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How to Discuss Investment Opportunities With Your Spouse
07/27/2017

How to Discuss Investment Opportunities With Your Spouse

The best way for you and your partner to invest in your future

How to Discuss Investment Opportunities With Your Spouse

Money can be a sensitive topic, especially between married couples. If you share your finances, then it is likely that any new investment opportunity should be discussed with your spouse before you proceed.
 
Since you are working toward a shared future, any potential investment should be agreed to by both parties, each having full knowledge of both the risks and rewards involved. By following a few simple tips, you should be able to have these potentially difficult, yet essential, conversations with your spouse before you invest.
 
1) Knowing is half the battle
Although most couples strive to know everything about each other, finances remain a large blind spot in many relationships. Geoff Williams, contributor for U.S. News states that, although 72 percent of couples claim to communicate with each other very well, more than 40 percent of them don’t know how much money their partner makes. In fact, 10 percent of those surveyed were off by $25,000 or more when estimating their spouse’s income. It is impossible to know how much you can afford to invest if you don’t truly know your household income.
 
2) Acknowledge your differences
If you are eager to invest in exciting new opportunities, but your partner is risk-averse and more interested in saving, it may be challenging to discuss potential new investments. However, Time.com contributor Elizabeth O’Brien recommends that couples do not sweat the differences when it comes to discussing finances, since the real problems arise when differences are swept under the rug rather than honestly acknowledged. Try to recognize and understand your spouse’s point-of-view when it comes to money, which will help you empathize with their side and learn to compromise on financial decisions.
 
3) Determine your goals and dreams
One way to know how much you need to invest in your future is to determine what your future is going to look like. Figure out when you want to retire and what you want your retirement lifestyle to look like. Discuss whether college funding for children will need to factor into your pre-retirement investing years and look at college cost projections for the future to determine what effect that will have on your decision. Once you are on the same page when it comes to your hopes and goals for the future, it should be easier to develop a viable investment strategy.
 
4) Keep an eye on the clock
Time is of the essence, especially when it comes to financial investments. That is why it is important for you and your spouse to have an honest discussion about your “investment horizon,” or the time you have to let your portfolio work in the markets.
 
Generally speaking, a young couple with their whole lives ahead of them has more time to take on additional risk in exchange for higher potential growth. However, if you are closer to your golden years, it may pay to play it safe and be more conservative with your investments.
 
As with all aspects of a marriage, honest and open communication is the key to success when it comes to finding an investment plan that works for you and your spouse.
 
5) Meet with your financial retirement expert at North Shore
By meeting with a North Shore Investment Representitive, you and your spouse will receive answers and advice from an expert who has both your best interests in mind. Their fresh, professional perspective will reassure you and guide you in making a personalized retirement plan with confidence, one that will satisfy both you and your spouse’s interests and goals for retirement.

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