Mark Henry of Alloy Wealth on the value of a shared financial vision
Mark Henry leads a team of financial professionals and retirement planning experts at Alloy Wealth. After spending decades working in the financial markets and watching his father lose half of his retirement nest egg during the 1987 stock market crash, Mark Henry founded Alloy Wealth to help clients enjoy their retirement without fear of running out of money.
Mr. Henry and his team create written retirement plans that provide clients with regular monthly income, similar to when they were working. The team accomplishes this by looking closely at clients’ savings, investments, budgets, lifestyle, and goals to set up a sustainable portfolio balanced between long-term investments, short-term investments, savings, and cash reserves.
Mark Henry believes that the best way to prepare for a successful retirement is to be financially educated. When people understand the ins and outs of personal finance, they are better equipped to budget, save, and invest—and the sooner they start doing that, the more likely they are to enjoy a comfortable retirement.
To help pre-retirees and retirees learn about these topics, he shares his expertise with the public. Mr. Henry has appeared on television shows, radio shows, and podcasts. He also does in-person and online speaking engagements. Perhaps most importantly, he hosts the Living Large Retirement YouTube channel and blog, where he answers common questions and provides information and advice.
Building a financial vision with a partner
One recent article that Mr. Henry published on the Living Large Retirement blog talks about the importance of creating a shared financial vision with a partner. Money can be one of the most volatile issues for couples, particularly when they do not have the same values and vision related to wealth, spending, saving, and investment. Finances are one of the most common causes of fights in relationships, often due to an inability to see things from the other person’s perspective.
Everyone has different life experiences and therefore different beliefs about money. These differences are frequently the product of deep-seated emotions that people might not even realize are there. People inherit their ideas about money, spending, and personal finance from their families—their upbringing, socioeconomic class, and the values and behaviors their parents modeled for them. When two people who were brought up differently share their lives and combine their finances, it’s no surprise that they often have differences of opinion and conflicts.
One of the most important tools for maintaining a healthy relationship is open communication. This is true with nearly all issues, and particularly money. When couples discuss their values, spending and saving habits, and financial goals, they are more likely to understand each other and appreciate the other’s perspectives. And when major arguments about money arise, talking these issues out rather than bottling up frustration and anger can save the relationship.
Another way to ensure that money doesn’t get in the way of a happy relationship is to work with a financial planner. With objective, unbiased advice from an experienced professional, couples can create robust financial plans that help them stay on budget in the short term and prepare for retirement over the decades.
When money matters are written down in a plan developed with financial experts, it can serve as a framework or “set of rules” for both people in the relationship to respect. This framework helps couples minimize their anxiety about financial issues and allows them to make smaller money decisions automatically, without a stressful discussion or argument. Not only does this make for a happier relationship, but also more effective savings and investment for the future.