Hello, I can relate to our youngest daughter Ansley when it comes to relating to our siblings. Amelia is 4 years and 4 months older than Ansley, and my sister is 4 years and 8 months older than me. I bet it’s hard being the only child for over four years. You get all the love and affection Mom and Dad have, right? We are beginning to witness the sibling dynamic unfolding when it comes to playing together, and whose toys are whose is becoming more apparent. Sometimes it’s painful to watch and we have to step in and be the arbiter of who gets what toys. We had our Christmas card pictures taken recently. Below are some of the pictures.

I just hope we don’t have to do what my parents ended up doing… Apparently, my sister and I didn’t like sitting near each other so our parents opted to get a minivan to separate us. That would be a travesty! A major source of contention for some married couples is lack of communication and differing viewpoints on finances. In fact, “financial problems” is cited 37% of the time when couples are divorcing, according to the National Library of Medicine. It’s not surprising. Most of us spend at least a third of our awake hours earning money most of our lives. Money is a big deal and how it’s deployed can be an even bigger deal.

It's not uncommon for one spouse to take the lead when it comes to financial matters for the household. Often this develops from what we are comfortable doing and if our spouse is more comfortable making financial decisions it’s often delegated to them. There’s nothing inherently wrong with this dynamic but it does come with three perils that we should be aware of. The obvious first peril is a lack of awareness about what’s going with our financial matters. Johanna Peetz, a professor of psychology, states, “You should discuss finances more in relationships, because then small things won’t escalate into bigger problems.” Her research also concluded that complaints about money in relationships often stem from one-sided decision-making. It may be helpful to make sure you’re on the same page with your spouse and you’re in agreement when it comes to financial decisions.

The second peril is, “What happens if your spouse passes away?” We’re aware that we’re not promised another day. If you’ve deferred and you’re in the dark it may make a dreadful situation more complex. If there is a spouse who is not up to date on what’s going on with household finances, it will be important for the financially savvy spouse to have a trusted advisor in their life who can step in and help the remaining spouse in the unfortunate situation of that person passing.   The third peril is not having input on designing your financial outcome. I don’t think I’ve always been a control freak but since I founded my company, I have become a person who requires things to be a certain way.

I admit that it may make my life more difficult, but I feel a strong commitment to fulfill the commitments we have made to our clients. The coolest part of taking the reins of a situation is getting to affect the outcome. When we are engaged in what’s happening with our finances, we create a situation where we can hopefully have more peace of mind. Our ability to create a better situation for ourselves and our families can’t be overstated. Knowledge is the first step in creation.   I know we trust our spouses to act in our best interest and most of the time this happens. However, as a financial planner, I find it’s normally best when both spouses are engaged in the financial planning process. We’ve always had the approach that we want to help people where they are—how they are. So, if one spouse shows up to a strategy session, we help them.   As the year is winding down, it can be an ideal time to start (if you haven't already) developing your financial goals and objectives for the years ahead and determine what you want to accomplish. Maybe it’s updating your estate planning documents, developing an exercise routine, or just making time to read every day. Whatever it is you want to do, it will go better if you write it down and develop a plan for getting it done. Want to talk more? Schedule a call here.   Until next week, David C. Treece, Financial Planner 864.641.7955

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Clients Excel, LLC is an independent financial services firm that utilizes a variety of investment and insurance products. Investment advisory services offered only by duly registered individuals through Creative One Wealth. Creative One Wealth and Clients Excel, LLC are not affiliated companies. Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified tax professional for guidance before making any purchasing decisions. Clients Excel, LLC is not affiliated with or endorsed by the U.S. Government or any governmental agency. Clients Excel, LLC has a strategic partnership with tax professionals and attorneys who can provide tax and/or legal advice. Published on 11.29.2023.