Ben Ott gave workshop titled ‘Love and Money’ at Kramer Hall
Page 4 • Wednesday, March 13, 2019 • The Hammonton Gazette
MONEY, from Page 1
which addressed the importance
of “financial compatibility”
among romantic partners.
Ott said he works with many
couples in his line of work, and
will often act as a mediator when
there is a financial discrepancy be-
tween two partners.
“Managing the money is one
thing, but really, you end up being
a life coach for a lot of their finan-
cial decisions because yeah, i
manage the assets and pick invest-
ments, but at the end of the day,
when there’s a big purchase, when
there’s a death in the family, when
there’s a big financial decision—i
always tell them, ‘Come to me.
i’ll be the tiebreaker,’” Ott said.
To illustrate the common finan-
cial personality types, Ott handed
out a money personality matrix
chart that graphs an individuals
level of risk acceptance versus
their spending propensity. De-
pending on a couple’s responses
to the survey, they can be catego-
rized as one of eight financial per-
sonality types: a Scrooge, a
Gambler, a Shopaholic, a Miser, a
Bon Vivant, a Nester, an entrepre-
neur or a Traveler.
Ott said serious problems can
arise in a relationship when some-
body’s risk acceptance and/or
spending propensity is on the op-
posite end of the spectrum from
their partner’s.
“What may happen is that you
end up really close on one axis,
and that’s why you’re together—
because you share some of the
same spending propensity; you
both are high-savers. Great, that’s
why part of the reason you may
have bonded when you first met
or when you’re in a relationship,
but the risk is completely off and
that’s why you have arguments.
That’s why you have crises and
conflict in your relationship, be-
cause you’re both trying to save a
lot but what you’re doing with the
savings maybe doesn’t match up,”
Ott said.
Like most aspects of a relation-
ship, Ott said communication and
transparency is essential when it
comes to a couple managing its fi-
nances. He said the best way to
achieve this is for each partner to
complete an itemized budget
worksheet for their income and
expenses and then compare it to
their significant other’s.
“i want everybody to communi-
cate, but a lot of times, what you’ll
find is that people don’t have a
clear example of what’s actually
happening with the money. … i
find that the more budgeting
worksheet stuff you do, the easier
it is. it’s liberating because it’s
goes back to one of my key prin-
ciples. There’s a level of commu-
nication in budgeting that i have
to know what you’re spending
your own money on to put it in the
budget. So, it’s factual informa-
tion; i’m not trying to change any-
one’s lifestyle,” Ott said.
By working together and estab-
lishing a strong financial plan,
couples can achieve financial
compatibility and ensure a com-
fortable and happy life together.
To encapsulate the lessons learned
during “Love and Money,” Ott
concluded the workshop with the
following 10 key tips for success-
fully discussing and managing fi-
nances in a relationship:
1. Never hide money or
spending from your spouse—
Breaking this rule hinders the trust
factor in a relationship and leads
to spending mishaps.
2. Talk about your shared
goals—a couple must make sure
early on in their relationship that
they are both compatible emotion-
ally and financially.
3. At some point, you will hate
them, but you have to forgive
them—in any relationship, some-
one will make a financial decision
that angers their significant other,
but it’s important to practice for-
See LOVE, Page 10
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