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Wallace Howick

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Talking money with your partner is never easy. Wouldn’t it be great if there was a book with conversation starters and examples to use to get things going? Good thing Wallace Howick, CPA thought just the same thing and wrote his book Love and Money: Conversations to Have Before You Get Married. But the conversations he shares in his books can actually be applied to so many different relationships, such as when you’re dating or common-law. And the thing is, although technically it’s not difficult, most couples have no idea where to start. Luckily in this episode, Wallace shares his expertise and insight with his 30 years of being a Chartered Professional Account and working with a wide range of clients. This book is such a great read (and not too long), if you’re looking for a way to approach the subject with your partner, maybe put this episode on in the background or grab a copy and try out some of his conversation starters for yourself! For full episode show notes visit https://jessicamoorhouse.com/259

Talking money with your partner is never easy. Wouldn’t it be great if there was a book with conversation starters and examples to use to get things going? Good thing Wallace Howick, CPA thought just the same thing and wrote his book Love and Money: Conversations to Have Before You Get Married. But the conversations he shares in his books can actually be applied to so many different relationships, such as when you’re dating or common-law. And the thing is, although technically it’s not difficult, most couples have no idea where to start. Luckily in this episode, Wallace shares his expertise and insight with his 30 years of being a Chartered Professional Account and working with a wide range of clients. This book is such a great read (and not too long), if you’re looking for a way to approach the subject with your partner, maybe put this episode on in the background or grab a copy and try out some of his conversation starters for yourself! For full episode show notes visit <a href="https://jessicamoorhouse.com/259" rel="nofollow" target="_blank">https://jessicamoorhouse.com/259</a>

259 Money Conversations to Have Before You Commit - Wallace Howick, CPA & Author of Love and Money: Conversations To Have Before You Get Married

By some estimates, about 40% of marriages end in divorce. Money is often the root cause of the problem. Wallace M. Howick, FCA.,  joins us to discuss his book, “Love &amp; Money” – a workbook for anyone in love - whether you’ve just started dating or you’ve been married for 15 years already.    [0:00 - 0:35] INTRODUCTIONS   [2:40 - 5:47] MONEY MISTAKE  - Argue credit card charges | Email founders |Battle cell phone companies   [5:48 - 9:13] Why are there so many money problems? In your book, we follow Mark and Michelle, they want to start budgeting, you make it clear that’s wrong. Why? Where should we start?    [9:14 -  12:45] Walter, in your book you talk about the 4C’s: communication, choices, compromises, and constructing the plan. The book kicks off with a quote from the Dalai Lama - “Mutual respect is the foundation of genuine harmony.” Tell me why communication may be the most valuable piece of advice and why we have to begin with communication?    [12:46 - 14:09] Once you figure out values, is that when you talk about budgets? The 4 questions that will build your financial plan together.    [14:10 -15:37]  After defining what’s important to me and my partner, then I have a budget, right?   [15:38 - 17:17] Tyler and his partner are open and share everything. Lisa is independent with her partner. So, are we compromising on everything?    [17:18 - 21:59] Lisa tells her story of buying a Chanel purse, but uses insurance to buy it again. Wants vs. needs - downtown vs. suburbs - how do you bring up and solve difficult money conversations?    [22:00 -  27:24] I share everything with my wife - one bank account, one credit card, our finances are mostly about simplicity. Most of my friends who are in relationships have their money separate - they share expenses, but have their own accounts. Should we have shared accounts or separate bank accounts? How do you know what’s right for you?    [27:25 - 29:13] Is there a safe way to discuss pre-nups?    [29:14 - 32:11] Lisa tells a story about her friend and pre--nups.    [32:12 - 39:40] Weddings are expensive. When my wife and I got married there were a lot of must-do’s including guest list, open bar, I DJ’d my own wedding to save money. But, it’s hard putting boundaries on parents or in laws. Looking back, my wife and I have said we could have done a wedding with a fifth the list and been just as happy. Weddings didn’t use to be these lavish affairs - what happened? How does a couple afford a wedding?  [39:41 - 48:31] Five financial arguments between couples and how to solve them  “I spent $2,000 on a purse, but it is an investment.” “I need access to your accounts.” “My partner doesn’t know about my secret credit card.” “We should split everything 50-50, even though I make 30% more.” “Before we move in together, you have to get rid of all your debt.”    [48:32 - 54:19] RAPID FIRE QUESTIONS - What’s in your wallet? What’s a book everyone should read? What is one of the best or most worthwhile investments you’ve ever made? Could be an investment of money, time, energy, etc. What’s your number - to live independently wealthy and life on your own terms? What’s next for you? How can people get in touch with you?  [54:20 - 55:14] OUTRO

