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Not good, say authors Manisha Thakor and Sharon
Kedar. In their new book Get Financially Naked,
they explain why you should bare your bank account to
the one you love most, especially if you’re planning a life
together.
As a businessperson, you’re used to protecting corporate
information. Social mores have always dictated that we keep
our personal financial information to ourselves, too. But if
you’re romantically involved with someone, sooner or later,
you’ll want to strip off the cloak of secrecy and have That
Talk About Money.
Let it begin by understanding where you, yourself, stand on
money issues.
What would you do if you were in a position of financial
strength? Knowing the answer to that helps you get a clearer
vision of where you want to be, financially: you need to
know where you’re going in order to get there. Once you have
that vision – whether it’s frivolous or serious – write it
down and re-visit it on a regular basis, with or without
your Significant Other.
Now that you’ve got the vision, you need to understand your
deep-seated attitudes toward M-O-N-E-Y. Are you a “live for
today” kind of person? Or do you have the first dime you
ever made? How did you grow up and what were your parents’
attitudes on money? Knowing your financial history allows
you to adjust your attitudes to line up with your goals.
Next – gulp! – ease into this with your SigO. Broach the
topic gently. Move slowly. Do the exercises in this book
together and don’t point any fingers. Learn what one another
owns, owes, earns and what your respective credit scores
are. Discuss the Five Power Steps to Financial Success and
plan – together – how you’re going to deal with the little
things that life will hand you as a couple.
Meant for women but useful for men, Get Financially Naked
warns readers that baring one’s (financial) soul is best not
done on a first date. Conversely, authors Manisha Thakor and
Sharon Kedar also point out that many a wedding has been
postponed because one partner is uncomfortable with what is
learned about the others’ money attitudes.
And while that should serve as a warning for using this
book, it shouldn’t deter readers from utilizing the
information here or from having That Talk About Money. To
facilitate the discussion, the authors include hints,
personal stories, worksheets, quizzes, and website
information.
At a time when seven out of 10 people live
paycheck-to-paycheck and the divorce rate hovers around 50
percent, this is the perfect book for new couples or, for
that matter, established couples who need a long-overdue
sit-down. Get Financially Naked can help anyone with
money and a honey… no ifs, ands or buts.
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