How to have a money conversation
Having an honest conversation is hard. It makes people uncomfortable, because it requires you to be vulnerable and feel judged. But it can be helpful for reaching your long term goals.
Begin with the end in mind.
This is how to have a money conversation.
1. Do it when you are not stressed out
Don't be emotional when you have your money conversation.
2. Set the expectations for the meeting
Let the other person know what your expectations are for the meeting and what you expect them to come prepared with.
3. Set the time and date
4. Create an agenda and share it ahead of time
5. Come prepared
Know your numbers.
6. Be open to feedback you may not have been aware of or not want to hear
The goal is not perfection, but improvement
7. Be clear and concise in your conversation
Clearly communicate your desires and goals. Try not to be emotional about it.
8. Don't expect to accomplish everything in one meeting
Hopefully you will have several meetings going forward.
9. Begin with the end in mind
Where do you want to go and how are you going to get there.
10. Create homework for yourself and the other person
You will have more or less knowledge about money than they other person. We don't have the same brain.
Create homework for yourself and the other person and then work together on it.