0:01

Dreaming of a better sleep. tossing

0:04

and turning is not your destiny

0:06

and Ali is here to help.

0:08

I'll invites you to sink and

0:10

sweet sweet slumber to improve your

0:13

mental and physical health and overall

0:15

wellness more than just another. Ali's

0:17

ingredients help you unwind your mind

0:19

for a delightfully Juri me. Drift

0:21

off. Sleep. Is on

0:24

the way and ali.com

0:27

that's olly.com. Hey

0:30

there! Hey there! Did you know Kroger always

0:33

gives you savings and rewards on top of

0:35

our lower than low prices? And when you

0:37

download the Kroger app, you'll enjoy over $500

0:39

in savings every week with digital coupons. And

0:42

don't forget fuel points to help you save

0:44

up to $1 per gallon at

0:46

the pump. Want to save even more?

0:48

With a boost membership, you'll get double fuel

0:50

points and free delivery. So shop and save

0:53

big at Kroger today! Kroger, fresh

0:55

for everyone. Savings may vary by

0:57

state. Restrictions apply. See site for details.

1:00

This is Optimal Finance Daily, Episode 2679. Ten

1:05

Money Questions Every Couple Must Answer

1:07

by Christina Browning of

1:10

rrichjourney.com. And I'm your

1:12

host and personal finance enthusiast, Diana Merriam.

1:15

Now let's get right to it as we optimize

1:17

your life. Ten

1:23

Money Questions Every Couple Must Answer

1:26

by Christina Browning of

1:28

rrichjourney.com. Today

1:31

I want to talk about love and

1:33

money, namely how to properly pursue financial

1:35

independence as a couple. Because

1:38

whether you like it or not, your

1:40

partner's money habits will affect your journey

1:42

to financial independence. This

1:44

is why I want to share something more personal than

1:46

usual. I want to share everything

1:48

that Aman and I have learned as a couple

1:50

with over 15 years of marriage

1:52

and making financial decisions as a couple.

1:55

I've condensed those life and love

1:58

lessons into 10 important questions. every

2:00

couple should ask each other on their

2:02

journey to financial independence. But

2:05

first, let's establish some ground rules.

2:08

Ground Rules. Ground

2:10

rule number one. These questions

2:13

are specifically for couples in the

2:15

serious stages of their relationships. That

2:18

is, people in long-term relationships.

2:20

In other words, these aren't exactly questions

2:23

you should be asking a recent Tinder

2:25

match after two dates. Ground

2:28

rule number two. I

2:30

believe these questions should be asked all at once.

2:32

You should sit down with your partner and

2:35

go through all ten questions together. Where

2:37

and when you do it is up to you. Ground

2:40

rule number three. You should document

2:42

both you and your partner's answers to

2:44

each question. You can record

2:46

these in a journal with the

2:49

understanding that both of you can change your

2:51

answers in the future if you choose. Ground

2:54

rule number four. There

2:56

are no right or wrong answers. You

2:59

and your partner may not agree on everything, but

3:01

understand that working through conflicts and

3:03

coming to an understanding is more

3:05

important. For example, if your

3:08

partner wants to buy a new car every

3:10

five years and you want to buy a

3:12

used car, you need to come to a

3:14

resolution that will suit you both, such as

3:16

buying a new car every ten years instead.

3:19

And ground rule number five. Please

3:22

remember that I'm not a relationship counselor.

3:25

There may be issues in your relationship

3:27

that affect this conversation negatively, which may

3:29

be symptoms of a bigger problem. If

3:32

you think this is the case, put these

3:35

questions aside until you've resolved them. Now

3:37

let's get to the questions. Number

3:40

one. What's your policy on loaning

3:42

money to relatives? To

3:45

dig even deeper, another good follow-up would

3:47

be, are you supporting or do

3:49

you plan to support any family members?

3:52

This question may not be the most important,

3:54

but it's a good way of gauging your

3:57

partner's expectations. It can

3:59

also be a source of of conflict for a lot of

4:01

couples. This can be a deal

4:03

breaker for many, so it has to be addressed

4:05

head on. Number

4:07

2. How much money have you saved?

4:11

This is such an important question, and

4:13

some couples stay together for decades without

4:15

ironing this out. When you

4:17

talk about this, it's really important that

4:19

you're open and honest, because how you

4:21

feel with money in a relationship depends

4:23

on trust. This question

4:25

is a great opportunity to build more

4:27

trust in your relationship. Number

4:30

3. How much debt do you have? A

4:33

lot of couples don't want to talk about debt until it's

4:36

too late. This might be when

4:38

you want to buy a car or house. It's

4:41

best to talk about these things early in

4:43

the relationship, because it can often be a

4:45

shock when someone doesn't know that their partner

4:47

is in debt and can negatively affect the

4:50

relationship. Number 4.

