Transcript of video:
Interviewer: We know that finances can be a source of tension in relationships. We have Kurt Pearson with us this morning. Where do these tensions begin?
Kurt: Well, it kind of goes back to the three different things we can do with our money: saving, spending, and sharing. And so many times as couples begin to make decisions around those three areas, the tensions can begin to arise because there may be different philosophies going on, or there may be different ideas about what works and what doesn’t work. And of course the philosophy of deck dovetails with the spending area, and so that can raise some tensions, as well.
Interviewer: Help explain this one. Financial infidelity, getting mentioned a lot more, especially since the recession hit.
Interviewer: Explain what that is and how someone can find themselves in that rut.
Kurt: Well, in a relationship, sometimes conflict isn’t always easy to address, and so one of the ways we try to avoid the conflict sometimes, unfortunately, is hiding. And that’s where the financial infidelity comes about. It is a new phenomenon in terms of having a name, the Great Recession, but when everything drops and everyone kind of gets a little bit anxious and uneasy, now, that’s a time when some of these things can bubble up to the surface. You know, we lose our job, then we have to admit, oh yeah, I’ve been using this credit card a little bit more. And so that’s how the term really came to be.
And now we’re learning some very interesting statistics about interrelationship, how, the type of things we try to hide and how that can really damage the financial future of a couple.
Interviewer: And debt, I’m sure, even going, entering a relationship, maybe not being completely upfront with the amount of debt, student loans these days.
Interviewer: Sort of what you’re walking into already before the relationship has even blossomed.
Kurt: Right. And so some solution steps have to relate to those basic financial documents [recording skips] talk about all the time. I mean, prior to a marriage, prior to a couple being together, very good to have full disclosure on, hey, what does the net worth look like? What are the assets? What are the liabilities? And let’s make sure that we’re having total honesty. I’d have suggested that you have an amnesty day, where if there has been some things going on, hey, total forgiveness on this day, come totally clean. Because that is the path to true healing. That is the path to true financial, to your true financial future, is to have, to start on that plane, from that foundation of total honesty.
Interviewer: An amnesty day. And those honesty tips, review once per month.
Interviewer: Discuss cash flow. Debt principles. Use a third party, and then measures.
Kurt: Yeah. Those a very good tips. Yeah.
Interviewer: Great. Thank you so very much.
Interviewer: If you ever want to contact Kurt, you can always do so by calling the number on your screen, or really easy, just a click away, just go to cfs00417.hmdev. And have a great day. Thank you so much for being with us.
Kurt: It’s good to be here.