s business to running our own. When your cash flow levels, it's time to start saving again, but how much should you be putting aside?
Another place to save is a Health Savings Account or HSA. If you have a qualifying health care plan, which many of us using the marketplace, you could use this tool to pay for medical care and score some tax savings at the end of the year.
Do you offer a friends and family discount? We’ll talk about the pros and cons and how to set it up so resentment doesn’t creep into those transactions.
Join us this month as we explore some topics that can help you use the dynamic of love and money to make your world a happier and healthier place.
FAST FACTS ABOUT MONEY AND RELATIONSHIPS:
59% of Americans say love is a priority over money
37% say they would give up whatever amount of money it takes to guarantee them a great romantic relationship for the rest of their life
74% of Americans say that money gives them more stress than love.
31% of parents aren’t having any discussions about money management with their kids
Studies show that kids as young as 3 are able to grasp basic concepts about money
ATTENTION: S-Corp Status Business Owners
Are you an S-Corp? Don’t forget that your filing deadline is MARCH 15. That’s a short 30 days away! If you file for an extension, you will have until September 15.
