My Secret to Couple’s Financial Success #Finance

money is one of the leading causes of divorce and it usually starts with a small disagreement about spending and saving money which eventually leads to a larger disagreement Financial infidelity is another common reasons for relationships to end and when one partner hides

Debt purchases and financial accounts or makes secret Financial transactions without telling the other partner those actions lead to anxiety distrust and emotional Devastation if you’re experiencing any Financial infidelity or distrust with your spouse you should not combine

your Finances until you seek counsel for your marriage because at this point it’s not a financial problem but more of a major marital issue but as a new couple or a

couple who hasn’t combined Finances yet what if I told you there is a way to combine your #1a73e8; text-decoration: none;">Finances without losing your Independence to spend money what if I told you there’s a way to build your Assets and Net Worth together so that you can achieve Financial Independence together now probably going to

lose subscribers over the following statement but so be it because this is where I stand it is absolutely crucial to combine your Finances with your spouse you cannot

independently achieve fire as a couple if you’re not on the same page about financial management if your mindset is that you’re never going to combine your none;">Finances with your spouse then this CashNews.co is probably not right for you your chances of becoming financially independent which your spouse are very slim if you decide to keep your fin is separate so let me show you what’s been working for me and my wife and if you

think that everything worked out financially as soon as we got married then you’re wrong it probably took us over a year to get to where we are now and one thing we never say is something like I need permission for my wife or husband to spend money that is not a healthy relationship at all if

there’s something you want to purchase have a discussion about it if one of you disagrees continue the discussion until you find a compromise and we have one joint checking account that we pay our bills we don’t do what other YouTubers say about the proportionate expenses based on

Income no matter how much money my wife and I make together we pay our bills together her Income goes into this joint checking account and my Income goes into this joint checking account as well and our mortgage payments cell phone bills utilities

transportation and groceries all come out of the joint checking account my wife and I are Debt-free but if you’re in Debt you would at that category here as well and I hear a lot about this from people combining

style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finances makes people feel like they’ve lost some autonomy and a spouse can become more vulnerable to financial abuse and fraud if you combine color: #1a73e8; text-decoration: none;">Finances so before you combine your Finances you need to have an open and honest conversation with your spouse about

togetherness and autonomy and I never asked my wife for permission to spend money instead I ask for a discussion to spend money on something I want and I’m also not going to go out and spend money without having that discussion first and I think we need to step away from the word permission

to have a healthy Financial relationship you both need to have an agreement on how you want to spend money and how you want to save money we have an equal sense of Shar responsibility my wife and I have a financial date night once a month to talk about how we’re going to spend money and save

money in the next month so at the end of September we’re going to talk about our plan for October communication is the key when it comes to Finances and as time goes by

our marriage becomes stronger so as far as our spending goes my wife and I have both separate and Joint Credit cards if you’re a day Ramsey fan I need you to cover your ears okay and we have a Credit card that we use together for groceries household goods and

many other things I clothes we have another Credit card we use together for travel entertainment and restaurants and I have a Credit card that I use for my own personal use like fast food entertainment and anything discretionary for me my wife has her own

Credit card that she uses for her own discretionary spending this is where she and I come to an agreement about how much discretionary we spend separately so that we don’t deviate from our Savings plan we sit down once a month to discuss our spending plan for

the following month we also agree to never carry a balance on our Credit cards so we pay off the entire Credit card balance from our joint checking account at the end of every month and from our joint checking account we invest in our retirement and additional cash

