When potential new clients come to see us, we often realise that they have different money mindsets.
This is quite common when people have re-partnered in their 30s or 40s and it’s not gender specific either.
One person may have started investing in property or shares when they were younger, usually because of their upbringing, while the other may not have had the financial means or education to do so.
However, having differing money mindsets does not future financial problems make.
That’s because it’s quite unusual for two people to have the same financial risk profiles – and that’s a good thing!
If you had two people who were both financially conservative, then they are unlikely to ever invest in anything and would have never knocked on our door at all.
Likewise, if they are both risk-takers, well, I doubt they would ever believe they needed expert assistance and would simply get into property investment with gusto – and usually without the necessary skills and research to do so.
As part of our services to clients, we almost have a policy that we need both people to be on the same page because it impacts them equally and it is building a life plan for them equally.
Now, this doesn’t mean that both have to take active roles in their property wealth creation strategy.
It simply means that they both need to understand the “how’s” and the “why’s” of the property investment strategy we have developed for them.
So, we teach them such insights as how successful property investment works, including the potential returns, how to use equity to invest, as well as risk mitigation strategies.
By completing this process, both people become aware of their personal risk profiles, which are probably different.
However, by understanding their own risk profile, as well as their partners, they are able to work together more cohesively on the best way to invest for both of them.
It also empowers the person who was previously perhaps less interested, or more financially conservative, as they understand the future benefits.
It will also enable them to make an informed decision on what sort of lifestyle they can lead now to achieve their combined financial goals in the future.
If they didn’t have this insight, they could go through life unnecessarily nervous because they thought they were spending too much or saving too little.
Like many things in life, education is key if your goal is to be the top of the class in any endeavour.
Property investment is no different, plus you have the opportunity of sharing your success with the love of your life. How cool is that?