by Terry and Deborah Owens

Love and Money was the title of our workshop on the Black and Married With Kids Cruise and imagine our surprise to arrive home and find a new Couples Retirement Study from Fidelity Investments. It drives home the same message we delivered to the more than 70 couples that sat in the audience eager for knowledge: “Go Back To Basics With The Three C’s: Communication, Collaboration and Control.”

The sessions on the cruise were a great opportunity to share insights that we have gained about the intersection of love and money in our marriage. We have learned that money is only a tool and how and what you spend it on reflects your values.  Transparency was in order so we shared how we purchased our first home, saved and invested to put two children through college and why open and honest communication about financial matters is so important. We also talked about the tough career choices that directly impacted our short and long term financial security. We firmly believe that in order for couples to achieve financial independence, both spouses have to be engaged and knowledgeable about investment and retirement decisions. There is no “I” in team and collaboration is essential in building legacy wealth.

According to the Fidelity study,” women are making progress when it comes to greater engagement in the family finances beyond simply budgeting for daily household expenses, and claiming primary status for long-term retirement decisions. The numbers more than doubled to 19 percent from 9 percent in 2011.” However, the findings also reveal many women are still less confident when it comes to investing, and routinely defer to their partners on important financial decisions. “While a lot of progress has been made, it’s critical for women to empower themselves by becoming equal partners managing the family finances and in long-term financial planning conversations,” the study suggests.

Here’s how you can incorporate The Three C’s in Your Marriage

Communicate

We suggest that you start by identifying your values: sending the kids to college, owning your home and or retirement. After you identify your values you can take the next step.

Collaborate on a Plan

Take those values and turn them into actionable goals. How much will you need and when will you need it? Now you can build a budget using your goals to guide you. To reach your goals it may mean cutting out frivolous spending or increasing your income. Creating your financial vision will reveal the strategy.

Control Leads to Greater Confidence

It’s not enough to have a plan. Now it’s time for action and execution. Set up your spending plan, stick to it and establish automatic investment accounts that allow you to direct your money toward your goals.

As a couple we have learned that sometimes things don’t always turn out the way you plan and there will be setbacks.  Having a plan will help you get back on track.

Do you need help getting started?  Download a free chapter of Nickel and Dime Your Way to Wealth” This easy to read book shares the story of a parking lot attendant who built a half million dollar portfolio by putting his money to work for him. We’re also extending our reduced price offer for the Love & Money Financial Makeover Kit for BMWK readers. Enter NDYWW20 to save 20 percent. For couples to grow together each spouse must have a working knowledge of how money works. Your financial future depends on it.

Deborah Owens is the Wealth Coach. She is the author of three books; most recently critically acclaimed, A Purse of Your Own: An Easy Guide to Financial Security, published by Simon and Schuster. Owens is a 20-year financial services industry veteran and former vice president with Fidelity Investments. Her mission is to close the wealth gap for women and minorities. Ms. Owens is a media personality who has been a contributor to CNN, News One Now Shape, Essence Magazine, Ebony, Black Enterprise and is host of Wealthy Radio, which airs on WEAA an NPR affiliate in Baltimore, MD.   Sign up for more resources at https://deborahowens.com