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Talking Real Money - Investing Talk

Tough Topic

Talking Real Money - Investing Talk

Don McDonald

Investing, Education, Business, How To

4.5810 Ratings

🗓️ 19 August 2024

⏱️ 23 minutes

🧾️ Download transcript

Summary

As Don was actually vacationing, here is last Thursday's episode a few days late: 1:03 The Money Talk Dilemma 1:45 Power Dynamics in Financial Discussions 2:01 Evolving Perspectives on Money Talks 3:08 Historical Context of Money Discussions 4:14 Maintaining Financial Independence 5:05 Joint or Separate Bank Accounts? 6:04 Initiating Money Conversations 7:13 Frequency of Money Talks 8:00 Long-Term Financial Planning 10:07 Dealing with Fixed Incomes in Retirement 11:03 Se...

Transcript

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0:00.0

Reality Radio for a really great future.

0:08.0

We're talking real money.

0:10.6

We talk a lot, people, human beings.

0:14.3

Well, Tom and I talk a lot.

0:15.9

We talk a lot on this podcast.

0:17.5

We talk a lot on FaceTime every morning at 6.30 Pacific time, except when I'm on the

0:23.9

road. All of us talk. We have discussions. We like them. Some of us. Some of those discussions are

0:29.4

pleasant. Some not so. We try to avoid the unpleasant, and one of the most unpleasant is the talk.

0:39.1

The talk.

0:41.1

The talk about money.

0:43.8

It's hard to talk about money with your partner, significant other spouse, because it is, well, it's fraught with potential disaster.

0:59.7

The money talk is hard to have.

1:04.4

And there was a great article in the New York Times recently, and it discussed how you can have this, how you should talk about money with

1:14.6

your partner. I'm Don McDonald. Tom Cock is over there. This is talking real money. So we thought

1:19.6

it'd be a good idea to talk about talking. Is that right? Yeah. I mean, this is, okay, but let's

1:25.8

just be completely transparent here. This is not an easy topic in my house.

1:31.8

Not, not either. I mean, it, because it comes down to here are what my, want to spend the money on my priorities and hear what yours are. How do we, you know, agree on these? And then it becomes a power thing, too. I think you're right. Who controls the money? Who made the money? Who controls it? I know. I know. It's, it's very tricky. And I would say in my nearly 20 years of marriage this time around, it's gotten better. It's gotten better. Probably better than it ever was the first time around.

2:02.9

Could it have something to do with the fact that you're older?

2:06.0

I don't know. Maybe. Maybe so. Or maybe because we, I talked to so many other couples about

2:11.2

money that I see a lot of things. But again, that's because you're older and wiser.

2:16.5

Yeah, I'd like to think so, but I don't know that that's the case. Again, and so we're going through this still a bit now because there's all kinds of things my wife, God bless her, wants to do to our new home. And I'm like, let's just, as the guy writing the checks, let's just hold on that. Just for, no, no, no, we should. This is the time we're moving, but it's a discussion, right? But it's not easy. You're right. This is very tricky. And some people, therefore, completely avoided it. I think when I was growing up, it was, there wasn't money discussed very much because, well, first of all, in my household, it was just one of those things you didn't

2:51.0

discuss. It's gosh. It's, you know, you just don't bring it up. Exactly. It was, it was considered

...

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