E19 - How to Have the “Money Conversation” with Adam Kol

Today on The Wealth Secrets Podcast, Sean Adams talks to Adam Kol, a couples financial coach with over a decade of experience as a certified mediator, communication coach, and financial advisor. Adam helps couples make sure the money conversation doesn't get in the way, leading to more financial security, clarity, and peace of mind. They discuss financial disparity in relationships, having the money conversation with your partner, and emotional attachment to finances.

[02:30] Getting to know Adam Kol

[06:04] How to Start a Conversation About Finances

[09:42] Defining your Money Relationship Story

[16:50] How to Have the Money Conversation with your Partner

[21:56] Spenders Versus Savers in Relationships

[26:09] Building Financial Equality in a Relationship

[29:20] Tackling Financial Disparity in Relationships

[38:50] Why your Need to Respect Your Partner's Financial Opinions

How to Have the Money Conversation with Your Partner

Most couples never know the appropriate time to start talking about finances. But, when your partner's finances become intertwined with yours, then it's time. Whether you're moving in together, getting married, or getting serious about the relationship, there will come a time when you will need to have the money talk.

Spenders Versus Savers in Relationships

When you go out on a first date with someone, things like their credit scores or how much debt they have often never cross your mind. You probably want to know a little about their personality, their likes, and pay attention to how they treat you. However, when things get a little serious, their financial situation starts getting the much-needed attention. So, what happens when you find out that your partner is a spender and you are a saver, or worse, they are deep in debt? First, statistics have proven time and time again that money can dent any relationship; thus, it would be best to talk about finances as early as possible. Second, opposites tend to attract, and you're likely to marry a spender if you're a saver. The good news is that spenders and savers can coexist quite happily by complementing each other to create a balance in their financial management.

Links and References

Adam’s Website

Adam’s LinkedIn

Adam’s Instagram

The Couple’s Financial Coach Podcast

Take a Quiz on Couples Money Personality Types

Connect With Sean:

Facebook: https://www.facebook.com/profile.php?id=100060279543976

LinkedIn: https://www.linkedin.com/in/leveraged-life/

Instagram: https://www.instagram.com/sean_adams103/

Youtube: https://www.youtube.com/channel/UC0i91Q-fFy70LkaFxvfnGpg

For more videos and resources, visit leveraged-life.com. Do you have questions and feedback? Get in touch with Sean Adams through his email: sean@leveraged-life.com.

All shared information from the Wealth Secrets Podcast should not be taken as legal or financial advice. Please consult with a professional before making any decisions.

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