What Does the Data Tell Us about Love and Money?

by Erik Garcia

How did a family therapist and a financial advisor decide to start a podcast? In this special bonus episode of the Building Us podcast, co-hosts, Erik Garcia, CFP®, and Dr. Matt Morris, LPC, LMFT take a turn in the guest chair, as the host of Agency Intelligence podcast, Jason Cass, interviews them about their knowledge and expertise on money and relationships and how the Building Us podcast is tackling these topics in a unique way.

Episode Highlights:

Jason introduces Erik Garcia and Dr. Matt Morris. (1:10)
Matt shares that he’s a Family and Couples’ Therapist, and a Professional Counselor, as well. (2:42)
Erik shares that he’s a Financial Advisor and a Certified Financial Planner. (2:50)
Matt shares that their podcast, Building Us, is all about love and money. They discuss anything that touches relationships. (6:09)
Erik shares that he was thinking about his idea of data and stats in the relationship world, as it relates to money in couples. (12:33)
Matt shares that they wanted to talk a little more about some of the research studies that deal with relationships and money. (15:05)
Why are we all griping about money? (16:09)
Matt shares that money is a decision that has to be made, a decision that includes values, priorities, planning, and all of that come with emotions and opinions, which results in conflicts. (16:38)
Erik talks about the idea of income disparity. (22:35)
Matt mentions that research shows that when the wife or the female partner in the relationship earns more money than the husband, divorce is more likely. (27:28)
Matt thinks that people get divorced for several reasons, but certainly finances and fighting about financial conflict as part of it. (37:42)
Erik shares that strong budgeting skills are what people find desirable, and only a few people can budget consistently and regularly. (39:37)
Matt explains financial infidelity. (47:26)
Erik mentions that they originally started doing Building Us podcast work in the premarital space. (51:04)
Erik shares that you shouldn’t run from conflict, lean into it because on the other side, you’ll be much stronger. (54:37)

Key Quotes:

“We’re very interested in how people communicate with each other on different topics, not just about money. So more recently, a lot of the guests that we’ve had on, have to do not just necessarily with relating to each other as a couple, but also relating to the community.” – Erik Garcia CFP® (3:55)
“We like to have a thoughtful conversation as it relates to relationships, whether it’s a couple of relationships, parenting relationships, relationships to the community. And like you said, money is such a constant part of everything.” – Erik Garcia CFP® (5:33)
“Erik and I have really been on this kind of crusade to help the mental health community to be much more literate when it comes to personal finances. That’s all part of the Building Us Podcast.” – Dr. Matt Morris LPC & LMFT (7:15)
“The amount of money that you have is not correlated to the kind of conflict that you’re having, just money itself is correlated.” – Dr. Matt Morris LPC & LMFT (8:19)
“I would just start with saying that the data is really clear that if you’re in a relationship, if you’re married, you will fight about money, that it’s inevitable money, causes conflicts in a relationship.” – Dr. Matt Morris LPC & LMFT (15:33)
“If a couple is on the same page financially, then they feel more satisfied in their deliberations about money. If they feel more connected financially, there’s a higher correlation, a higher likelihood that they’ll also have a very satisfying sexual life.” – Dr. Matt Morris LPC & LMFT (34:32)
“Money’s like fuel to the fire, and that can exasperate, inflame, any other type of argument that you have.” – Erik Garcia CFP® (38:15)

Episode Highlights:

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