Savings and when it comes to retirement accounts we have to keep them separate not because we want to but because it’s actually the law she has her State Pension Plan a 457b plan a Roth IRA and an HSA and I have my solo 401K Roth IRA and HSA so between us we have six

investable retirement accounts so what if you have a spouse who doesn’t have a job your stayhome spouse can actually still open What’s called a spousal Roth IR as long as you file your Taxes jointly so our 401K 457 and HSA are deposited from our paychecks and then we

contribute to our IRAs from our joint checking account that makes sense so far right the taxable Brokerage account right here on the other hand can be a joint checking account only the retirement accounts have to be separate in accordance with the IRS so we make contributions to

our joint taxable brokage account every week and invest in the index funds together she knows what’s invested and I know what’s invested in this account so what do you think is better investing 500 bucks a month making 10% return or investing $1,000 a month making a 7% return on

investment you can’t figure out how much you can invest without a budget there’s no way around it I personally tested out the Budgeting app called wi apppp and it’s not just an app that can track your Income and expenses but it can even help you

create a plan to pay down your student Loans car Loans personal Loans or Credit cards a lot faster so if you’re ready to change your life by getting out of the paycheck to paycheck cycle you can get a free trial without any

Credit account information by using the link in the description below and when it comes to saving cash this is how we allocate our cash Savings we will always have one month of expenses in our joint checking account we don’t go over it and we don’t go

under it in our emergency fund we always keep five months of expenses in a higho Savings account we only use this for any anything unexpected and necessary and we will always follow the rules when it comes to using an emergency fund only if we have an unexpected and necessary

expense a blown tire is something unexpected and necessary a concert ticket is not we also have our annual expenses Fund in a high yeld Savings account we only use this account for anything expected and necessary you see the difference it’s expected so we can properly plan

for it for this account we use the Savings account to pay for our vehicle maintenance DMV registration fees car Insurance and annual Credit card fees we actually save more money by making annual payments instead of monthly payments and our

discretionary fund is also in a separate High Savings account to pay for entertainment birthdays anniversaries Christmas and other holidays we you use this Savings account to pay for hockey game concerts and other entertainment events and we also have a travel Fund

in a separate hysa to purchase plane tickets hotels rental cars and food when we travel we decide how much we want to contribute to each of these Savings account every week so that we are never short on cash but here’s what I don’t recommend combining your

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finances one don’t combine your Finances if

you’re not married to that person because you’re not legally protected from getting that money back if that person decides to withdraw cash from the joint bank account if you’re just living with that person you’re not married to in the eyes of the law you’re just

roommates my wife and I lived together before we got married and we didn’t combine our Finances until we got married so what protection do you have if you’re

married if a spouse leaves and takes a significant amount of marital money with them it’s considered dissipation of Assets and comes with legal consequences with penalties and I have dealt with this personally in the past and I’m not going to get into the details of it

in this CashNews.co but that’s why it’s crucial to discuss Finances before you marry that person and having a prenuptual agreement before marriage is not a bad

idea if you have consider Assets you want to protect and not because you’re betting on the marriage to fail right and two if your spouse has a spending problem and committed any Financial infidelity then you should delay combining your

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finances until your marital problem is resolved it may be difficult to recover from it because it’s now become a trust issue at this point and combining

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finances requires discipline and trust between the partners and three if your spouse refuses to have a conversation with you about

style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finances this is a major red flag that you’re having a relational issue I would not recommend combining none;">Finances until you find out what’s truly happening with your spouse’s financial situation or maybe something else and don’t do everything all at once you should take one step at a time to get from point A to point B and into Point C my wife and I make things

really easy with our Finances by automating everything we automated our Savings and investing we automated Income to our joint checking

account we automated our bills and expenses and when I go out of town on a business trip and there’s a stock I want to purchase my wife knows exactly what to do when I’m absent let me ask you this question do you want to retire separately or together do you want to have a separate

retirement goal if you want to do everything separately that’s not really a marriage you don’t separate your expenses because of your Income disparity you’re supposed to pay for your expenses collectively as a household you’re both the co-ceos of your

household no one should outrank one another because one spouse makes more money and having a shared account can help both of you achieve financial goals together and faster you’re definitely going to have more Financial Security if you work together in case of emergencies combine

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finances with your spouse can help Foster trust and transparency and this has been another pie of a CashNews.co and I hope we got a lot out of it