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Home » Blog » Planning your Financial Future » What Happens When You Two Follow “Standard” Financial Advice

What Happens When You Two Follow “Standard” Financial Advice

by Angie Carlson |

Couples, did you know there are times when the standard financial advice WILL fall short in your relationship?

Even though you two are:

  • Living on less than you make
  • Budgeting
  • Giving
  • Saving
  • Investing

To many, it makes ZERO sense that logical financial decisions are NOT getting them the results they want in life.

Here are 8 reasons why your relationship is experiencing financial frustration even when you two are doing everything “right.”

1.Emotional Disconnect

For many, financial decisions are influenced by feelings.

Security. Fear. Happiness. Guilt. Shame. Excitement.

Logical advice often overlooks emotions.

And ignoring the emotions can lead to advice that feels unattainable.

Which makes it difficult to follow through on the plan.

2. One-Size-Fits-All Approach

Logical financial advice is general financial advice.

The broad recommendations may not fit your unique situation.

For example, following a standard budgeting recommendation for medical expenses may not work for a couple that has high ongoing medical expenses.

Having advice specific to your unique situation is crucial.

Because personal financial advice is… personal.

That flexibility has no place in logic.

  3. Overemphasis on Saving Every Penny

You or your partner may be the person that wants to spend as little as possible.

While living below your means is sound, feeling anxiety about buying your groceries or paying your mortgage – especially when you have already planned to spend your money – can lead to a scarcity mindset.

Because of a focus on everything you DON’T have instead of everything you DO have.

Balance is key.

And at times, spending on more than what is required to get by is just as important.

4. Ignoring Human Behavior

Logical financial advice fails to account for 2 major B’s.

Bias and behavior.

For instance, your spouse may procrastinate on getting out of debt because they can’t believe it will ever happen when you see it happening.

Or you two are doing so well that you assume you know it all – until you lose an investment unexpectedly.

Understanding and addressing bias and behavior can lead to a stronger and more robust financial plan.

5. Life if Unpredictable

When people are unable to follow logical advice perfectly, they may feel like failures.

Or guilt and shame when they fall short of their financial goals.

Because unexpected expenses or financial setbacks are NORMAL.

This can rob one or both of you of the motivation required to stay with the plan

6. Not Enough Context

Google “financial literacy” and you’ll get at least 10 different definitions – and that’s on just page one of the results.

Which means it is highly likely you and your partner do not have the same understanding.

This means that even the most logical financial advice can be misinterpreted or confusing.

Context is essential.

Each of you need to be able to put the words to your context so your partner understands where you are coming from.

7. Cultural and Societal Differences

Financial advice that is logical in one culture or social context may not apply in another.

Each culture has different attitudes and expectations towards saving, spending, and giving.

For example, some cultures expect the younger generation to support the older one.

Which has a high likelihood of creating conflict if your priority is to free up money to prepare for your retirement.

Recognizing and respecting these differences is a MUST for the financial advice to be relevant and effective in your situation.

8. Quality of Life

While saving and investing IS important…

… so is enjoying the fruit of all your labor.

This tends to be overlooked in standard financial advice.

And striking a balance between discretion, caution, and enjoyment.

Logical financial advice does not come without its limitations.

Emotional, behavior, and cultural aspects of your relationship must be included in your plan.

That’s what allows the financial plan to be effective and followed.

And while you two now know this information – it won’t do you any good unless you can talk about it.

That’s where I can help.

The Agree & Achieve method takes your tension filled money conversations to conversations that you both are excited to have when we:

  • Get Clear On Your Desires
  • Discuss and Overcome Challenges
  • Focus on Priorities
  • Make Your Personalized Plan
  • Navigate Unexpected Challenges
  • Protect Your Relationship

Imagine having ZERO doubts that you’re both living out your dream relationship with a bank balance higher than you can dream while having time to do all the things you (and your family) LOVE.

That is really the outcome you two want from the financial plan you follow.

And you can avoid wasting so much money, time, and energy trying to figure out how to do this on your own and hire me to fast-track your results.

There are openings for your no-cost Financial Alignment call THIS WEEK.

Book it here: https://calendly.com/carlsonfinancialcoaching/45min