They say ‘opposites attract’ when it comes to relationships. Those of us who are married see this in many good ways every day, but it also poses a few challenges from time to time.
Charlie and I were recently reviewing a detailed and involved retirement income plan for a couple. As we talked through the plan, it was clear that one of the spouses was much more interested in the details of the plan than the other.
Selfishly, it was fun for Charlie and me to talk through the minute details of the projections and strategy involved in the plan. It was a great plan (in our opinion of course) that we were proud of and enjoyed talking through, being the financial planning ‘nerds’ that we are!
As we got near the end of the plan, it was clear that the wife was not as engaged as the husband, but then, her eyes lit up. At the bottom of the plan, we had a two-line summary that had the couple’s projected assets vs. the amount of money they needed to fulfill the plan.
One spouse wanted every detail, the other wanted simplicity. Their individual perspectives both had to be satisfied for each one to feel comfortable with the direction of their plan and ultimately, give it a greater chance of success.
When have you seen a different point of view that shaped your perspective of finances in a new way?