Ep. 57 - Know Yourself, Know Your Money
Money is a hot topic in marriage, is it not? Why is this such a difficult issue to resolve? He likes to spend too much. She doesn’t want to spend a dime. He just wants the latest toys. She always wants to go on vacation. These polar opposite views of money can make for major conflicts in marriage. That’s why they say the number 1 issue in marriage revolves around money. If you’re a Dave Ramsey fan like us, you’ve heard all about staying out of debt, getting on a budget, saving, giving, blah, blah, blah. All good stuff and true but the HOW to do all that can be difficult when you haven’t been raised to handle money well. Which is true for the majority of people. So while Dave teaches a lot about the HOW, his daughter, Rachel Cruze, tackles the WHY. Understanding the WHY you treat money the way you do will make the HOW so much easier. Spoiler alert: We learn from our parents. Rachel’s new book Know Yourself, Know Your Money: Discover WHY You Handle Money the Way You Do and WHAT to Do About It was just released in January 2021 and it is a must read for everyone and every couple. This will help you get a deeper understanding of yourself and your spouse to greatly improve the communication around this touchy subject.
Follow Rachel on Twitter, Instagram, Facebook and YouTube or online at rachelcruze.com.
Key questions asked:
Growing up as Dave Ramsey’s daughter, one would think you grew up very disciplined with money and loving budgeting. True?
What we love about your new book Know Yourself, Know Your Money is that it deals with the heart of how you handle money, not simply the symptoms. I.e. spending too much, not getting on a budget. This deals with the Why, not simply the what. Part of answering the Why you handle money the way you do comes from, what you call the “money classroom” Can you elaborate on what that is?
Even though you mainly deal with personal finance issues, you must hear about how business owners handle money in their company. Are there parallels?
So let’s talk about the 7 money tendencies. Because that is an important topic on a personal level and in business. What are a few of them?
How do you deal with differences in money tendencies between husband and wife?
Business succession: Passing down healthy money habits is very important for everyone. There is a relevant parallel to passing down a business. (succession) You've experienced the former and are in the midst of experiencing the latter. Many of our listeners have hopes that one of their kids will take over the business but statistically less than 30% will successfully transition their business to the next generation. So early preparation is important to do this well. From the outside, it appears that you and your dad are successfully preparing for that. Can you share your experience and speaking from the next gen lens, what does it take to successfully transition a business from one gen to the next?
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ABOUT RACHEL CRUZE | Ramsey Personality
Rachel Cruze is a two-time #1 national best-selling author, financial expert and host of The Rachel Cruze Show. Since 2010, Rachel has served at Ramsey Solutions, where she teaches people to avoid debt, save money, budget and how to win with money at any stage in life. She’s authored three best-selling books, including Love Your Life, Not Theirs and Smart Money Smart Kids, which she co-wrote with her father, Dave Ramsey. Her latest book Know Yourself, Know Your Money: Discover WHY You Handle Money the Way You Do and WHAT to Do About It will release in January 2021. Follow Rachel on Twitter, Instagram, Facebook and YouTube or online at rachelcruze.com.