4:52

Are you comfortable investing, or do you prefer

4:54

to keep your money in the bank? When

4:58

it comes to investing, some people believe

5:00

in the stock market or some other

5:02

form of investing, and others stay away,

5:05

often because they see investing as a form of

5:07

gambling. But I believe that

5:09

the best way to grow wealth in a

5:11

relationship is to invest. You

5:13

might agree with that, but if your partner

5:15

doesn't, this might lead to financial conflict.

5:19

Number 5. Are you a saver or

5:21

a spender? The

5:23

hard truth is that two big

5:25

spenders generally won't achieve financial independence,

5:27

and two big savers generally will, but they

5:30

should try to have some fun on the

5:32

journey. At the same time,

5:34

if one person is a saver and the

5:36

other is a spender, a deeper conversation needs

5:38

to be had. You and

5:40

your partner need to find a common ground

5:42

about spending and saving that you can both

5:44

agree on. Number

5:46

6. How do you feel about merging

5:48

finances once we're married? This

5:51

question has a lot to do with the question about

5:53

how much your partner has saved, because

5:55

if you've saved $200,000 and your partner has only saved $200,

5:57

then you can't do it. You

6:00

may not want to merge your finances if

6:02

you're the only one bringing anything to the

6:05

relationship. Or maybe you do. Either

6:07

way is fine, but you need to talk about it

6:09

first. That way, there are no

6:12

surprises or resentment when it's time to have

6:14

that conversation. 7.

6:17

Do you have a budget? And can I see

6:19

it? Seeing your partner's

6:21

budget is important. You want to see

6:23

where their money is going, what they spend it on, and what

6:25

they save it on. You can

6:27

learn a lot about your partner's financial habits

6:29

from their budget. And remember,

6:31

it's not just you looking. You have to share

6:34

your budget with your partner also. See

6:36

how your budgets line up, compare how you

6:39

each prioritize line items within your budget, and

6:41

identify that common ground, if there is one.

6:46

8. Will you support me if I choose not to

6:48

work? This can also

6:50

apply if you choose to pursue a passion that

6:52

only results in a small income. This

6:55

is a great question, because it's not just

6:57

about money, but also about teamwork and equality.

7:00

Not every relationship is going to be equal

7:02

in terms of take-home pay. You

7:04

and your partner may not be working at the same

7:06

time, and even when you are, one

7:08

of you might be earning significantly more than the

7:11

other. And in a situation where

7:13

your partner wants to pursue a passion project over

7:15

a stable job, are you willing

7:17

to support them financially and vice versa? It's

7:20

best to have the conversation now if such

7:22

a situation arises in the future. 9.

7:26

What type of bill payer are you? Talk

7:29

about how and when each of you pay your

7:31

bills. For example, do you make

7:33

minimum payments, or do you pay the full bill

7:35

up for you? Do you set

7:38

your payments up for automatic bill pay, or

7:40

do you use another form of payment? Do

7:43

you have trouble organizing your bills? Do you

7:45

have issues with paying your bills on time? These

7:48

questions are important because they can create a

7:50

lot of conflict and tension in a relationship.

7:53

How your partner pays bills can have a

7:55

lot of further implications on your life together,

7:58

so it's important to talk about it early on. And

8:01

number 10, what is your dream and how

8:03

do you plan on paying for it? It's

8:06

great to have a dream, but it's just as

8:08

important to take action. Aman

8:10

and I dreamed of financial independence, so we

8:13

put together a plan to earn more, save

8:15

more and invest more money. That

8:17

was how we achieved our dream. So

8:19

talk to your partner about your dreams,

8:21

your aspirations and tie that back

8:23

into the money conversation. How

8:26

are you going to use your money to fund your

8:28

dreams? And where is that money going to come from?

8:31

So if you can get through these 10 questions

8:33

with your partner, you're doing big things.

