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New data reveals that couples willing to display courage in openly discussing and managing money matters are 40% more likely to achieve relationship fulfillment than those who avoid the process.
Those who display more expansive communication instead of conflict regarding family finances find that shared decision-making and transparency build trust. Moreover, including financial planners and other experts in such interactions will be more fruitful for all family members.
Demonstrating the courage to talk about such money matters is essential for building trust for both partners. It can also stop lingering issues and create meaningful dialog between spouses and their children. Building a solid financial partnership may initially include discussions related to individual experiences with handling money, like managing and building credit, and, in turn, create pathways to mapping out future financial goals such as homeownership, business startups, and guidance for children in the wealth-building process.
black enterprise spoke to Early and Tia Ewing Walker to gain feedback on such matters. Early is an entrepreneur and philanthropist who recently sold his company to Vehicle Management Solutions, reportedly the nation’s largest dispatch, vehicle storage, and traffic incident management provider. His wife, Tia, is an Emmy-winning TV news anchor/reporter on FOX 32 Chicago. The married couple with children has been recognized for giving back to their community.
They touched on many points, including how they collaborate to overcome financial obstacles and what they teach their children about money.
For some families and couples, financial conversations are taboo. Early and Tia offered input to help counter that. Early’s advice is: “Don’t be afraid to not know what you don’t know. Recently turning 40, Early admits that he’s still learning about financial management. For instance, Early says that only two to three years ago, he realized that using his debit card for purchases didn’t make sense. “I have a close friend that I speak to daily. He’s a multimillionaire [who] instills stuff in me that I’m still shocked [by].”
He noted that his friend is younger and has a different nationality and upbringing. “Different cultures, different nationalities, they teach their kids different things as they’re growing up, and we don’t.”
GOOD CREDIT AND FINANCIAL EDUCATION CAN BECOME ASSETS
Early recommends having an expert in your corner who knows more about financial matters than you and can provide guidance. He explained that means you must change your circle, something he’s done.
In fact, part of the reason he took the deal to sell his business was not just for financial benefits. It puts him in proximity with people he otherwise would not have had. “It’s allowing me to have conversations that I never thought I would have. It’s allowing me to say, “Wait, so where do you go with your money?”
For her guidance, Tia offered that families should never be afraid to pivot financially. The Walkers shared how they moved into a $700,000 home, a mortgage they pay together. Tia says, “We live in a very big house. OK? This is the truth. And we decided that.”
Tia explains how she and Early initially fostered their relationship as friends. She would call him to talk about money matters, including how to make credit work for you. For example, she didn’t realize why her situation with credit kept her from purchasing a home. Tia says she was never advised to “Monitor your credit.” Early directed her to the right person, helping boost her credit score from 480 to about 750 and allowing her to buy a home.
She also recalls asking about investing to build wealth and accumulate resources for retirement.
As a result, Tia gained greater financial education knowledge about six years ago. Before that period, she had no concept of what she needed to do.
Another groundbreaking part of the Walkers’ journey has been philanthropy. That has become Early’s biggest passion since he started his business 13 years ago. He vowed early on that he would give back to his community if the enterprise proved successful: “It’s [showing] appreciation to the people who support me.”
That has always been part of his business plan. It has even been included in the negotiation process for all of his business acquisitions.
TEACH CHILDREN THE FINANCIAL FUNDAMENTALS BEFORE THEY CHOOSE THEIR PATHS
On the multigenerational front, Early says he has instilled in his children the value of money management. He says all of the Walkers’ children attend private schools and have been encouraged to further their education at the collegiate level.
He says his teenage daughter has shown interest in real estate — one of the business sectors that Early pursues. “I do rehab, flipping, and stuff like that. And I was like, “Hey, look, come on. Let me show you the game.”
Teaching kids about money is important, but the Walkers still have a bit of uncertainty regarding how best to educate them.
“Parents try, and we want our kids to be potentially better than us and who we want them to be,” Early says. “I don’t feel like that’s smart. I just feel allowing them to form who they are and allowing them to figure out who they want to be is important.”
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