One of the biggest decisions you will make in your life is marriage! As you know, here at the Money Guy show, marriage and finance has always been a very important topic. Money creates a unique dynamic within any marriage, and how you manage it can strengthen or undermine this significant relationship.
The inspiration for today’s episode actually comes from a personal situation. I was on a trip with some of my old Georgia neighbors when my wife called me in a panic. She shared that she had a vivid dream that I had passed away. She realized that even though she is listed on all of our accounts, she did not know how to access them and began to wonder what would happen if I was no longer here.
Are you and your better half set up for financial success as a couple? Find out how you can make your personal finances an opportunity to grow together rather than allow it to drive a wedge and become a source of stress and marital discord.
Tune in to this week’s episode as we discuss, “How To Bulletproof Your Marriage Financially.”
Here’s What You’ll Find Out in this Episode:
- The sobering statistics of marriages that end in divorce
- Our advice for overcoming the “seven-year itch” in a marriage
- Why it is important to have joint bank accounts and the few exceptions to that rule
- The concept of “big team, little me”
- What premarital assets are and how you should handle them once married
- How inherited or family assets play into your marital assets
- The importance of transparency and full-disclosure in marriage
- How to make budgeting a collaborative affair
- We discuss Bo’s first-year of marriage budget numbers; his expectation vs reality
- Why you should have a pre-set amount to spend without approval from your spouse
- The importance of having open lines of communication in your marriage
- Why you should have a miscellaneous line within your budget
- The significance of creating a net worth statement for your family
- The topics you should discuss before and/or during the early stages of marriage
- Why you should own life insurance to protect your family
- The purpose of having disability insurance
- The importance of having a good estate document to speak for you
- How you can share passwords safely and securely with your spouse
- What is your household backup CFO plan
Resources Mentioned in this Episode & Related Episodes
- A Year-By-Year Guide to Your Risk of Divorce
- Number, Timing, and Duration of Marriages and Divorces
- Love and Marriage…and Finances
- Marriage… An Education
- Financial Order of Operations: How To Prioritize Your Financial Goals
- 6 Types of Insurance That Can Keep You Out of Trouble
- LastPass: #1 Password Manager, Vault, & Digital Wallet App
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