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The Money Couple, Scott and Bethany Palmer, joined me for this episode of The Wealthy Wellthy Podcast. Scott and Bethany are financial advisors that have devoted the past 11 years of their professional lives to helping couples save their marriages, through their research, they found 80% of couples do not talk about money before they get married and 75% of divorces are caused by disagreements surrounding money or how it should be handled. Scott and Bethany want to change the narrative and help couples understand themselves and their spouses in an effort to create more open and amicable discussions about their finances.
Their perspective on marriage and money as well as their 5 Money Personalities framework is so helpful in understanding why things often break down and why spouses are often not on the same page. Couples have been brought back from the brink of divorce as a result of working with Scott and Bethany to identify their money personalities and creating a plan moving forward. Hopefully you will find this episode helpful for your own relationships and use Scott and Bethany’s tools for creating a solid plan to relieve a lot of the stress and tension that tends to surround financial discussions.
You can also click on the time stamps below to jump to those specific points in the conversation.
What We Covered
- [1:21] – Introduction to Scott and Bethany Palmer and what got them interested in helping couples talk about their money
- [6:21] – Statistics about marriage and money
- [8:15] – The development of the 5 Money Personalities
- [10:05] – The 5 Money Personalities: Saver, Spender, Risk-Taker, Security-Seeker, and Flyer
- [16:11] – Identify yourself and your spouse
- [19:17] – Compromising with purpose
- [22:58] – The necessity of both spouses being involved in money discussions
- [26:48] – Dealing with couples of different types
- [30:38] – Advice for amicable breakups
- [33:45] – When to start talking about money when you feel like the relationship is “going to the next level”
- [36:42] – Aligning personal and business goals and vision in a marriage
- [42:00] – What to do when one partner is not allowed or chooses not to be involved into the finances
- [46:15] – The imbalance that women often feel in their family’s financial situation
- [51:37] – The importance of getting clarity about “our money” in a second marriage
- [55:25] – Why people don’t talk about money
- [59:19] – Why women often assume they aren’t “smart enough” to participate in money discussions
- [62:02] – Scott and Bethany bust the myth of “having separate money lives”
[Tweet “You have to know who you are and be at peace with who you are before you can be good for anybody else.”]
[Tweet “Opposites attract and then opposites attack.”]
[Tweet “It’s not just the dollar bills – it’s the life experience that you have.”]
[Tweet “If you can’t get your spouse on board, you can never be financially healthy and wealthy.”]
[Tweet “Understand your differences, get a plan, and work the plan.”]
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