Open up, stay honest, and build trust—family money talks just got easier.

Talking about money can be a touchy subject in marriages and family relationships. Money troubles are a leading cause of conflict between couples and a common factor in divorces. Financial stress can also trigger family arguments, sometimes straining bonds between parents and children. A recent report reveals that only 38% of American adults feel comfortable discussing their bank balances with family and close friends.

On the flip side, being open-minded, transparent, vulnerable, and building trust are powerful ways to help couples and families discuss money more harmoniously.

The key takeaway: Building trust and having honest conversations about finances can encourage openness and strengthen relationships.

This matters, as around 20% of couples in the study identified money as their biggest relationship challenge.

Discussing money can feel uncomfortable, but it’s essential for building a solid financial foundation for current and future generations. Different views on saving, investing, or spending can lead to conflict, but Donovan and Dominique Boyd shared how courage, grace, tolerance, and patience can create productive ways to approach money talks.

The Boyds, a husband-and-wife team with 15 years of marriage and three children, are successful real estate investors. Dominique, a corporate professional, describes herself as a wife, mother, and entrepreneur, while Donovan is a senior real estate investor. Together, they offered insights on working as a team to manage finances and teach their kids about money.

Don’t Let Salary Differences Hold You Back.

A useful tip is to create a space where families can move past barriers that prevent open conversations. Donovan emphasized that secrecy and separation are a “recipe for disaster.” For the Boyds, discussing money openly from the beginning made it easier.

Donovan also noted that handling finances separately can lead to division.

“We addressed that early on,” Donovan shared. “How do we contribute equally if one of us earns more? We were lucky to work through that early.”

Dominique agreed, highlighting the importance of putting numbers on the table. “It allowed us to have an open conversation, for him to really hear me, and for us to take action to move past that initial hurdle.”

Being open about finances is essential.

The Boyds are also known for guiding couples and others on real estate investing and family finances. So, what essential advice do they have for those wanting to start the conversation?

Dominique shared that each marriage is unique, and everyone views money differently. However, she firmly believes that openness is key.

She emphasized that even if couples have separate accounts, both spouses should know each other’s income and how it impacts the household budget. “The top priority is sitting down to discuss your financial situation together.”

For Donovan, the second rule is unifying finances. He recommends avoiding separate accounts, as they can lead to secrecy and division. His advice: “Even if you keep a separate spending account, rule number one is to bring your finances to the table and establish a shared account.”

Teaching Kids the Importance of Money and Business Skills

To build multigenerational wealth, the Boyds include their two sons and daughter in family discussions about finances and business. Donovan leads by example, showing them his work process by bringing his sons to projects, letting them listen in on conversations with crews, or taking them along to stores when he picks up materials.

“For me, this is essential for laying a foundation in understanding how to run a business, protect money, and appreciate the value of a dollar.”

Dominique is very open about the household bills, sharing the costs, what they cover, income details, and the value of chores. She also teaches her kids responsibility—if they don’t meet her standards, they don’t get paid. “It’s all or nothing, so they’re learning a tough lesson that way.”

Although family discussions about money and building generational wealth aren’t always easy, they’re worth the effort. Avoiding these talks can lead to bigger issues later.

“It takes effort from both sides,” Dominique explains. “You don’t have to follow the same path, but you need to aim for the same end goal, and that needs clear communication.”