I was walking through my favorite grocery store yesterday and couldn’t help notice all of the merchandise on display for Valentine’s Day. The greeting card aisle was stocked with every type of Valentine’s Day card imaginable. And the intoxicating scent of chocolate wafting from the candy section was enough to make my mouth water.
Although I didn’t buy any V-Day goodies, I began to think about the real significance of this holiday. For those of us already in a relationship, February 14th is typically a day to exchange tokens of affection. But for those of us who are looking for love, Valentine’s Day may be the perfect time to begin the search for your personal finance soulmate.
What does finding your sweetheart have to do with how you manage your money?
If you consider that many of the sources of relationship and marital discontent stem from a couple’s inability to communicate about and resolve personal finance issues, then finding a partner with whom you are financially compatible makes a lot of sense (or cents.
Using ‘SOULMATE’ as an acronym, here is my eight step guide to attracting your money-wise partner and charting a course to financial freedom:
S - Spend your time as if you were making an investment. Make sure you’re getting growth and the best return possible. Many people are afraid to be alone and just want to be with someone. Why settle for less than you really want when there are dozens of other choices you could make? Make sure you are getting what you need and that the relationship is progressing in a direction you both want.
O – Owe your partner nothing … except honesty. Do not mislead, lie or cheat. Nothing good will ever come of it. If you ever borrow money from your partner, make the terms of repayment crystal clear and follow through exactly as promised.
U – Understand your money type and that of your partner. People who have excellent credit and little or no debt are rarely compatible with partners who are chronically late on their bills and have huge credit card balances. S/he may have a great body and a six figure income, but if you spend more than you make, it doesn’t matter how much money you earn. Financial freedom will elude you.
L – Learn about strategies for creating wealth, eliminating debt and saving for retirement. Read books, attend seminars, listen to experts, talk with other people you know in your situation, get solid recommendations from trusted advisors and create a plan to help you achieve your personal finance dreams.
M - Make money work, don’t just work to make money. Pay yourself first and build wealth through the magic of compound interest. Ask your credit card company to reduce your interest rate. Buy a home and stop making your landlord rich. Contribute the maximum to your company’s 401k plan.
A – Attract your personal finance soulmate. Everyone knows hundreds of books have been written on the ‘Law of Attraction’. Here is an easy exercise to prime the pump and begin the process: sit down in a quiet place and script what life with your partner will look like, what the relationship will feel like, describe how you will resolve conflict around money, what your goals will be and how you will achieve them. Make the scenario so real that you can actually see yourself in action; almost as if you were watching yourself in a movie or video. Do it today and review your script at least once a day. After you’ve read what you’ve written, close your eyes and make the script come to life.
T – Take time to discuss your vision and goals with your partner. Initiate conversations about personal finance. Talk with your partner. Is s/he on the same page? If not, why? Can you see yourself spending the next twenty years with her and her money habits or do you expect your partner to change because you love them? Remember, people rarely change in a relationship and, if they do, it’s because of internal motivation.
E – Enjoy the fruits of your relationship. Take time to acknowledge the progress you’ve made and pat yourselves on the backs for a job well done. People who achieve financial freedom are willing to do what most people are not – spend less than they earn, save and eliminate debt.
Own the power of your personal finances and retire a millionaire!
Marc Woolf
Blog Posts Copyright © Marc S. Woolf 2007 All rights reserved.
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