Money, like politics, sex and religion, brings up all sorts of emotional reactions.
Why do we shy away from THAT topic? Some reasons might be:
It makes you feel awkward or uncomfortable.
It's a very personal subject.
It's definitely not polite.
How will you know about a partner's money style or credit history if you don't ask?
Many a relationship goes on the rocks as a result of different spending and saving styles. When you marry you take on responsibility for the other's financial decisions - for good (a healthy 401k) or bad (bankruptcy or credit card debt).
How will you know if your parents have enough money to retire if you don't ask?
You may be surprised to discover they have not saved enough and will expect you to "help out" once they run out of money.
How will your child know what colleges to apply to if you don't have an honest conversation about what you can afford?
Setting expectations for a youngster can avoid disappointment and carrying student loans into their future and into your retirement.
In an emergency, how will you know how to pay the bills, manage a portfolio or check your bank account balance if you and your partner never talk about money.
A division of labor is natural and healthy but both spouses should have a basic understanding of family finances. Once or twice a year, plan a specific time to sit down and go over it all.
Put your feelings aside and have that money conversation. It will clear the air and help you plan ahead.
