Money can get personal. It’s intertwined with complex emotions, relationships, lifestyle decisions and mindsets. Therefore, it can be normal for many people to avoid asking vulnerable questions about money and talking about these potentially sensitive issues with each other. That’s why Modearn™ Advisors Patrice Bening and Stacey McKinnon are here to discuss money questions we’re too embarrassed to ask, and their answers, in a safe environment.
*Here are some key takeaways from their conversation:*
1:09 *How do I manage the dynamics of career and family?*
Work-life balance should be viewed as a synergy where both personal/family and work commitments coexist rather than fighting to be first. Sometimes, one will take priority over the other, and that’s okay.
3:50 *Am I wrong for not having a picture-perfect life or family?*
In this modern age of social media, there is more pressure than ever to be a flawless parent, spouse, and person. Patrice and Stacey highlight how “professionalizing” childhood for our kids or placing too much stress on ourselves to have these picturesque lives and relationships can be detrimental to our well-being.
7:58 *How do I get started with estate planning?*
Estate planning is a sensitive topic, particularly when choosing guardians for children, but it is crucial to address these decisions proactively to prevent the state from making them.
13:27 *How do I talk about life insurance with my spouse, especially if one of us doesn’t work?*
There are a lot of potentially uncomfortable conversations that could arise with your spouse when trying to place a number on your lives. It is important to value life insurance by how much your “team” would need should that person pass away, not just by the income someone brings in. A stay-at-home parent has many roles that would need to be accounted for.
18:10 *What should I do with my 401(k)?*
Stacey and Patrice discuss target date funds, the risks that come with them, and the decision paralysis many people face when considering how to invest their 401(k).
21:44 *I have debt. What do I do?*
Patrice encourages listeners who may have debt to pause, assess their spending strategy and set realistic expectations around what they can do to pay their debt off. Stacey says it can feel less overwhelming to pay debt off in smaller increments.
25:47 *How do I manage all these different aspects of my life? I feel like I’m not doing enough.*
It is critical to outline your priorities and values when maintaining a healthy and balanced life. For Stacey, she prioritizes her marriage, so when her marriage starts to become compromised by other obligations, she makes changes. “More” is only better to a certain extent.
27:18 This or That
Keep watching towards the end to catch our “This or That” segment where Stacey and Patrice ask these rapid fire questions to each other:
• Do you talk to your kids about your finances?
• Do you prefer having a joint account with your spouse or separate?
• Use debt now to make a purchase or are you going to defer, save, and buy later?
