Spring has arrived, and it’s time for a little spring cleaning…of your finances.
The weather is beautiful, perfect for getting outside and enjoying the sunshine, but before the temperatures climb too high, perhaps you’ll spruce up the yard, tidy the porch, or tackle the garage, organizing the mess you’ve made throughout the year.
Talking About Money Shouldn’t Be Taboo
Well, you might consider doing the same for your finances. Now, we know it might seem a little taboo to talk about money, and Dr. Jill Wade of Stonebriar Smile Design admits that when she and her girlfriends get together, they’ll sooner talk about sex rather than money. “There’s either shame or fear or embarrassment about [discussing money],” she says. “It’s just this weird thing that we don’t talk about.”
Conversely, “men do not have quite the same issue…talking about money as women do,” observes Dr. Wade, who has worked in dentistry for nearly thirty years. In her experience, and in the male-dominated field of dentistry, she finds men will not only talk about money but discuss details, including the state of their business, their income, investments, and even the coveted items they’ve purchased. Simply discussing money matters, whether the aspects are negative or positive, can help you to have less stress in relation to it.
Do You Know Your Net Worth?
Have you ever wondered how much you are worth? Not in terms of your moral or societal worth but your net worth. Dr. Wade poses this very personal question and argues that “when you know that number, or at least a general concept about that number, it gives you…power.” That power can furnish a sense of pride, according to Dr. Wade, and allow you not only to “live your legacy now but leave one for your family.”
Knowing your net worth, your family’s worth, or that of your business—be it large or small—is virtually the same, in Dr. Wade’s opinion, whether it’s a dental office or a mom-and-pop shop. Each has financial goals and milestones to reach, and it starts with knowing your numbers. At Dr. Jill Wade’s dental practice, Stonebriar Smile Design, they set daily, weekly, and monthly goals, even per-person goals, for the entire office. She likens these goals to a barometer, just a way to measure their ideals for success, “for how the business is providing service.”
You can apply the same principle to your household financial planning. In that case, the barometer for your finances would be having “enough money in the bank for the bills and…to do what you want to do,” says Dr. Wade, which would indicate the state of your financial situation.
Your Money Has Personality
Financial stress can have a detrimental effect on your health and wellbeing, but you can overcome it, and the first step is to confront it rather than avoid it. Secondly, make a plan and consistently follow that plan. These two steps alone can reduce your individual stress and that of your family. It’s important to note that personality traits can affect how someone manages money—while some people prefer to save money, valuing frugality, others find joy living in the moment and spending money on material items and experiential memories.
These different personality types, together, could find themselves in conflict, creating additional financial stress within their household. However, gaining knowledge, understanding your partner’s personality and money habits, and having discussions with them about financial strategies could work to ease the tension around money matters. Dr. Wade emphasizes that organization is a crucial part of the process of “spring cleaning your finances” along with getting your entire family involved, including your partner and children, and cultivating a “family boardroom.” This will make money decisions less overwhelming and pressurized for an individual family member, and as an added bonus, cultivate learning and potentially good money habits for your children. Everyone gets the opportunity to weigh in on decisions regarding household spending, whether deciding on a family vacation, home improvement, or big purchase such as a car or boat.
Family Finance
Being open about your finances can be beneficial, even if “you’re a Fortune 500 CEO,” says Dr. Wade, “because you are [an] amazing leader…with so much to share.” Your family can learn from you and emulate what you’ve learned through building your business. This also applies if you’re a stay-at-parent, constantly whipping your home into tip-top shape, keeping things running and ensuring your family is provided for—you’ve also got knowledge to share.
Another thing to consider is the consequence of having a single member of your family holding all the financial information and its subsequent access. If something happens to that person or their devices, which contain that information, it will make it very difficult, if not impossible, to access your family’s funds, meet financial obligations, and in some cases, care for your children. This heightens the importance of sharing finance-related information with trusted members of your family, whether you’re single or partnered.
Dr. Wade challenges you to commit to making a vision board for each member of the family and begin hosting financial family boardrooms every year. She also commits to the same and taking the journey with you, getting strategic advice from business and money coach Kendall SummerHawk. So, be sure to keep up to date as we continue talking about money matters because we’ll share some value tips you can apply to your finances.
Click here to watch this episode of the Beyond Face Value Show on YouTube.
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