Author: Scott Rick
Publisher: St. Martin's Press
Publication Date: January 9, 2024
Length: 230 Pages
About the Author
Scott Rick is a marketing professor at the University of Michigan’s Ross School of Business. He holds a Ph.D. in Behavioral Decision Research from Carnegie Mellon University, where he was a National Science Foundation graduate research fellow. Before joining Michigan Ross, he spent two years as a postdoctoral fellow at The Wharton School of the University of Pennsylvania. Rick routinely teaches courses on consumer behavior, judgment and decision-making, and marketing management.
Relationships and Money
Dr. Rick defines a tightwad as a person who has difficulty spending money. A spendthrift is a person who has difficulty controlling spending. Research shows that conflict revolving around money is the second leading cause of divorce in the United States, with infidelity being the leading cause.
This book explains why money should be considered when choosing a partner, how money should be handled within the relationship, and how money should be used in raising children. The ultimate goal is finding a balance between financial and psychological well-being.
My Thoughts
I chose this book because I tend to enjoy spending money and my husband tends to have difficulty spending. I am not an extreme spendthrift and he is not an extreme tightwad, but we definitely have different spending/saving styles.
The author did an excellent job blending the psychological and financial concepts in this book. Financial beliefs are deeply engrained and have often been in place since childhood. Communication and compromise are required to work out a financial plan that is satisfactory to both partners in a marriage.
I read Chapter 7, "The Secret Language of Gifts", about three weeks before Christmas. It is always hard for me to purchase a gift for my husband. Dr. Rick believes that gift-giving occasions are important opportunities to make our partners feel seen and appreciated. He recommends giving gifts that require some kind of sacrifice. It should be clear to your partner that your gift was not easy to select or obtain. This advice really touched me and helped me choose appropriate Christmas gifts for my husband.
You might be surprised to learn that the author does not believe that complete financial transparency is necessary among financially mismatched partners. He suggests that financial translucency (partial financial transparency) is likely to strike the right balance between financial and relationship well-being.
This is an amazing book that should be required reading for everyone in a relationship that requires the blending of finances. Highly recommended!
MY RATING: 5 STARS OUT OF 5
Thank you to NetGalley for this excellent reading opportunity.
