The most valuable Valentine's Day gift
Want to hear about a Valentine's Day gift that's more valuable than jewelry, roses, chocolate or a nice dinner out? One of the best ways to show your love is to help your significant other realize his or her dreams. And you can do that by taking steps to be financially secure.
Yep, this romantic tip involves talking about money.
Before you roll your eyes and go looking for cat videos, stick with me.
If your partner is a woman, consider that 92 percent of women say they want to learn more about financial planning in the next year, and 83 percent say they want to get more involved with their finances, according to a recent survey by Fidelity Investments. So, your money talk has a good chance of hitting the mark.
If your partner is a man, consider that women tend to save more than men and have more appropriate asset allocations, according to the same Fidelity survey. Therefore, your man may need a little help refining his retirement savings strategies to make the most of his money.
But how can you broach this sensitive subject? Sweet talk is often a good way to initiate a tough conversation. So, telling the woman in your life that women often do a better job than men in the financial management arena might help.
In addition, eight out of 10 women confess they refrain from talking about money with those they're close to, because they think the subject is too personal or uncomfortable, so maybe you can break the ice with some roses, chocolate or wine!
Bringing up the topic might be trickier with men, who don't like to feel threatened or think they're being criticized. To get started, try turning the gift around by appealing to his desire to take care of you. Tell him the best gift he could give you is to understand how your finances work and that a financial "date" in the future would make you really happy.
Whether your partner is a man or a woman, you can get off to a good start by sharing how much you care for your partner and that the whole point of this talk is that you want him or her to feel good about your future together. You can find more help with Fidelity's innovative couples quiz that can test how financially compatible two people are. It also compares your answers to those of other people your age and gender.
Looking for some specific ideas that can help you and your partner work more closely toward the same financial goals? Many employers offer investing or retirement planning seminars and invite spouses and partners to attend. Proactive employers are increasingly offering financial wellness seminars and services as well.
Take the bull by the horns: If your company offers such services, sign up both of you. If they aren't available from your employer, try looking for webinars and seminars offered by a financial services firm in one of its local branch offices. In this case, look for informational programs that aren't merely a setting to sell you an expensive product.
Why could this money talk be the most valuable Valentine's Day gift for your partner or spouse? Just a slight boost to your saving rate or simple refinements to your investing strategies could result in thousands of dollars in additional savings when you reach retirement. And that extra dough will be able to buy a lot of future romance.
Hint: If you really want to boost the romance this Valentine's Day, it might be a good idea to keep your money talk short. Just mention the future financial "date" and the reasons for it. Then move on to chocolate, roses and a nice dinner out!
