Book Review: Get Financially Naked: How to Talk Money with Your Honey
It has been reported over and over that money is the number one cause of conflict and stress in relationships. This is precisely the reason authors Manisha Thakor and Sharon Kedar wrote Get Financially Naked: How to Talk Money with Your Honey. This short book is a tool that teaches readers how to get on the same page financially with their significant others in order to live "from a position of financial strength." Here are my takeaways from the book.
First of all, this book was written for women even though the authors acknowledge that the lessons could also be used by men. The authors also wrote a personal finance guide called On My Own Two Feet: A Modern Girl's Guide to Personal. The book starts off with a visualization exercise that asks the reader what they would do when they live their life from a position of financial strength. It goes on with an exercise about personal financial beliefs, and then asks the reader to repeat the exercises with their partners. The purpose of these exercises is to let the reader know where they are coming from financially.
The second section of the book talks about issues like knowing the net worth of your partner, and various tips on how much a home and car should cost. There is also a whole chapter on knowing your partner's family because it is possible that your finances will be used to help his or her family. All of these things are quite important in a long term committed relationship.
The final section of the book talks about saving and investing, but it was quite brief. The most important thing in this section is that you should keep your investments simple, and both partners should agree on how money is saved and invested. I felt that this section was a bit too short, but the authors did say that they talk about more investing in their previous book.
Overall this is definitely a great book for those who are just starting to figure out their personal finances because it offers some very basic tips as to what to do. Each section of the book includes stories of real women and the consequences of not knowing what their partners did with their money. I would definitely recommend the book to those who are in serious relationships and do not discuss money. The book's simple exercises may make the money talk a bit more organized and fruitful. There is also a companion website where you can check out the exercises for free.
Disclosure: I received a free review copy of the book and this post includes Amazon affiliate links to the books mentioned.
Have any of you had problems talking about money in your relationships?