Like some couples, my former husband and I had a division of labor when it came to money: He was the one in charge of investments and I paid the household bills. What’s more, I wasn’t interested in learning about stocks and mutual funds. That’s for people who are “math-y,” right? To me, hearing financial news sounded like a Charlie Brown cartoon: “Wah-wah, wah wah wah wah.”
She was right. Financial fluency didn’t come in a dramatic light bulb moment, though as I persisted, more and more made sense. Years later I’m absolutely still learning, and I hope I never stop.
My personal experience helps me notice and support financial literacy with my clients. With some couples, one partner rarely attends meetings, and when they do, that partner is less engaged. I also see newly widowed clients reeling with grief and at the same time overwhelmed with the knowledge that now all this “investment stuff” is on their shoulders. They’re understandably terrified to make a mistake. Here’s my perspective:
Couples, I’ll bet that you and your partner function as a team. Together you discuss major decisions about your current life as well as your shared future. Wouldn’t you feel more comfortable having conversations about your financial plan if you knew some basic vocabulary, if you had at least a general idea of how this stuff works? Building confidence in this area can help you feel like an equal partner on money choices, just as you’re an equal partner in the rest of your life together.
And, if you consider the possibility of becoming “suddenly single,” won’t you wish you had some financial knowledge already, rather than trying to learn while simultaneously going through one of the most difficult periods of your entire life?
Even if, as I once did, you’ve found yourself unprepared and overwhelmed, it’s never too late to develop more financial literacy, and to encourage your friends and loved ones to do the same. Nobody has to become an expert, and they don’t have to go it alone, either.
So, where to begin?
If this topic resonates with you or applies to someone you care about, know that many advisors are, like me, passionate about financial education. It’s okay to ask if this is a strength of theirs. You’re also welcome to reach out to me. I can address questions, provide resources, and offer guidance based on both personal and professional experience.
Taking even small steps to learn more can be so worthwhile. And who knows, maybe you’ll discover you’re more of a math person than you thought!
PS: This fall I’m offering several complimentary in-person Lunch and Learn sessions on Financial Literacy near our Plymouth, MN headquarters. The group size will be intentionally small, so everyone has a chance to ask any questions and feel supported. Please let me know if you’re interested in learning more about this.