Your money mindset is likely ingrained in you from childhood into adulthood. Whether it is positive or negative, we all have some sort of perception of money that bleeds into our marriage and business. In this episode of Both on Board we cover what our money mindsets were, how we’ve worked through them as a couple and removing the emotion from financial decision making.

Highlights From Our Conversation

  • [0:50] 50% of marriages end in divorce over money issues
  • [7:53] Money doesn’t change you—it just exposes you to who you already are
  • [10:18] Sit down and look at what is really important
  • [12:24] One thing we do differently: delay gratification
  • [16:00] Money from a spiritual standpoint
  • [19:55] Money is an emotional subject but does not solve your problems
  • [23:47] The more money you have the more you can give
  • [26:28] How we track our money/finances
  • [29:10] What is coming up for you around money?
  • [34:53] Take ownership of your spending and be accountable

50% of marriages end in divorce—and the statistics are even higher among entrepreneurs

Some could say that instead of money being “the root of all evil” it is “the root of all divorce”. Too often, couples enter a marriage having completely different mindsets about money and what it means to them. Ray and I had very different relationships with money—I lived paycheck to paycheck and thought I was doing fine just getting by. Ray was a saver, hoarding every bit of money he earned and constantly pushing me to do the same. He viewed money as something that was scarce and that you always needed more of. I enjoyed my spending and never thought it was a problem. Listen on as we talk about discovering our different mindsets, and how that led us to have a better marriage and business relationship.

Money doesn’t change you, it just exposes you to who you already are

So many people associate money with problems in their family—arguments over never having enough, how it’s being spent, and lack of saving. Too often those arguments stay negative, and the conversation is never constructive. When your view of money is colored by negativity, sometimes you err on the side of just earning enough to provide for your family and label it as good enough. What people don’t realize is that you don’t have to put money on a pedestal. Having money doesn’t change who you are. It can enable you to better care for your family and enable you to give more freely. Listen to this episode as we talk about having a more positive relationship with money and focusing on what it does for you.

Make your money mindset work for you

Obviously, there are some very practical things you can do on a daily basis to be better stewards of your money. You need to cut some senseless spending from your life in order to focus on saving for what you want to experience. Are you spending $5 on coffee every day when you could make it at home? Are you mindlessly shopping at your favorite stores and buying things because they’re a “good deal”? Sit down with each other, and commit to having a conversation about finances without drama. Don’t allow yourself to get emotional, don’t point fingers, and do ask the hard questions. Keep listening as we talk about how we track our money, where we are open with it, and how we keep each other accountable.

Price is what you pay value is what you get

We recommend focusing your time and energy on what you have in abundance and not what you’re lacking. You work hard, take action, and know that things will fall into place as you’re faithful with what you have. It all boils down to this point: what is the value I’m getting from what I’m spending my money on? Is it enriching my life and my families? Are we traveling, experiencing the world, and being exposed to people with similar mindsets? Value should not be attributed to how much you spent on something, but whether or not it enriched your life in a positive manner.

While we all highly value financial freedom and not being in want, eventually “making money” can no longer be your end goal. What do you do when you’re successful, making a decent living, and you can pay for the experiences you want in life? Listen to the remainder of the podcast as we round out ways to shift your money mindset and begin to discuss it constructively—and then taking the next step.

Resources & People Mentioned

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