For Richer or Poorer – Marriage and Finances
On May 8th, 2021, my life was forever changed in the best possible way. I made a covenant before God and married the love of my life. I promised to cherish and respect her always, to love her sacrificially, to push us to grow in our faith and our relationship with the Lord, and to continually seek out new adventures together.
In just the first few months of our marriage, I discovered that these promises can take a lot of effort and work to uphold at all times. I have already learned numerous important lessons that have helped me grow and better myself as a husband. I also realized these lessons can similarly be applied to an ongoing relationship with your financial advisor!
1. Having clear and open communication: I quickly learned that my wife and I cannot read each other’s minds. Any relationship can get messy with unclear expectations. It is truly life-changing when we have constant, intentional, and clear communication. When both parties are on the same page, everything seems to go a lot smoother. This concept of communication plays a large role in the relationship between you and your financial advisor, as it is vital to be on the same wavelength. Clear and open communication involves clarifying wants versus needs, becoming vulnerable, engaging in tough conversations, and sharing both your small and big dreams. This helps us, as your financial advisors, effectively walk with you on your life journey.
2. Teamwork: Marriage also requires a great deal of teamwork as you navigate the uncertainties of life. I am constantly reminded that my wife and I are on the same team, and when we work together for God’s Kingdom, we can accomplish much more than we ever could alone. This mindset easily translates into how you approach your finances. Your finances can become very complicated if you try managing them on your own. It can be overwhelming to navigate market fluctuations, tax regulations, risk management, retirement needs, and your goals and dreams. This is a lot to keep track of alone and shows every reason to trust your financial advisor. They are on your team to help integrate your desired life with the assets you own. Teamwork (with your financial advisor) really does make the “dream-work”!
3. Setting priorities and goals: In marriage two lives become one, which means you’re not just thinking for yourself anymore. I have now taken on my spouse’s interests, dreams, and plans. As a result, I have found that activities quickly pile up making life busier and more complex. All of this has opened my eyes to the important need for prioritization and goal-setting as a couple. My wife and I want to be on the same page and pursue our goals together so that we can put ourselves in a position to help us accomplish our future desires. Similarly, it’s important to set priorities and goals with your financial advisor, as they look to best serve you. Setting the time aside to intentionally review what you want to achieve in the short-term and long-term will help provide clarity for your financial advisor, who will simplify the things that may seem complicated and bring you peace of mind. One of our goals at Stewardship Advisors is to build client relationships that go deep rather than wide. We believe this enables us to gain a better understanding of your unique situation, which then lets us offer the best advice to help you achieve your dreams and aspirations.
4. Incorporating a budget: Once my wife and I returned from our honeymoon, we felt it would be beneficial for our marriage to create a monthly budget. This budget sets guidelines and restrictions on spending, as well as allocates funds to put aside for our future. The future is something that is constantly in the back of everyone’s mind, whether it is planning for your kids’ educations, saving for a down payment on a house, setting aside money for retirement, preparing for deficiencies in your health, or flying off to Greece on your dream vacation. Your financial advisor will stress the importance of having some form of a budget to help keep track of what is coming in and going out. Knowing how your money is being used is the first step in planning for the future financially. We want to see our clients thrive, and incorporating a budget into your lifestyle can keep you accountable in your spending now to reach something greater down the road.
Years ago, I never thought about all the commonalities between marriage and a relationship with your financial advisor. However, the longer time I spend as a husband, who also works in the financial industry, the more similarities I come across. My biggest takeaway is that important relationships require hard work, intentionality, and nourishment, but the results make it all worth it. Marriage and finances are some of the most influential aspects of your life, so make sure that you have the right people walking alongside you!
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