Discovering secret credit cards, unpaid bills, and debt is a blow many couples cannot survive. In fact, money is the number one cause of breakups, says the married authors of “First Comes Love, Then Comes Money: A Couple’s Guide to Financial Communication.” Comment below to win my review copy.
Unlike most personal finance books, this one is not going to teach you to balance your budget or live debt free:
Why? Because without healthy financial communication, without a commitment to putting an end to financial infidelity, none of that stuff works. After more than thirty-five years of combined experience as financial advisers, we’ve learned that if you don’t know how to talk about money with your partner, if you don’t know how to keep financial infidelity from destroying your relationship, budgets and plans and payments won’t mean squat.
The first part of the book deals with discovering each partner’s financial personality, and how they can create conflict. The book divides everyone into five personalities: the saver, spender, risk taker, security seeker, or flyer. I’m definitely a saver or security seeker. Clashing financial personalities can cause major damage, even divorce.
The second section is about uncovering financial infidelity using what the Palmer’s call the Financial Relationship Index. Both partners take a quiz, earn a score of 0-100, then read what that score means. A lower score is best! The third and final part shares three basic financial communication tools to move forward, including a monthly “Money Huddle.”
All this in 189 pages spread over eight chapters and three appendices. The only trick is to be most effective, you’ve got to read it with your other half.
To win my review copy, comment below on why you need this book. Comment by Aug. 16 at 11:59 p.m. to win! If you can’t wait, buy a copy from Amazon for $6 (orig. $15).