“Working to help parents raise money-smart kids.”
Hello, friends!
When I teach my Art of Allowance Academy courses to parents, the most common question is, “What if my partner and I are not on the same page financially?” Which is why I’m excited to share my discussion with financial therapist Megan McCoy. (She’s much more than a financial therapist, BTW. 😉)
During her appearance on the podcast, Megan offers strategies for partners to address their differences and realign their intentions on a money-smart journey. We also dive into negative financial self-fulfilling prophecies, why financial opposites attract, avoiding financial fights, the power of delayed gratification and the problem with financial education in the classroom.
This week’s newsletter features three new YouTube shorts, tiny snippets of our conversation that offer a taste of the full episode.
— 1 —
Financial Opposites Attract: I was surprised to learn from Megan that the cliché “opposites attract” is untrue in many domains. When it comes to politics and religion, similarity actually pulls couples together.
When it comes to money, though, it’s a different story:
No wonder the compatibility question is so common! 😅
While Megan scratches the surface of why financial opposites do attract in this YouTube short, she goes into much more detail in our complete conversation.
She also offers many tips and tricks to address partner misalignment borne of this conflict, including ideas #2 and #3 below.
— 2 —
Lottery Ticket Date Night: Megan shares this creative concept to help partners who think differently about goal-setting find common ground.
We can get into trouble assuming others think similarly to us. We must often overcome our own blind spots to discover what makes our better halves tick. With the help of this exercise, we can find alignment and move forward in a money-empowering way for all involved.
— 3 —
Empowering Ourselves with Small Changes: We can be quite unkind to ourselves. For instance, we might end a friendship if a person insulted us in the ways we often insult ourselves with negative self-talk. 😳
Destructive inner monologues and labeling often begin at a young age. Identifying that this language can be changed – and that we alone can change it – is empowering. Doing so can be a big step to getting on the same page with our partners.
B.J. Fogg calls the changes we can make “tiny” habits, and James Clear refers to them as “atomic.” Both authors advocate building (or resetting) an identity with small changes.
For me, the simple act of moving my alarm clock across the room was the tiny change that turned me into an early riser. And this change unlocked regular meditation and reading habits. So I know atomic changes work.
“The Two-Minute Rule. Figure out the habit you want to establish and make yourself the person who does that thing by starting with a simple habit.”
—James Clear, Atomic Habits
Moving from “spender” to “saver” or “donor” might be simpler than you think. What is one change you can make (or suggest) to unlock this identity? Doing so can help us be better models for the kids we’re trying to raise money-smart. James Clear offers some great resources to get started on his website.
I hope you take the time to listen to Megan McCoy because she has so much insight to offer us all. Even if you’re totally in sync with your partner, Megan provides many tips and tricks I think you’ll find useful on your money-smart journey.
And, of course, don’t forget to enjoy that journey!
John, Chief Mammal
P.S. Please consult with a financial or investment professional before engaging in any decisions that might affect your own financial well-being.
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