Chris Felton is an experienced retirement strategist and best-selling author and speaker, who educates couples on their relationship with finances and each other. He's also co-written a book with his wife Marlow, titled Couples Money – What Every Couple Should Know About Money and Relationships. On this episode of CFO at Home, Chris and Vince discuss the struggles that Chris and Marlow had to overcome while blending their finances, the importance of understanding money personalities, the need to balance financial sacrifice with fun, and more.
Key Takeaways
- Money Personalities - Be aware of the role that both you and your partner play
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- The Controller - Has a need to be right and to control money, spending. Good at creating a financial vision for the family
- The Promoter - Has an inherent need to have fun
- The Supporter - Needs to be loved. Uses money relationally (family, community, etc.)
- The Analyst - Good with the details, but fearful of making mistakes. Creating a financial vision is not a strength
- Money Mentalities
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- Middle Class mentality - Addicted to comfort. Comfortable in being deluded about the state of their finances
- World Class mentality - Operating from a view of Objective Reality; viewing your financial situation objectively. Getting past denial and resentment is essential to getting "unstuck" financially and moving on to taking action
- Projection and Resistance
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- You cannot have a negative thought about someone else without seeing the same tendency in yourself
- Resist the temptation to be resentful of others when they to well financially
- If you create negative thoughts about your partner, you must find a way to stop. Harboring bad thoughts toward your partner is the quickest way to drive money away.
- Create rewards to balance off financial sacrifices
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- Allocate separate "Fun" money in your budget
- Important to have have a "designed outlet" for the natural tendency to want to enjoy the things that money can buy
Ways to contact/follow:
Contact the Host - vince@thecfoathome.com
