How to Become More Financially Aligned: 10 Key Questions to Discuss With Your Partner
Updated: Nov 18, 2019
Ken Okoroafor from The Humble Penny recently joined us on the podcast to talk money, money, money (what? You haven’t heard it yet? Okay, keep this tab open but go and listen to the podcast now and then come back to this article!).
In this episode we talk about different ways to save for your children, build generational wealth and achieving financial independence. And as Christmas approaches, Ken also gives us some tips on how to avoid the common pitfalls of Christmas overindulgence and overspend. Ken and his wife, Mary, are truly an inspirational couple, who have shown how it’s possible to live life on your own (financial) terms. So, whether it is paying off their mortgage in 7 years or creating multiple streams of income, one thing is clear: The Humble Penny couple live life intentionally.
On the podcast Ken advises couples to have open discussions about their 'money philosophies' and financial goals, so we at Shades of Black have highlighted ten key questions that you can discuss with your partner to get more financially aligned.
1. What is your current net worth?
This is the sum of your assets minus the sum of your liabilities. Liabilities include all debts, e.g. credit cards, loans, car credit. Assets include savings, investments, property.
2. Have you ever had a CCJ, IVA or bankruptcy?
If so, how did that happen and how has your attitude towards money changed?
3. How do you feel about assets that typically depreciate, e.g. cars, technology?
Do you need to purchase or lease the latest gadgets and cars, or are you happy with whatever is functional?
4. What did you learn from your parents about financial management?
5. When do you want to retire and how do you plan to make it happen?
6. What are your plans to further your career?
Do you plan on going back to school for further study, and if so what will that cost? Will you need to travel or relocate?
7. How do you think money finances should be handled in a couple?
Do you believe in one pot for all income and expenditure, or parallel pots of money (i.e. your money is yours, and my money is mine)?
8. What regular expenditures are a must for you and you just cannot give up?
E.g. luxurious holiday once a year, a daily coffee from Starbucks, quality hair extensions.
9. How do you feel about helping family and friends financially?
Do you have any financial commitments in Africa/Caribbean? Are you supporting any family members financially?
10. How many children do you want and when do you want to have them?
What are you prepared to do to not have any more children than you’ve planned? What would you do if you can’t have your desired number of children?
So there are our top ten questions, but obviously there is so much more that can be discussed. What do you think? Do you have any other questions you’d add to the list? Are there any from the list you find difficult or have you discussed them all already? Let us know!