There’s something lurking under the surface of your marriage or close relationship.
You may be ignoring it now (most people do) but that means trouble is building. In fact, it’s a leading cause of divorce.
What is it? Money.
According to a report by Fidelity Investments, fewer than half of the couples studied manage their household finances together. Another study found that a whopping 68 percent of engaged couples have a negative view of talking about money with their significant other — the person they are promising to spend the rest of their life with!
Additionally, money is the number one cause of fights among American couples — and the main reason 14 percent of relationships end, according to financial advisor Suze Orman.
Financial conversations are notoriously tough, yet critically important. It can get even more complicated when precious metals are added to the mix. Not everyone understands the investment strategy, plus there is often a level of secrecy needed for security.
Below are some tips to help guide your discussion.
Make it Relaxed
Starting a conversation about finances is best when you aren’t upset, so don’t open the discussion in the middle of a fight. It’s a talk to have when everyone is in a good mood. To get the ball rolling, broach the topic casually. Go for a walk on a nice day, or try chatting over a glass of wine and your favorite snacks. If it feels more like a date than a chore, the conversation may be easier.
Compromise
No one likes to be bossed around. When talking with your partner about finances and precious metal investing, be aware that it should be a conversation between equals: you should care about what your spouse has to say just as much as you care about your own opinion. Listen as much as you talk.
Educate Without Using Scare Tactics
Sometimes precious metals investors use some heavy doom-and-gloom language. But although planning for a crisis is an important reason to invest in physical assets, it can be frightening to some people. So if you’re just beginning the conversation, start simply. Focus on approachable aspects of precious metals investing. Some talking points may include:
- The inherent value of gold and silver
- Having something in-hand that can be passed to future generations
- The savings benefits of precious metals compared to other assets
- The fun of collecting something
Discuss the Importance of Security
If you’ve decided to share your life with this person, you should be able to trust them with the security of your physical assets. Be sure to emphasize the importance of keeping quiet about what, how much, and where you store your gold, silver, copper and diamonds.
If appropriate, teach proper methods of storing assets in a safe and how to access your investments in the case of an emergency. (If you are incapacitated or die suddenly, will your family know how to access these savings?)
Decide on Mutual Goals
This goes back to compromise. After you and your partner have talked about why you want to invest in precious metals, decide together what that means for your family. You may agree agree to buy silver once a month, or that you start a spare change piggybank used only to buy gold coins (http://www.providentmetals.com/gold-coins.html). Whatever it means to your household, being in agreement makes you more likely to succeed.
Diversify Your Plans
Your goals should include a variety of assets to protect you against lurches in the market. This can be cash savings, a precious metals IRA, owning different types of physical assets, or ordering a variety of sovereign and privately minted coins and rounds. Whatever breakdown you and your significant other decide, make sure to include a little bit of fun to keep things interesting and to keep you engaged in your goals.
Starting a conversation about precious metals investing can be intimidating, but it’s worth it. Investing together builds confidence in your relationship and helps you meet your goals as a team.
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