"What is there to talk about?" you may ask.
Well, there are many things that relate to money that we may not associate with money, but are money discussions.
For instance, I had a conversation yesterday about what I wanted in retirement, and there are so many options -- recreation, relaxation, travel, hobbies, family, etc.
So if my partner and I want to travel, do we want to backpack like when we were in our 20s, or five-star it like in our dreams? Do we agree how we want to travel and what sort of countries we want to visit?
Ultimately, this money discussion leads to the following question: How much do we need to be able to do all of this?
Some of us avoid these discussions because ... what if we don't agree? What if one of us wants to spend time with family and the other wants to travel? But asking these questions before you get to retirement is a great starting point.
If you want to live a lifestyle like you are now or better, and let's say you want $30,000 to $50,000 per year, then you will need somewhere between $450,000 and $1.3 million if you plan to retire in 25 years and live for another 20 years.
So, is it possible? It is -- the "how" is the interesting bit and it involves the word "budget".
The common response I hear when I say this word is: "Why do I need to do that? I'm doing fine."
I agree, but are you on track to live the retirement you want?
I was teaching the other day and I had this discussion, and we discovered that budget can be all sorts of four-letter words. Here are three we came up with: Poor, Free, Rich.
Poor because the common reaction is: "If I have to do a budget, I must be poor."
This is a myth I want to shatter -- the rich do budgets because they want to make sure their money is going to the places they want it to go.
Free is how it feels when you do have a budget and are telling your money where to go, instead of your money telling you where it's going.
Poor often happens when it's least expected -- like your car breaks down.
But when you have the money available because it was in your budget, you feel free telling the mechanic: "Let me know if it's something major, otherwise go for it."
Finally, rich is how you feel when you have money in your bank accounts, everything is paid and you don't have the pressure of wondering where the next dollar is coming from.
It is what happens when you have a budget and you pay yourself first, because you are worth it.
So if you want to be in the percentage who don't get divorced (about 50 per cent of married couples stay together), then take the following steps:
1. Talk about your money.
2. Work out what you both want and support each other to achieve it.
3. Build a budget that you can create your dreams with.
4. Don't wait for your dreams to come to you, go get them.
When you create your dreams with your loved ones, you create happiness because quality relationships have been proven to be the most important element of feeling successful.
As it turns out, travel and spending time with family are important elements of our retirement.
I'd be interested to hear what's important to you -- head to "loveandmoneynetwork" on Facebook and tell me what you think.
�My book Get Your Personal Debt Gone Real Fast is available by emailing scott@
loveandmoneynetwork.com or by calling me on 027 236729.