By some estimates, about 40% of marriages end in divorce. Money is often the root cause of the problem. Wallace M. Howick, FCA.,  joins us to discuss his book, “Love &amp; Money” – a workbook for anyone in love - whether you’ve just started dating or you’ve been married for 15 years already.  [0:00 - 0:35] INTRODUCTIONS [2:40 - 5:47] MONEY MISTAKE  - Argue credit card charges | Email founders |Battle cell phone companies [5:48 - 9:13] Why are there so many money problems? In your book, we follow Mark and Michelle, they want to start budgeting, you make it clear that’s wrong. Why? Where should we start?  [9:14 -  12:45] Walter, in your book you talk about the 4C’s: communication, choices, compromises, and constructing the plan. The book kicks off with a quote from the Dalai Lama - “Mutual respect is the foundation of genuine harmony.” Tell me why communication may be the most valuable piece of advice and why we have to begin with communication?  [12:46 - 14:09] Once you figure out values, is that when you talk about budgets? The 4 questions that will build your financial plan together.  [14:10 -15:37]  After defining what’s important to me and my partner, then I have a budget, right? [15:38 - 17:17] Tyler and his partner are open and share everything. Lisa is independent with her partner. So, are we compromising on everything?  [17:18 - 21:59] Lisa tells her story of buying a Chanel purse, but uses insurance to buy it again. Wants vs. needs - downtown vs. suburbs - how do you bring up and solve difficult money conversations?  [22:00 -  27:24] I share everything with my wife - one bank account, one credit card, our finances are mostly about simplicity. Most of my friends who are in relationships have their money separate - they share expenses, but have their own accounts. Should we have shared accounts or separate bank accounts? How do you know what’s right for you?  [27:25 - 29:13] Is there a safe way to discuss pre-nups?  [29:14 - 32:11] Lisa tells a story about her friend and pre--nups.  [32:12 - 39:40] Weddings are expensive. When my wife and I got married there were a lot of must-do’s including guest list, open bar, I DJ’d my own wedding to save money. But, it’s hard putting boundaries on parents or in laws. Looking back, my wife and I have said we could have done a wedding with a fifth the list and been just as happy. Weddings didn’t use to be these lavish affairs - what happened? How does a couple afford a wedding?  [39:41 - 48:31] Five financial arguments between couples and how to solve them <ol> <li>“I spent $2,000 on a purse, but it is an investment.”</li> <li>“I need access to your accounts.”</li> <li>“My partner doesn’t know about my secret credit card.”</li> <li>“We should split everything 50-50, even though I make 30% more.”</li> <li>“Before we move in together, you have to get rid of all your debt.”</li> </ol> [48:32 - 54:19] RAPID FIRE QUESTIONS - What’s in your wallet? What’s a book everyone should read? What is one of the best or most worthwhile investments you’ve ever made? Could be an investment of money, time, energy, etc. What’s your number - to live independently wealthy and life on your own terms? What’s next for you? How can people get in touch with you?  [54:20 - 55:14] OUTRO

Financial Advice for Couples with Wallace Howick, FCPA