New York: If you`re willing to undress in front of someone in a relationship, you should be able to undress financially as well, say the authors of a new book.
Money can be one of the most difficult subjects for couples to talk about, and "Get Financially Naked" aims to help them share not only details of their finances but also their thoughts, attitudes and fears about money.
"People feel this intense feeling of shame around money," said co-author Manisha Thakor, stemming from people feeling judged by how much they earn, how much they know about finances and how they handle their money.
The steep recession and dire job market has been a blessing in disguise that has pushed couples and families to talk about money, she told Reuters in an interview.
"Losing a job or getting furloughed or having your hours cut forces you to have this conversation," she said. "Unless there is a catalyst, people will avoid this conversation like the plague."
"Get Financially Naked" encourages couples to consider their financial compatibility -- looking at each person`s interest in dealing with money, knowledge of money and behavior toward money, she said.
"You meet someone special, and society encourages you to analyze whether or not you are physically compatible, spiritually compatible, emotionally compatible and intellectual compatible," she said. "But this dimension of financial comparability is not something that is ever talked about."
Couples can identify gaps and conflicts in their financial compatibility and address them, she said.
"You have to work out a compromise the same way you would in any other area of your married life," Thakor said.
For example, if one person is a spender and the other is a saver, they could set a dollar amount, above which the spender agrees to consult the saver before spending, she said.
Maybe they set an amount that each one can spend per month, no questions asked, or maybe they meet regularly with a financial planner, she said.
"You should be willing to get financially naked," said Thakor. "At the point that you feel that you`ve found the person you want to be with for the long term, that is the point at which you should start having that conversation."
Thakor and co-author Sharon Kedar wrote an earlier book, "On My Own Two Feet: A Modern Girl`s Guide to Personal Finance."
Bureau Report
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.
Cookies Setting
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device and the processing of information obtained via those cookies (including about your preferences, device and online activity) by us and our commercial partners to enhance site navigation, personalise ads, analyze site usage, and assist in our marketing efforts. More information can be found in our Cookies and Privacy Policy. You can amend your cookie settings to reject non-essential cookies by clicking Cookie Settings below.
Manage Consent Preferences
Strictly Necessary Cookies
These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site will not then work or you may not be able to login.
Functional Cookies
These cookies enable the website to provide enhanced functionality and personalisation. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies then some or all of these services may not function properly.
Targeting Cookies
These cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites. They are also used to limit the number of times you see an advert as well as help measure the effectiveness of an advertising campaign. They do not store directly personal information, but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising.
Performance Cookies
These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They help us to know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies we may not know when you have visited our site, and may not be able to monitor its performance.