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Successful financial partnerships include more than mere money sharing – they need equality in financial knowledge and decision -making.
“What I strive for is creating justice and equality within households when it comes to finance and money,” said Doug Boneparth, president and founder of Bone Fide Wealth, in a recent episode of retirement decoding (see video above or listen down). “What we try here is that everyone knows at the very least where your assets are, knowing what income is achieved, having the idea of what the household costs are, both have access to accounts.”
Boneparth and his wife are in the writing process “Money together”, A book that will help couples to have meaningful and productive financial conversations.
Instead of just offering advice on joint accounts, they aim to help couples move in five key fields of financial partnership: financial upbringing, past money, responsibility for care, power dynamics and risk tolerance.
Ultimately, healthier conversations about money lead to stronger relationships, happier families and better outcomes for anyone involved, Boneparth said.
“Money is one of these games; He never ends, “he said.” You play him all his life and he is constantly changing and he is constantly evolving, right? That’s ticklish. “
In Podcasta, Boneparth emphasized that although it is okay for one partner to manage daily finances, both partners must be actively involved in order to achieve financial equality in a relationship. This includes knowledge of the location of all accounts, a joint access to financial applications and accounts, implementing regular applications for reviewing net values and goals and understanding quantitative and qualitative aspects of money management.
“There is no correct or wrong way to divide work,” he said. “But that would be completely unacceptable for [my wife] Not to know where the bills are, where they are, how to approach them, what our net value looks like, what consumption looks like. “
Boneparth said that he and his wife sat down to cross finances on a three -month basis.
“We go through a net value, we look at how we are going, and we actually have a real conversation about what’s going on behind these numbers,” he said. “The numbers just tell you so much. What do you say about what our goals are? What have we been doing well this year? Feel free to spend?”
