Today’s “Client of the Month Award” goes to Mrs. S. because of how she stepped out of her comfort zone and decided to understand her investments.
Who handles the money?
For convenience, many couples select one partner to handle the investment decisions. It’s OK to do that if that person has more expertise or enjoys dealing with the family’s finances. However, it’s NOT OK if that person feels burdened, or if the other one feels incapable, and therefore, doesn’t participate in the family’s financial planning.
The letter I received
I’ve written many times about husbands who manage their family’s finances during their lifetimes only to leave their financially inexperienced wives in a bind when they became widows. Though it can go both ways, in my almost 30 years helping people with their investments, it’s mostly men managing their family’s finances. Even though I strongly advise sharing the big-picture decisions with their wives, often husbands demur. You can imagine how thrilled I was, therefore, when Mrs. S. wrote:
Dear Doug,
The past corona year has occasioned much reflection, including on my need to be more involved in our finances. My husband has regularly encouraged this over the years, but I’ve been content to let him take the lead – and the headache!
Could I set up a meeting with you to review our accounts? No emergency.
Many thanks,
Mrs. S.
Why this letter was perfect
Mrs. S. realized that it was important for her to get involved. Moreover, she contacted me with a calm attitude, noting that it was “no emergency.”
Both spouses should look at their investments the way a board of directors consider the long-term development of a company… organized meetings, diversified portfolios, and a solid team. As a member of the family, you are on that board of directors.
If you were inspired by Mrs. S. and want to increase your – or your spouse’s – financial comfort, be in touch (02-624-2788). If you need additional inspiration in order to convince your spouse to take a more active part in your family’s finance, read Profile-Financial.com/ceo
Published April 15, 2021.