Discussing finances can be challenging, and navigating money conversations with a significant other can feel even more daunting. Schwab Wealth Advisory director of wealth management Susan Hirshman joins Wealth to provide guidance on how couples can effectively combine finances and discuss their financial situations. She recommends a three-step approach: addressing differences, assessing current circumstances, and planning for the future. When it comes to differences, Hirshman emphasizes the importance of understanding each other’s "money persona" and emotional relationship with finances. Once partners recognize these, they can assess their financial landscape by examining "what do I owe, what do I own." This involves detailing cash flow, expenses, and savings. For the planning stage, Hirshman advocates for clarity of purpose. "Know what you want to accomplish," she advises. While pinpointing exact goals can be challenging, her core recommendation is to aim for "flexibility." She suggests breaking down financial planning into manageable time increments, creating targeted goals for each period.
#youtube #stocks #money #relationships
About Yahoo Finance:
Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life.
– Get the latest news and data at finance.yahoo.com
– Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO)
– Follow Yahoo Finance on social:
X: http://twitter.com/YahooFinance
Instagram: https://www.instagram.com/yahoofinance/?hl=en
TikTok: https://www.tiktok.com/@yahoofinance?lang=en
Facebook: https://www.facebook.com/yahoofinance/
LinkedIn: https://www.linkedin.com/company/yahoo-finance
