Welcome back. The decision of wn
to talk about money is an import
step in a new relationship.
Knowing what and how to say what's on your
mind can be a defining moment as well.
So here with some really helpful tips to
navigate a very difficult topic is our
money and business expert, Derek Kinney.
Thank you so much for joining u.
Always a pleasure to have you.
My pleasure. Cleo, great to see.
Thank you.
OK, so if you're entering a new relationship,
I guess when is the right time o
start talking about money?
Yeah. Well, the number one thing that
worries people is I don't want to make
a bad decision in this relation.
It's what causes people not to
have most of them in the 1st pl.
And So what you want to do is if you've
been a friend with the person 1st and it's
transformed into a romantic relationship,
you know the person better.
But when it's comfortable,
you want to say, hey,
can we have a candid talk about money?
It's important to me.
It's an important value that
I've have and I want to make sue
that we're aligned on that now.
If you have gone to a dating website and
it's the first time you met the person,
now there's even more worry
about making a mistake.
Typically two to three dates in
and you realize I like the pers,
our values align.
We we like each other.
It's a good time to have that before you
get so deep in the relationshipt
romance covers worries about the money.
So maybe like two to three date,
two to three dates in is a good barometer.
And again, if it's on your mind,
I say say it.
Because down the road you're gog
to want to say it anyway, right?
Better for the person you're dag
to know what you're thinking no.
Then surprise them with a tickyd
financial time bomb down the ro.
I can't believe we're talking about this.
I hope my mom's not watching.
But when my parents got divorced at 15,
right, My mom finally,
finally has found new love.
And I guess now they're
getting into the money talk.
And I think it's a turn off for.
So I guess, I guess what are the
goals when you talk about spendg
and your financial goals togeth?
Well, one thing we know and psychologists
tell us is in a relationship,
different spouses want different things and
and even partners want different things,
but they want financial securit.
They want a person that has a
plan for their life and they wat
to know they're going somewhere.
And this is a chance for you to find out,
hey, talk about what's importano
you and your life right now wheu
listen to them tell me about a money,
what's important about your money to you?
And that's going to tell you whe
they place their value. Is it on stuff?
Is it on relationship experiences, On giving?
It's all about insight,
because we know that what often
causes a big mistakes down the d
in communication with money and,
and we're just talking about money today.
So that's the big issue. Okay.
So what are those red flags,
Financial red flags that
we should be looking for.
And are there any red flags
that you're like, Oh my gosh,
time to start running?
Yeah. Some are so,
so obvious you're going to laug.
But if the person says, you kno,
I've, I've been bankrupt three
times and haven't had a job for
a month and still live at home,
those are the obvious red flags that we know.
But he's a nice guy.
He looks so cute.
I get it. But.
But the ones that are so subtle
would be that there's no directn
for the person's life if they
say I don't really know what I
want to do or I don't really
know what direction I'm going i,
or I still am concerned about wt
my life looks like, you know?
And that may not be bad,
but you it gives you clues to s,
is this the person I want to
join with that's on my same path
toward the success I want for m,
Right. It is a very sensitive t,
yes, but you got to talk about t
especially before you get marri.
OK, so here's a couple of thing,
especially when you like
merge the money together,
how can you stay on track financially?
Well, the key is here is just to set goals
and ideally set a date once a m.
And it's a money date and you
want to go to your favorite pla.
You like to eat or you go to
Starbucks or get a glass of win.
And you know the purpose of this time
together is to review our monthly goals,
our quarterly goals,
and are we making progress financially?
And what that does, Cleo,
It dramatically reduces the stress and
anxiety because things build up over time.
And people say five years later,
I never knew that was important to you.
Well, if you would have asked me
12 months earlier or every mont,
you would have known that was important.
So it lets big things become very small
issues that you can handle right then.
All right, Derek, you got to
come back and talk about this.
This was good. This is good.
Thank you so much for joining us here.
Please check out Derek's website
at good moneyframework.com.
A pleasure to have you. That's .