We probably have learnt how to save and value money as it can allow us to acquire / buy what we wish. We may have learnt how to better manage or budget money or rather how to make financial decisions with our money.

But what we have not learnt is how to align this decision with others, like family or for that matter spouse.

This is about my experiences in life and also as a financial planner for families.

I am sure you will agree with me when we talk about family disputes. Superficially, it looks like that the problem lies at the monetary level.

However, if you pay close attention, you will realise that disputes are of standard pattern. The triggers are not only in money matters but in other matters also.

What Is the Solution?

First learn about yourself. How do you behave around money? Through this, learn to communicate. Try to know what is it that you value when it comes to financial decisions.

With better understanding of yourself, try understanding other point of views when it comes to money.

Case Study

Hema and Tejas were at crossroads in their investment strategy. Both did not agree on virtually anything when it came to investments. Why?

Several years ago, they invested in property and produced meagre profit. This investment money was subsequently lost in bad stock speculation and failed business. They did not save or budget. The loss in investments due to Tejas's aggressive attitude frustrated Hema. This was because Hema and Tejas had a different approach to financial risk.

Such differences occur because they were not paying attention to each other's point of view. This was happening because they did not have objective information about themselves - what is their natural risk taking capacity? What drives them - life security or recognition?