Money is one of the most common causes of friction during the first year of marriage. When you first enter into a union it is important to discuss money matters, but you might be wondering: what kind of personal finances should I bring up?
Your ideas on investment are definitely worthy of discussion. If you have dreams of investing in properties over the years or even own real estate investments, be sure to discuss this up with your partner before you start a family. Here’s a quick guide to handling this sometimes friction-filled topic.
When you enter into a discussion about property investments, be sure to start things out slowly. Though you may have been interested in real estate and passive income for years, your spouse may not be as well versed as you are in the regulations of buy to lets, mortgages or the fluctuations of base rates for instance. Or, visa-versa — your spouse could know a great deal more than you and have tons of experience.
Either way, if the topic is new between you, start the discussion in a pressure-free way. Instead of presenting a property you want to buy out of the blue, start talking about friends who own and rent out properties, and see what your spouse has to say. Tell stories and keep the conversation light.
Honesty is essential between couples. Foster trust in your marriage by never with-holding information, which is a passive way of lying. Tell the truth by speaking about your experiences, hopes, and thoughts on the topics that are important to you.
For example, once you have established a dialogue about real estate investment, you might need to bring up the fact that you once owned a property and sold it for a profit, and that you hope to do it again. Your hopes involve your partner because you are now a team, so be sure to include them in your statement. You might want to say something like, “I would love to look at properties to invest in again one day in the future, if you are interested and on board.”
Listen To Your Spouses Concerns
Your spouse may have concerns about property investment. This could be a fear that you aren’t interested in buying real estate for investment purposes, and want to invest in other places or not invest at all. Or, his or her concern could also be about your wish to invest in property.
Your spouse will appreciate being heard. Take the time to listen to his or her concerns. You don’t even need to respond right away. Just give them space to speak what is on their mind.
Money is a charged subject, and each partner will bring a unique viewpoint into the marriage. This is one of the benefits of coming together as a couple! Learn from each other when it comes to challenging topics such as property investment and make wise decisions as a team. Start slow, be honest and open, and take the time to listen to your spouse.
Article provided by: Jackie Edwards, Freelance Contributor