Although it may feel awkward to us, there are many ways of talking about and about money. It is never bad to have an open and critical conversation with your spouse, family or friends about your money situation. Below we have compiled a list of talking heads you might need on issues surrounding money.

(1) The Financial System

This includes knowing exactly how much money is in your bank account, how much money you earn, how much is in your savings account and how much of your wages go to pay bills.

(2) Your Assets

Assets are important because they are assets that put money into your pocket in return for an interest payment. Assets could include:

(a) House – this asset puts money into your pocket every month by either paying it towards your mortgage balance or by having a tenant pay it for you.(b) Car – this asset puts money into your pocket each month by you paying for it with either a loan or a lease, thus financing the car long-term. It would be much more difficult and expensive to be late on your car payment than it would be to be late on your mortgage payment!(c) Investments – do you own a business?a) Stocksb) Bondsc) Clothesd) Jewelry

(3) Your Expenses

Our expense categories are very simple. They are similar to those of a fruit sales store or fast food restaurant. We need to analyze our spending generally. It is important to track your spending for 24 hours a day for a full week to knowwhereyourmoney is going. As well, tracking takes much less time than analysis and does not involve Any computers, etc. Therefore, you can keep this task on your time if it would be done competently.

(4) Circumstances

Circumstances are all-uations. They change everyday, and usually for the better.The marketplace is volatile and moves up and down based on many factors. You need to be ready for anything!

(5) Financial Goals

What you want and what you want to do with your life. There is absolutely no right or wrong answer. As long as you are comfortable with your choices, then you should be okay. However, at the end of the journey, you want the fruits of your labor, so go with your plan.

(6) How Much Are You Worth?

Does your spouse or significant other believe in the “I can’t do anything unless I get this, it is such a pain in the ass” philosophy? You need to sit down and have honest discussions with those who are close to you. They might not be the ideal persons to help you with your goals. However, they might be more than ready to support you in your goals if you are open and honest and tell them what they are doing right and what areas you need to work on. If you don’t have the time to get all of your reviewed finances together, then you may need to be open to discussing this with anyone who can help, other than your spouse!

(8) Plan for Retirement, Part I

If you have a job or another stable income, then this is your first exercise. How much do you want to retire? Will you have enough money to retire and maintain the lifestyle you are now? Will you have enough money to sustain your current lifestyle if you decide to continue working to meet your needs?

(9) Plan for Retirement, Part II

People tend to have a lot of variations in their retirement plans. A savings plan that works for one person may not work for another – you need to review and present this plan along to your family. Your personal situation and goals will dictate the amount of retirement money that you take out.

Financial infidelity is like any other type of behavior and you should get smart as quickly as you can, but remember that Prevention is better than cure!