Money & Relationships with Vinnie
2024 is going to be a big year for me personally and professionally, but it unfortunately means the end of new content for Martinis and Your Money in October, culminating in 10 years of podcasting. It's been quite the journey, and I still have seven more months to go. My plan for this final season is to be the best of the best, where each month, I highlight a new financial topic. This month, I'm talking about relationships and money.
It's estimated that money problems lead to 20-40% of divorces and from my seat as a financial planner for over the last 10 years, I can tell you that those numbers are accurate. This month, we're going to talk about the pitfalls money can have on relationships but also the solutions to building a financially healthy and safe foundation for two people to navigate. Kicking off this month is the guy I'm in a relationship with, my fiancé, Vinnie. Vinnie joins me to talk about how and why he got financially naked with me and how we handle money choices as a couple.
What are we drinking?
Vinnie - Wild Turkey American Honey Whiskey
Shannon - Gin & Tonic
Podcast Notes
The beginning stages
Shannon and Vinnie discuss the intricacies of relationships, love, and finances, sharing their experiences and lessons. They have been together for three years and are engaged to be married soon!
Meeting at a later stage in life has many benefits and unique challenges. They're ten years apart in age but in a similar stage of life. They've learned a lot already but still have lessons to learn together.
They met on Match.com, having to navigate dating after significant life experiences. They'd both been online dating for a while before connecting. Shannon remembers Vinnie's profile because it was thoughtful and authentic.
Vinnie's genuine interest in Shannon led him to research her background, demonstrating his commitment to understanding her early on. Being genuine and open paved the way for a strong connection and foundation.
Financial transparency in a relationship
Financial conversations should start early in the relationship. The earlier you get everything out in the open, the easier it is to understand and support each other. Money is emotional, and talking about it helps remove the shame attached.
Every financial situation is fixable. You can overcome financial challenges you're bringing into a relationship and ones that happen together. The key is being open and honest.
Especially if you are married, you are legally a joint unit with joint assets and liabilities. Transparency is crucial. Financial transparency can enhance every aspect of a relationship.
If you trust your person enough to be physically naked with them, you should feel comfortable getting financially naked as well. Vinnie wanted to get financially naked pretty early, and Shannon thought it was incredibly attractive.
Plans for the future
On their very first date, Shannon knew Vinnie was exceptional. By the third date, she knew that Vinnie was her person. Now, they're engaged!
From the beginning, Vinnie has fully supported Shannon, from bringing her book to their first date to being a regular listener of the show to driving hours to be with her on an especially challenging night. His thoughtfulness shines through.
Through personal and professional challenges, Shannon and Vinnie have supported each other. Money conversations have always come naturally in their relationship.
They maintain a positive outlook through all of the ups and downs and are excited for the future and the next chapter together. They communicate well and are a great team.
Takeaway: My biggest takeaway is that transparency and trust while scary and first can truly be game-changing in your and your partner’s money journeys.
Vinnie’s Book Recommendation List:
Bearing The Unbearable by Dr. Joanne Cacciatore
Grief Day By Day by Jan Warner
When Your Soulmate Dies by Dr.Alan Wolfelt
Heartbroken: Healing From The Loss Of A Spouse by Gary Roe
I Wasn't Ready To Say Goodbye by Brook Noel & Pamela D. Blair, PhD
We Don't Die by Joel Martin & Patricia Romanowski
Link to Vinnie’s last episode: Affordable Home Repairs
Random Three Questions
What is the next big trip you’d like to go on?
What is a book or movie that transformed your life?
If this was your last meal on earth, what would it be?
If you have any topics you would like me to cover on this podcast, or if you’d like to get in the financially naked hot seat, I encourage you to email me at Shannon@fingyms.com, or join the private Martinis and Your Money Facebook Page, and let me know what you want to hear.
In addition to hosting this show, I’m the founder and CEO of The Financial Gym. We are celebrating 10 years of this journey, and now, more than ever, I see the importance of the work we do every day. Rising inflation, the return of student loan debt, high interest rates on mortgages, and volatile stock markets make it a time when you need a best financial friend to help you make the best choices.
At Financial Gym, you get paired with a Certified Financial Trainer, who we call your BFF. Our team has coached clients through every financial season, whether they were living paycheck to paycheck or headed into Financial Independence and retirement. As a reminder, we work with individuals, couples or business owners.
And the exciting news of 2024 is that Financial Gym now has a sister company, FG Advisory Services that’s available for people who are looking for more traditional financial advisory services like asset management delivered by a team that looks and behaves nothing like a traditional financial advisory services company.
We literally have a solution for you no matter where you’re starting from. So what are you waiting for? Head over to financialgym.com to get started today. Our warm-up calls are free of cost and judgment.