8:36

Most couples don't bother to talk about money until it's

8:38

too late. But why wait to

8:41

have these conversations after you get married? The

8:44

questions may be difficult and in some cases,

8:46

you might not like the answers. But

8:48

sitting down and going through them with your

8:50

partner can help your relationship and your financial

8:52

journey in the long run. You

8:58

just listen to the post titled, 10 Money

9:01

Questions Every Couple Must Answer by

9:04

Christina Browning of rrichjourney.com.

9:07

And I'll be right back with my commentary. If

9:10

you've been using Mint to manage your finances, I've

9:12

got some bad news. Mint is

9:14

shutting down. But now for the good news.

9:16

There's a better alternative, R sponsor

9:19

Monarch Money. Mint users

9:21

are turning to Monarch Money and loving it.

9:24

Maybe you're saving for a down payment or

9:26

a wedding. A dream vacation? Your

9:28

kids college? I found that Monarch

9:31

makes it so easy to help you reach your

9:33

financial goals whatever they are. I

9:35

definitely wouldn't be able to allocate my finances

9:37

or plan as clearly without help from Monarch.

9:40

In fact, Monarch is the top-rated

9:42

all-in-one personal finance app. It

9:44

gives you a comprehensive view of all

9:47

of your accounts, investments, transactions, and more.

9:50

Create custom budgets, set goals, and

9:52

collaborate with your partner. And

9:55

now get an extended 30-day

9:57

free trial when you go

9:59

to monarchmoney.com/o-s-y. After

10:01

trying out Monarch for myself, I understand

10:03

why it's the top-rated personal finance app.

10:06

And right now, get an

10:08

extended 30-day free trial when

10:10

you go to monarchmoney.com/OFD. That's

10:13

monarchmoney.com/OFD for

10:16

your extended

10:20

30-day free

10:22

trial. This

10:24

episode is brought to you by ShipStation.

10:27

If you run an e-commerce business, you

10:29

know how much work it takes to

10:31

produce something great while dealing with complicated

10:33

shipping issues. That's why over 130,000 companies

10:36

have turned to ShipStation. With

10:45

ShipStation, you can manage orders,

10:47

label printing, reporting, and customer

10:50

service on one easy-to-use dashboard.

10:52

You'll reduce warehouse costs with reliable enterprise

10:55

solutions and save thousands on shipping costs

10:57

with discounts up to 89% off. Plus,

11:01

you can effortlessly import orders from

11:03

everywhere you sell online. So,

11:06

turn your shipping challenges into opportunities

11:08

for growth. Go to shipstation.com and

11:10

use code POD to sign up

11:13

for your free 60-day trial. That's

11:16

shipstation.com code POD. In

11:20

my own relationship, full transparency

11:22

and creating habits around monitoring

11:24

and talking about saving, spending,

11:26

and investing regularly have been

11:28

most beneficial. We

11:30

linked all of our accounts up to a

11:32

service called Monarch Money, and that has made

11:34

monitoring and managing our finances so much easier.

11:37

We're able to look at all of our

11:39

accounts in one spot, track our net worth,

11:41

monitor our spending, and feel more at ease

11:43

when making financial decisions. At

11:46

last year's Economy Conference, which is an

11:48

event I produce, we had a main

11:50

stage speaker named Erica Young talk about

11:53

managing joint finances. In

11:55

her 18 years as a financial coach

11:57

helping families get out of debt, she's

11:59

noticed that many couples want to get on

12:01

the same page, but they aren't even in

12:03

the same book. While

12:05

it's easy to see conflict when it

12:07

comes to money and relationships, you might

12:09

need to dig a bit to find

12:12

commonality. Since the way you

12:14

spend money is a reflection on what you

12:16

value, getting really clear on what you value

12:18

as a couple is a great place to

12:20

start the conversation. Then you

12:22

can start to piece together joint goals and

12:24

how your money can support the pursuit of those

12:26

goals. While managing money

12:28

as a couple has its challenges, there

12:31

are also huge benefits to having a

12:33

partner, so it's a worthy endeavor to

12:35

figure it out. If

12:37

you'd like to see Erica's full speech, you

12:39

can check it out now on the Economy

12:41

Conference YouTube channel. And

12:43

that's a wrap for another Thursday show. Have

12:45

a great rest of your day, and I'll

12:47

see you back tomorrow where optimal life awaits.