buzzz worthy. . .
This year the IRS expects to receive more than 147 million tax returns. Of those filing returns, at least 75% will receive a refund. Bestselling authors and money relationship experts, The Money Couple® (Scott & Bethany Palmer), agree that most husband and wives agree that taxes are a pain, but that’s where their similar viewpoints usually end. As with most money matters, couples approach money differently, and with that comes relationship challenges. Knowing your Primary and Secondary Money Personalities™ helps you both understand those different viewpoints and how they work together when it comes to taxes.
This year the IRS expects to receive more than 147 million tax returns. Of those filing returns, at least 75% will receive a refund. Bestselling authors and money relationship experts, The Money Couple® (Scott & Bethany Palmer), agree that most husband and wives agree that taxes are a pain, but that’s where their similar viewpoints usually end. As with most money matters, couples approach money differently, and with that comes relationship challenges. Knowing your Primary and Secondary Money Personalities™ helps you both understand those different viewpoints and how they work together when it comes to taxes.
The Money Couple has dedicated their lives to helping others strengthen their relationships. During their four combined decades as financial planners, they witnessed an increasing trend of marriages ending in divorce over money. So after years of research and work with a statistical scientist, they created The 5 Money Personalities™ to help couples everywhere reverse that trend and communicate positively and effectively about money. Their newest book The 5 Money Personalities™: Speaking the Same Love and Money Language explains the primary and secondary Money Personalities, opposite dynamics, financial infidelity, why we fight and ways to fight fair.
The couple explains how The 5 Money Personalities™ play a role during tax time:
Risk Takers – Don’t sweat the details, so you may not want them at the helm during tax prep. However, they could be king of creative loopholes. When the refund arrives they’re ready to take it and make up for lost time. Often quick to make decisions, they may forget to discuss their ideas with their spouse leading to hurt feelings. Start talking now before the refund arrives.
Security Seekers – Are happy to have more money to invest in the future. With an average return of $3,000, they are ready to apply their refund to secure their future. They may worry over the details before filing, and even after the check arrives they may worry that the amount — which you’re thrilled about — means your exemptions aren’t right. Help them with the details and assure them it will all work out, plus they will have another chance next year to do it all again.
Flyers – Are happy to let someone else handle the taxes. Period. Henry & Richard Bloch were not Flyers. Enlist the help of professionals or if you’re a Security Seeker or Saver, volunteer to handle tax details, filing and refund allocation.
Spenders – Can’t wait to. . .spend it. Big screen, big vacation, big party! Avoid spending your refund before you receive it. Help them avoid the temptation to spend it all, and encourage consideration of their entire money situation.
Savers – Calculate their estimated refund as early as possible, and have already mentally lowered their debt figure (and their blood pressure) by that amount. They may even opt to e-file so the money is deposited directly into their savings account. Talk with Savers about other ways to use the refund check. Maybe every penny doesn’t need to be saved
For more information about The Money Couple and to access the FREE Money Personality Quiz, please visit www.TheMoneyCouple.com.