“Financial breathing room” is actually a term picked up from money coach Dr. Nicole Garner Scott that really resonated. It does seem like when finances are tight there’s less oxygen in the home, doesn’t it?
There can be that fear around what everyone is doing, and how everyone will literally pay for it. How much are they spending on this? How much is this person earning? What move is this person doing that could be impacting the entire home’s finances? One wrong move, and a credit card payment may not be made in full. Or the money the family needed to be there for a very important purchase isn’t there. It’s hard to relax in that environment. But a family is a unit, and the actions of one member impact the reality of every member. That can be a good or bad thing, depending on how the family works together. A family can hold each other back or they can help launch one another forward. Having that team can be a great financial asset. We spoke with Rianka R. Dorsainvil, CFP, Co-CEO at 2050 Wealth Partners about how families can work together to create more financial breathing room.
This is how uncomfortable money talk is
A resistance to discussing money in the first place can be a big hindrance for families – whether that’s a family of two people or more. “I used to know the exact stats offhand, but significant others would rather talk about sex before they’ll talk about money that they have,” notes Dorsainvil. “Which is so unfortunate, especially if you’re in a relationship because you’re a team.”