Marriage and Money: Navigation financial conflicts
Phillip continues his four-part series on marriage and money in this episode. The focus is on navigating financial conflicts in marriage. He emphasizes the importance of having a good system in place to eliminate conflicts, but acknowledges that conflicts may still arise. Phillip advises approaching conflicts with a clear and calm mindset, recognizing that both partners ultimately want financial security and freedom. He also discusses the balance between spending and saving habits in a relationship and the importance of open communication and discussing money in a stress-free environment.
Introduction to the podcast episode
Importance of having a good system to eliminate conflicts
The essence of financial goals in marriage
Balancing different spending habits in a relationship
Respecting each other's gifts and finding harmony
Setting boundaries and choosing the right time to discuss money
The importance of clarity and relaxation in resolving conflicts
The impact of stress on financial decisions during divorce
"We both want the same thing emotionally. We're conflicting because there's a mistranslation of what we're trying to say or what we're trying to do or what we're trying to communicate."
"If you're calm internally and you're in a good emotional state, somebody else cannot be in a combative state with you if you remain calm."
"It creates problems when the spender judges the saver or the saver judges the spender."
"Don't talk about money when either person is stressed about it."
"Make sure that when you talk about finances, you do it in a safe space, a space of no judgment, of relaxation, of no stress."
"So much money gets wasted in divorce that can go to kids and the well being of both sides from stress and negative emotions."
"When you're overstressed, you make terrible financial decisions."
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
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