64. Becoming a Financial Leader in Your Home

Armond Croom is a Certified Financial Planner and family man who has learned how to make the right financial decisions for his family and help others avoid the mistakes he made early on. Today, his goal is to create more financial leaders in the average American home. On this episode of CFO at Home, Armond and Vince discuss what it takes to be the financial leader in your home, characteristics each partner in a relationship needs to bring to the table when planning their family’s financial future, payoffs of gaining control of your finances, and more.

Key Takeaways

• The Financial leader in the home 
• • Often ends up taking the back seat to the rest of the family in terms of spending
  • Should seek to minimize the financial stress in the home
  • Should seek to keep the family from over-extending itself
  • Create a protective “bubble” where everyone in the family can concentrate on being the best they can be with minimal distraction due to money issues
  • Hold the family accountable for making money decisions that support their goals

• Each partner should be at least somewhat engaged in planning the family’s financial future
• • Understand the basics of what goals money is being allocated towards
  • Understand enough to be comfortable with the plan of what happens if the “CFO” partner is not around at some point
  • Each partner needs have a role and know that role (financial and non-financial)
  • Each partner needs to respect the others authority within their role

• The payoffs of gaining control over your finances
• • Give you space to dream
  • Removes a major source of stress
  • Gives you room to work on yourself (take care of your health, etc)
  • Leaves more time to enjoy your family and your life
  • Leaves more emotional space to deal with life’s unknowns
  • Allows you to make financial decisions based on facts instead of emotion 

Resources

• CroomFinancial.com
• The FinancialEffect.com

Ways to contact/follow:

• The Financial Effect - Facebook
• The Financial Effect - Instagram
• armond@croomfinancial.com

Contact the Host - vince@thecfoathome.com