How to Hold a Crucial Conversation About Money

As a rule, people are masters at avoiding conversations about tough issues. And I think we can all agree that conversations about your financial strategy are some of the toughest and most crucial you’ll have. After you’ve done plenty of careful research, how can you and your significant other get your ideas for growing wealth, managing large purchases, and preparing for retirement out in the open? How can you come together on a strategy?

Let’s take the principles offered in the book Crucial Conversations by Patterson, Grenny McMillian, and Switzler and apply them to crucial financial conversations that shape your life.  You’ll be able to deal with financial fears, doubts, and worries and come up with the smartest strategy together.

How Do You Know the Conversation is Crucial?

Three main characteristics flag a conversation as crucial:

Opinions differ. As you and your partner do diligent and careful research about the truth about 401(k) accounts versus the advantages of what we call The Perpetual Wealth Strategy, you’ll find opinions differ between various financial providers, your neighbors, and the internet. Make sure your resources are credible. Paradigm Life recommends that you find a knowledgeable coach who can explain the logic behind the recommendation (we offer that for you).

Stakes are high

Growing wealth, keeping it liquid, and preparing for retirement hit on the most basic human needs. Stakes don’t get much higher than that. It could absolutely mean the difference between a comfortable life for your family and constantly feeling strapped.

Emotions run strong

Any time the results of a conversation or decision can have a huge impact on your quality of life, emotions are high. It’s important to acknowledge that they will likely come into play in a financial conversation—especially if opinions differ greatly.

How Do You Handle The Conversation?

Let’s say you’ve done your research and decided it’s time to have a serious conversation with your significant other about your financial strategy. Knowing that your partner is very sold on that 401(k) idea, how will you approach the conversation?

Hold a dialogue, not a monologue

We all enter conversations with our own opinions, theories, and feelings. When you do hold the crucial conversation, it’s important not only to respect that opinions differ, but to create a situation where both people feel safe expressing their opinions.

See all sides of the coin

As you listen and try to understand your partner before trying to be understood, all ideas will find their way into the open. You’ll create what is called a Pool of Shared Meaning. The larger the shared pool, the more likely you are to make smart decisions and have the buy-in of both people. And don’t forget to examine the third side of the coin—the edge. A third angle or combined point of view may be the best solution.

Stay focused on what you really want

Knowing your end goal will keep you on topic and within reasonable guardrails of conversation. When a conversation isn’t going our way, most of us are quick to blame others. Reminding yourselves of your common goal can get you out of this rut. You’ll see that many roads may lead to the same place, and together you can find the quickest and safest route.

Turn dialogue into action

Because research and dialogue are not necessarily decision making, you’ll need to put a stake in the ground somewhere and then work toward getting it done. Once you reach consensus, make assignments for who will do what to move you toward your goal. Remember, there is no “we” when it comes to tasks. If “we” are going to make a phone call, that’s a recipe for procrastination. Be sure a specific person commits to each agreed task and deadline.

To get you started, we suggest you start researching Paradigm Life’s Perpetual Wealth Strategy. We always recommend you build your wealth outside of Wall Street and a 401(k), because we want you to see the stock market for what it is—a gamble. We’ll help you learn all you can about a strategy that has a proven history of dividends and has been used successfully by corporations, banks, and the wealthy for over a hundred years.  This strategy allows you to grow wealth, borrow from your cash value, and repay yourself; essentially becoming your own bank. The wealth strategy we recommend allows you to build wealth and still have access to cash—with certainty, liquidity, and control using permanent life insurance as the investment vehicle. It’s easier than you think.

Unfortunately, most financial education out there is just people yelling facts—and whoever yells the loudest wins. You need financial education given by walking through the thought process that goes into a strategy and coaches that help you analyze the information. Allow us to provide you with that ongoing coaching for your crucial financial strategy conversations. The first step to take 2 minutes to sign up for a FREE, extensive eCourse called Infinite 101®. You’ll receive access to video tutorials, articles, and podcasts. It literally costs you nothing to become educated on this ideal financial strategy and start changing your wealth paradigm!

Take advantage of this FREE resource by clicking below.