EP 16 | Profit Boss® Radio | Financial Planning for Couples

This week, I wrap up our couples and money series with a solo episode. I have really enjoyed the interviews in our mini-series and I hope you all have as well, learning how to finally achieve financial harmony with your significant other.

We have covered how to make your mate your soul mate with Arielle Ford in episode 13. We then learned how to manage your money as a couple with Elle Martinez. Finally, last week, with the BETTER Relationship coach Susie Miller, we learned how to have the tough conversations about money.

In this final episode of the Couples and Money series, I am sharing my best financial planning advice for how couples can get on the right path financially.

This episode has three vital parts: high-level strategic advice, my 13 Steps for Financial Planning for Couples, and finally, the money mistakes you need to avoid. Click “play” below to listen in.

Listen To The Full Interview:

Financial Planning for Couples Outline:

Strategic Advice

  1. Schedule Money Dates or Money Meetings.
  2. Remember, money is just business.
  3. If you get into a financial relationship and choose not to be married, hire an attorney to draft a co-habitation agreement and/or a real estate partnership agreement.

Steps for Financial Planning

  1. Know your household income.
  2. Know your household savings rate.
  3. Know your household spending rate.
  4. Know where your accounts are.

Agree to not take on more debt. Automation training

  1. Agree that you are planning for the future together.
  2. Decide how you’re going to get your financial advice. Please don’t go it alone! Options include…
    1. Independent, fiduciary financial advisor (you get a human being and behavioral coaching to avoid mistakes).
    2. Roboadvisors (lower cost, good investment experience assuming you have the mettle to stay invested, no customized advice).
  3. Decide whether you are Active or Passive investors. In my professional opinion, you should absolutely be a passive investor. Free audio training on this subject
  4. Know your wealth plan: based on your savings rate, at what age can you expect to invest and what will be your retirement income at that time.
  5. Hire an estate planning
  6. If you have children, you need (term) life insurance.
  7. Document your medical

Money Mistakes to Avoid:

  1. Keeping financial secrets.
  2. “Positive thinking” in the face of evidence that things aren’t working out. Pay attention to results!

Featured On The Show:

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FREE: My Couples & Money Series Gift to You:

  • Couples & Money: 3-Step Guide to Financial Intimacy If you and you partner don’t see eye to eye financially, or if you just want money talks to be stress-free, this easy and free guide could be the secret you’ve been looking for! Something great to bring on your next dinner date as a couple.

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