This Week's Money Talking Points
1. What’s a financial mistake you’ve learned to avoid because of others?
One of the biggest mistakes I’ve learned to avoid—thanks to both my time working in a credit union and hearing others’ stories—is complicating my finances. A few years back, I started signing up for every promo under the sun—credit cards, bank bonuses, new investment accounts—you name it. I quickly realized I was spending more time managing the complexity than I was actually improving my financial life. Thankfully, I started hearing from others who had gone down the same rabbit hole, and they helped me realize the power of keeping things simple.
Now, I ask myself a very specific question before I add anything new to my financial life: “Will this make things more complicated?” If the answer is yes, it’s usually a no-go.
I also learned from credit union stories just how damaging it can be when people don’t fully understand loan terms, especially those “90 days no payment” car loan offers that still accrue interest from day one. It’s so important to pause and ask questions. What other pitfalls have you saved yourself from thanks to money talks with others?
2. How important are regular money talks to you?
Regular money talks are one of the most important habits my wife and I have built into our marriage. They’ve made major life changes possible, like me quitting my job recently to pursue financial planning full time and study for the CFP exam. That kind of move is scary in our heads, but because we’d already had so many budgeting conversations and even simulated what life would be like without my income, we were prepared. We weren’t caught off guard or panicking. We were confident.
These money talks also allow us to enjoy the fun stuff, like our trip to Hawaii last year that we saved up for over several years. Because we planned and talked regularly, we were able to go on vacation without bringing the financial stress with us. Here’s what I like to say: You can either spend an hour or two a week intentionally talking about money, or you can spend hours every day worrying about it. Which would you rather choose?
3. Which of the 5 traits do you need to work on to do better with your money?
Intentionality, Discipline, Learning, Generosity, and Gratefulness.
These really hit home for me. I love the idea of viewing finances through the lens of these behaviors, not just rules and spreadsheets. For example, intentionality shows up when my wife and I pause before big purchases. Recently, she wanted a nice pair of shoes. Instead of impulse-buying, we sat down, ran the numbers, and took a couple of days to be sure we really wanted to do it—and we did!
What traits do you want to work on to help make your finances better?
This week's Money Buddy
Ralph Estep Jr. is a highly respected financial evangelist and entrepreneur with more than 30 years of experience guiding individuals, business owners, and organizations through the complexities of financial management.
As the host of the Ask Ralph show, he has become a trusted voice in the world of personal and business finance. Ralph shares practical, actionable insights designed to help people take control of their money, align their financial goals with their faith, and build a foundation for long-term success.
Enjoy your week and get out there and have a money talk!
