What's Happening?
Heather and Douglas Boneparth, authors of the book 'Money Together,' emphasize the importance of open and honest financial discussions between partners to enhance their relationships and financial well-being. The book, published last month, begins with
an anecdote about a couple who faced financial disagreements during their honeymoon, highlighting the necessity of addressing financial issues early in a relationship. The Boneparths, who have been married since 2013, provide guidance on managing finances in long-term relationships, including understanding each partner's financial perspectives and moving beyond fantasies to concrete financial planning. Douglas Boneparth is a certified financial planner and president of Bone Fide Wealth, while Heather Boneparth is the director of business and legal affairs at the same firm.
Why It's Important?
Financial disagreements are a common source of conflict in relationships, regardless of socioeconomic status. The Boneparths argue that money is intertwined with emotions such as love, safety, and trust, which can lead to conflicts if not addressed. Their book aims to help couples navigate these issues by fostering understanding and cooperation in financial matters. By promoting transparency and teamwork through joint accounts and acknowledging individual contributions, couples can avoid resentment and build trust. This approach can lead to better financial outcomes and stronger relationships, benefiting both partners in the long term.
What's Next?
Couples are encouraged to start financial discussions early in their relationships, even before diving into specific numbers. The Boneparths suggest exploring each other's backgrounds and values to understand their financial perspectives. They advocate for 'financial fairness,' where both partners feel respected and valued for their contributions, whether financial or non-financial. This approach can help couples navigate income disparities and prevent power imbalances, fostering a healthier and more equitable relationship.
Beyond the Headlines
The Boneparths' approach highlights the cultural and emotional dimensions of financial discussions in relationships. By addressing underlying beliefs and behaviors related to money, couples can avoid surface-level conflicts and build a deeper understanding of each other's financial goals and values. This can lead to more meaningful and lasting partnerships, where both partners feel empowered and engaged in their financial journey together.
