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Next steps (Read 248 times)
Dave T
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Next steps
Jul 26th, 2010 at 7:50pm
 
OK, all of you out there have become my trusted advisors, whether you wanted to be or not Smiley

This dating in the 21st century sure is complicated!

Heidi and I spent the weekend in Aspen and had a great time. Sort of interestingly, we began talking about our future together at the same time, and it's something we both have been thinking about. So with this future discussion, I think we need to have the discussion about finances. Given we are both pretty successful in our fields I don't think there is anything to worry about, but I think we need to discuss this.

So, has anyone had this level of talk and how did you go about it. I was thinking I would get a copy of my credit report and also talk in general terms about my assets. 401K, pension, etc. Thankfully, I'm debt free so that part is easy.

Any advice would be welcome!

Thanks!
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suddenly sad
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Re: Next steps
Reply #1 - Jul 26th, 2010 at 9:17pm
 
Holy Cow Dave,

I have less than no advice as I am not dating.  After reading this post I may never as it can get complicated.  Let me know how it all plays out.  I can't even imagine.
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GG797
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Re: Next steps
Reply #2 - Jul 26th, 2010 at 10:23pm
 
Hi Dave, congratulations on your relationship getting to the next level!

In your post, you say that you think that you need to discuss finances.  Is this something that you both agreed that you want to talk about, or is it something that you think the two of you need to talk about?

If it is something that you both agreed to talk about, then maybe you could talk some more about what you should talk about, and what information to share/exchange.  If the two of you did not agree to talk about it, then maybe the first discussion is to see how she feels about talking about it.  Financial discussions are not particularly romantic.  Sometimes the person who has less can feel less in the relationship because they are not bringing as much.

So I guess my advice is, before you show up with credit report and personal financial statement in hand, maybe you should discuss with Heidi exactly what kind of conversation she would like to have, and be prepared for any answer from full disclosure to not wanting to share any information at all.

Good luck.

Glenn
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Re: Next steps
Reply #3 - Jul 27th, 2010 at 4:33pm
 
Hi Dave,
My first disclaimer is I am not anywhere near this stage so this is all just opinion. I agree with Glenn that this should be talked about in general terms first, joint checking, who is responsible for bills etc. You know Heidi best so you may know how she will react to finance discussion. Sounds like she will be okay with the talk as long as she is prepared. Good luck. I hope it goes well.
Vickie
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MikeSki
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Re: Next steps
Reply #4 - Jul 27th, 2010 at 6:31pm
 
Hey Dave,
I think Glenn has offered some very good advice and i would take it.  (And i will too when I get there with Vicki)  Mixing two financial lives which were already strated could be tricky but with openess from the begining, I'm sure it will be fine.  Like Glenn said, see how in depth she wants to talk about this and go from there.

Best of Luck,
Mike

PS. What did you think of Contadors attack when Schleck slipped his chain?
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I'll always love you and miss you, Kate.
 
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Dave T
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Re: Next steps
Reply #5 - Jul 27th, 2010 at 9:44pm
 
MikeSki wrote on Jul 27th, 2010 at 6:31pm:
Hey Dave,
I think Glenn has offered some very good advice and i would take it.  (And i will too when I get there with Vicki)  Mixing two financial lives which were already strated could be tricky but with openess from the begining, I'm sure it will be fine.  Like Glenn said, see how in depth she wants to talk about this and go from there.

Best of Luck,
Mike

PS. What did you think of Contadors attack when Schleck slipped his chain?


Glenn, Mike, All:

Thanks, your advice sounds really great. Sometimes I think way too much like an engineer (need to have immediate solutions), and that doesn't always work. I don't think we are to the point of mixing yet, but it can't hurt to have a good idea of how each other views finance. Or I could be watching Suze Ormann way too much. Smiley

I thought all the frontrunners had an agreement not to attack if another frontrunner was down or had a mechanical problem. I have not gotten all the way through the stage yet, so I don't know how it turned out. I did ride a couple of the 1 day classics for RMO in 1986, it was interesting how different those were from races in the US.

Thanks everyone, I'm in uncharted waters here! Smiley


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Re: Next steps
Reply #6 - Jul 28th, 2010 at 9:56am
 
I'm not at this point yet, but I've already decided that when I find my next life partner, we will both have estate plans in place, either a pre-nuptial agreement or a co-habitation agreement as the case may be, and full disclosure of finances before moving in together or getting married. Anyone I go on more than 3 dates with will know that I will eventually require this.
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Dave T
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Re: Next steps
Reply #7 - Jul 29th, 2010 at 9:47pm
 
As usual, I was way over-thinking this. I have to get out of engineer mode in my personal life...

We were sitting on Heidi's deck last night and I asked, based on the conversations we had last weekend if we should have a general conversation about finances and how we view money. Heidi jumped out of her chair, ran into the house (I though I was in trouble) and then ran back out with a file folder of stuff. Apparently, she was planning on asking me the same thing sometime soon, so she was quite happy I brought it up.

Turns out we are both quite financially compatible, we have very common views on finance and money. She said she was a bit worried about how I was doing, because she thought my new house was way more expensive than it actually was (the recession really helped keep labor costs down and I got my lot for about 25% of the appraised value).

I do carry a lot of Lynn's financial views, she is the one who taught me how to be a saver and we did live well below our means through our entire time together.

Thanks for the advice everyone, it was quite helpful. Yesterday turned out to be a great day, Lynn's niece delivered her first child, a girl named Anna Lynn. It's nice to have Lynn remembered in that way.




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GG797
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Re: Next steps
Reply #8 - Jul 30th, 2010 at 8:44am
 
Glad to hear things worked out well for you Dave!

Glenn
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MikeSki
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Re: Next steps
Reply #9 - Jul 31st, 2010 at 9:50pm
 
Dave T wrote on Jul 29th, 2010 at 9:47pm:
Thanks for the advice everyone, it was quite helpful. Yesterday turned out to be a great day, Lynn's niece delivered her first child, a girl named Anna Lynn. It's nice to have Lynn remembered in that way.


Dave,

I'm really glad it worked out well for you and Heidi.  Having Lynn remembered like that is beautiful.  My sons middle name is matthew, after my best friend who died at 29 years old and it was Kate's idea to do it.  Naming someone in that way is a beautiful rememberance.
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I'll always love you and miss you, Kate.
 
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