Money Counts A Financial Literacy Series Money and

Money. Counts: A Financial Literacy Series Money and Relationships Penn State Financial Literacy & Wellness Center 011 A Grange Building University Park PA 16802 financialliteracy. psu. edu finlit@psu. edu 814 -863 -0214

Description

Learning Outcomes • Recognize money personalities • Evaluate your relationship with money • Identify “deal makers and deal breakers” • Tips and ways to discuss money matters

Why discuss money?

Scott & Bethany Palmer • Founders of the five (5) money personalities • 70% of divorced couples – financial issues as cause for arguments • Each person has 2 distinct money personalities • Primary • Secondary

Money Personalities (5)

Definition • Spender • Who is very happy to spend money to enjoy life, there is no tomorrow and money is made to be spent • Saver • Who has money for a rainy day that may (or may not) happen, hates to accumulate debt but pays all bills on time and in full • Risk Taker • Who loves ideas that may (or may not) make money, willing to gamble reaching for the big score in life • Security Seeker • Who researches opportunities and possible investments, but very slow to take a dive due to fear of losing security • Flyer • Who is happy to let someone else take the driver's seat and handle all financial matters

Assess your relationship with money

Tips for self-assessment • What beliefs did you inherit from your parents in money matters? • What do you remember the most from your childhood in regards to money? • What is the first word that comes to your mind when you hear the word "money"? • How important is money in your life? Why do you feel that way? • Would you take a job (you may or may not like) just for the money? • Do you attach a monetary worth to your being? Why do you feel that way? • Which do you value more, money or material things? • How do you make decisions to spend money (spontaneous, careful, do not care)? • How do you feel about financially privileged people? • How do you feel about financially deprived people?

How to discuss money?

Let’s discuss • • • Who would keep the budget? Who would handle the bills and bill payments? How would you make money decisions for common purchases? How would you handle personal spending? How would you share planning for financial goals? How do you decide on needs and wants? Who maintains saving and investing? How do you handle tax obligations and filing responsibility? How do you plan for emergencies? Who would carry the insurance responsibility? How would you plan for retirement? What financial wisdom do you plan to leave for your family?

Let’s negotiate

Let’s get to know each other • • • What does money mean to you? What is your money personality? What are your financial priorities? How do you make financial decisions? What is your ideal financial life? What are your financial expectations for yourself? What are your financial expectations for your partner? How do you overcome financial hardships? What do you value most in financial life? How willing are you to adapt to make your relationship works?

Money Secrets and Infidelity

What’s the plan? • We all fear to lose a loving relationship over money problems. • What can you do to preserve your money and by doing so preserve your relationships?

Tips for success

Money. Counts: A Financial Literacy Series Thank you! Comments and Questions Penn State Financial Literacy & Wellness Center 011 A Grange Building University Park PA 16802 financialliteracy. psu. edu finlit@psu. edu 814 -863 -0214