Emotions can factor in many money decisions. Emotions also can come into play when Money is part of the topic in a relationship. Especially when both people in the relationship has totally different views in their mind.
We teach the boys to work on keeping their cool when in a relationship and if they are single if money issues start to get their emotions out of sorts.
As always, I am not giving you any Financial Advice and you should seek advice from your Professional Advisors to see what is best for your situation. See my Disclaimer at MillsWay.com. This is for entertainment only.
We teach the boys the Mills Way to Financial Freedom Action steps and rules to help them achieve their goals. We want them to know that it is OK if they want to change some of the rules or not follow them at all. It is their choice. The main thing is that they are happy and can live with their choices and consequences.
If things go sour for them then we want them to accept it and learn from their choices. It isn’t the end of the world and many people have lost everything and recovered from it even stronger than before.
If they are married or in a relationship Emotions can even run higher.
Each of them could have been raised by different beliefs from their families and friends when it comes to money. Which can make things challenging.
That is why we stress to both the boys to try to discuss money in detail before getting married or really involved with someone so they know if they will be able to work out tough money issues with them. There are money classes for people in relationships that we talked to them about and I know that a lot of churches offer programs that deal with money and relationships also.
If they are single, married or in a relationship another way to get through the hard times could be to find a mentor. Someone they can talk it out with and go through the pros and cons of each decision. Also, they could brainstorm and come up with more solutions to the money issues that could be causing them Emotional Stress at the time.
Mentors can be a family member, a friend, a financial advisor or a financial coach like myself. Just someone they feel comfortable with and trust. Ultimately anything they discuss with their mentor or mentors won’t affect them one way or another except maybe help them worry less or feel more confident. When they are done figuring things out, they need to make a decision to take action or not do anything. It is their choice.
Of course, in they are married then it would need to be something both of them agree on and both of them can live with the decision. We taught the boys that if they can’t agree on it then both of them should agree to talk about it more tomorrow.
Darlene and myself when we have had Emotionally driven money issues, we have made a list of both the pros and cons of each proposal.
The last big one that we had was Darlene was wanting to move back to Minnesota to help our Mom and Dad out. Both our parents have had many surgeries in the last twelve months and she was really concerned for them.
We first listed out the pros and cons of staying or moving back to Minnesota. Then we started to research how much the move would cost us financially. We shopped for new houses in different towns in Minnesota. We checked with friends about possible job openings and more.
One of my biggest cons was the weather. I am not a fan of Snow or Ice and that is why I wanted to move to Arizona years ago. The houses we found in Minnesota all had stairs, they cost more, Taxes were more and HOA fees were more. Plus, Income Taxes were more. We would need to make about $19,000 in more Income before taxes to break even. The jobs we were finding would have paid over $10,000 less than she is making her. So, we were looking at about a $29,000 a year swing in cost alone. Plus, Seth didn’t want to move and leave his friends here.
It was a tough three weeks working through this Emotional Money issue and we ended up deciding to stay in Arizona. What ways have you solved emotional money issues? Both are boys are pretty good and keeping their cools and talking things out. We hope they will continue to do that as Adults.
Here are some positive quotes I like;
“Get your Money to Work for You… As hard as You Work for it.” By Napoleon Hill
“1. Make Money. 2. Use the Money to Make More Money. 3. Repeat the Process.” By Warren Buffett
“There is no way to happiness; happiness is the Path.” By Buddha
“Change Your Thoughts – Change Your Life” by Wayne W. Dyer
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