Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships A conversation with Dr. Scott Rick

Explicit content warning

12/20/23 • 56 min

Dr. Scott Rick is an award winning teacher and researcher at the University of Michigan's Ross School of Business. Dr. Rick received his PhD in Behavioral Decision Research and his research focuses on understanding the emotional causes and consequences of consumer financial decision-making, with a particular interest in the behavior of tightwads and spendthrifts.
Dr. Rick is the author of Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships, which we will be talking about today.
Show Notes
00:00 Introduction
01:32 Dr. Rick shares a little about the psychology of tightwads and spendthrifts.
05:22 Whether we tend to marry people with similar feelings toward spending money, or do opposites attract.
07:27 Who usually wins when tightwad and spendthrift partners disagree about spending decisions.
10:25 How bank account structure influences relationship quality in a spendthrift tightwad relationship
18:34 How damaging can "financial infidelity" really be and how much detail partners should know about each other’s personal spending decisions
26:26 Whether prenups in a first marriage are generally good or bad.
30:43 How to ask our partner what kind of gift they would like
42:13 Summarizing how tightwads and spendthrifts use gift-giving occasions to strengthen their relationship.
43:22 Whether kids are more likely to be influenced by what they hear their parents say or what they see them do.
50:36 Whether we should marry for love, for money, or for both.
53:37 One piece of simple and actionable advice from Dr. Rick.
Where listeners can learn purchase Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships
https://us.macmillan.com/books/9781250280077/tightwadsandspendthrifts

Subscribe or follow Modern Husbands on social media!
Newsletter
Facebook
YouTube
LinkedIn
Instagram
Twitter
TikTok
Substack

Subscribe or follow Modern Husbands on social media!
Newsletter
Facebook
YouTube
LinkedIn
Instagram
Twitter
TikTok
Substack

Previous Episode

How to Take Back Your Weekends: The Life Changing Benefits of Taking Two Days Off

Katrina Onstad is a Scotiabank Giller Prize-nominated writer. One of her books, The Weekend Effect, brilliantly chronicles the birth, death and revival of the weekend.
Her journalism has appeared in The New York Times Magazine, The Guardian, Toronto Life and The Walrus. She’s won several National Magazine Awards and was an American National Magazine Award finalist.
And as it pertains to today’s topic, her book, The Weekend Effect, Katrina will share with busy spouses and families how to get our weekends back.
0:00:00 Introduction
0:00:55 A history of where the weekend came from
0:06:00 What is pushing the shift to losing our weekends to work
0:04:04 The weekend impact on personal happiness
0:10:22 How the weekend impacts the personal and relational happiness
0:17:22 Why weekends be framed in a similar way as vacations
0:23:12 Additional weekend happiness hacks to truly relax on the weekend
0:26:30 Where our listeners learn more about you or follow Katrina
0:27:38 Chores, screens, and shopping
0:29:12 One piece of easily actionable advice for our listeners
Purchase The Weekend Effect: The Life Changing Benefits of Taking Two Days Off

Subscribe or follow Modern Husbands on social media!
Newsletter
Facebook
YouTube
LinkedIn
Instagram
Twitter
TikTok
Substack

Next Episode

Modern Husbands + For Better & Worth Talk Money and Marriage

Chris has mastered the art of the deal as a business and sales professional for 20+ years. Ericka has helped 500+ clients and various corporate audiences get real and naked with money for 18 years. Together they have leveraged this corporate and real-world experience for their own bottom line. Most importantly, Chris and Ericka have been married for nearly 25 years. They both grew up in single-parent households and didn’t have a lot of excess money to go around. As a result, they wanted to provide a more stable foundation for their two daughters.
Chris and Ericka have successfully become millionaires, helped one daughter graduate from college debt-free and the other one is on her way. Through their podcast, For Better & Worth, they are here to show you that a healthy net worth and a happy, lasting relationship is possible.
Links

For Better & Worth
Download free: “You’re doing it backward: 7 Reasons Your Money Relationship Isn’t Working with Your Partner”

Show Notes
0:00 Introduction
1:35 Everyone picks on Brian for being an Ohio State Football fan :-)
3:36 A few examples of moments that are easy for Ericka, Chris, and Brian to give advice on but are hard for them to do
12:15 Whether to involve a financial planner on a money date / conversation with your partner
14:05 Brian shares his experience trying to time the stock market
16:54 How to remind yourselves to meet regularly to talk about money
28:45 Chris and Ericka’s non-negotiables in their financial lives
32:40 The financial floors and ceilings of the non financial negotiables
34:53 Brian and Hope’s non-negotiables in their financial lives
37:40 What steps Dr. Ross has taken during the engagement process that have been most beneficial to you thus far
Five driving questions from Dr. Ross:

What brought you joy or excitement this past week?
Is there anything I have done to hurt you this past week that we can repair now?
What are you looking forward to in the upcoming week?
What’s something worrisome/hard that’s happening in the upcoming week(s)? Is there something I can do to help?
What can I do next week to make you feel more loved?

Modern Husbands Links
Download our free micro power courses: Money Marriage U Budget and Money Marriage U Save by subscribing to our newsletter.

Subscribe or follow Modern Husbands on social media!
Newsletter
Facebook
YouTube
LinkedIn
Instagram
Twitter
TikTok
Substack