Loading Episode...
The Private Lender Podcast - Keith Baker
PLP 095-Getting On The Same Financial Page With Your Partner
00:00:00 00:09:49

PLP 095-Getting On The Same Financial Page With Your Partner

PLP 95 | Relationship Financial Advice

 

Choosing someone to spend the rest of your life with must not only be about the spark and connection you feel with each other. Beyond that, you must ensure that you are on the same page when it comes to finances. In this brief and very personal episode, host, Keith Baker, imparts this advice in light of the things he is going through with his own relationship. More than anything, we want our relationships to be happy and long-lasting. What Keith is going to share may just be the key to make it yours.

---

Getting On The Same Financial Page With Your Partner

Advice For A Lasting Relationship

If you're looking for practical tips and advice on being a successful private lender and building wealth without banks or Wall Street, then you're in the right place. If you want to learn from my mistakes so that you can avoid them, then pull up a chair and pull yourself a stiff drink because this is for you. This is a bit of a Sunday sermon. I totally stole that from Andy Frisella, The MFCEO Project and now he's got a new podcast called Real AF. Do the math. Great podcasts, though. I do enjoy it. However, this Sunday sermon or it's a confession or confessional. I'm not even Catholic. While I have been driven, but also extremely fortunate to have learned how to generate a decent amount of money of income and how to play off offense in the money game fairly well. I'm not rich by any means, but I’ve done better than I thought I would with a philosophy degree. Let me put it to you that way. One area that I have completely lacked, and there are two areas. One is money defense, financial defense.

I can't seem to put all my fingers in the holes in the dike. The water keeps coming out. I’ve got to say, this divorce thing has been a jacked-up blessing in disguise, but it's gotten me to look around and go, “I need to get my head out of my ass and get things going.” I previously admitted that my truck was repossessed while my ex-wife was three months pregnant with our first child. Now, as we move towards the future with this divorce, we often talk about the past and try to figure out where things went wrong, so to speak. From these conversations that we've been having, I want to provide you some unsolicited advice, to say the least.

[bctt tweet="It is vital you get on the same page with your significant other when it comes to finances. Absolutely vital." username=""]

Whatever your significant other is or beyond the binary thing I think, I'm not here to make any political statements. Whoever it is that you decide to spend your life with or to spend your time with, above all else, the only thing that I can beg and ask of you out there is please make sure that you and your significant other are aligned on the subject of money. It goes beyond spending less than you earn. Do both of you tithe? Do you both save for a potentially bleak future? Do you have an emergency fund ready to go? Can you both afford to drive a BMW, but choose to drive a Mazda or a Honda for the economic benefits and then take the savings by driving the lesser status symbol car? Can you take those savings and put them into income-generating assets to where you can buy a Mercedes or BMW for cash in the future?

Unfortunately, my ex and I never got on the same page. That is one of the true and great regrets that I do have is that we couldn't seem to get there. I don't think I have to tell you how that turned out for us. All joking aside, what I would ask you to do is to stop whatever you're doing. Reach out to your partner or your significant other and tell them that you want to be on the same page. It's important to you for the longevity and the survival of the relationship. You want to be on the same page with them when it comes to finances. I'm not saying it's to agree on every point but come to some agreement. One spends a little too much money and the other one is more cautious and is a saver.

[caption id="attachment_2729" align="aligncenter" width="600"]PLP 95 | Relationship Financial Advice Relationship Financial Advice: Whoever it is that you decide to spend your life with, please make sure that you and your significant other are aligned on the subject of money.[/caption]

 

Come to an agreement that anything under $100 once a week doesn't require the notice of the other one or whatever your criteria in your life allow for. Get on the same page with your partner when it comes to money. That is tremendously crucial in my estimation. Please track down your partner and say, “It's important.” You don't have to figure it out right now, but let them know what's important. You want to get it done and make it a smart goal. Make it specific. Make it time-bound and make sure that you both do it quickly and can at least start moving towards that same page. You don't have to get on it right away, but at least move towards it. You'll be much happier in the long run. Trust me on that.

I mention all this because I am a firm believer that when it comes to money, people get funny. I'm not here to tell you how to make $1 million or become rich or do little work. This is a show to try to educate how to invest, how to make your money work for you. However, because I’ve been fortunate enough to have been able to have a decent offense and my defense sucks, I have joined the Dave Ramsey Baby Steppers Facebook group. Let's be honest, it's time to put the big boy pants on and do what needs to be done, whether I like it or not. I bring this up here, which has nothing to do with private lending, but everything to do with taking responsibility for where it is that you are. I'm taking responsibility for where it is that I am at this moment. Divorce be damned. Excuses be damned.

[bctt tweet="When it comes to money, people get real funny." username=""]

I’ve listed out all my debts in order of balance and monthly payment. We’ll knock that down, baby step-wise. My mom taught me this years ago before I even knew about who Dave Ramsey was. It's funny how eerily similar their methodologies are, but that's what I'm doing. I'm not pointing any fingers at anybody who put me here, but it's up to me to get out of it, the situation. If it's meant to be, it's up to me. I relish this challenge and I want to thank you for hanging in there while I babble all this nonsense. I have full disclosure and forget vulnerability and everything else when it comes to people's money. I can't BS you. I can't be a politician. I can't be a shady preacher. This is where I'm at. I’ve been here before. I’ll get out of it again, but I don't want anyone out there thinking that I'm rich and making tons of money by doing this private lending thing. It’s quite the contrary, which is a good way to invest. There's my full disclosure, there's my Sunday sermon.

I’ll bring this down to a close and I'm going to beg you. Please go over to iTunes, go to Google Podcasts, please leave a rating and review and an honest one. I'd love five stars and a raving review, but give me your honest opinion. This is not the greatest. I don't need five stars. Give me an honest opinion so I can get it out there, put it in front of other people like you and me. People who want to make money without banks or Wall Street and don't want to give those guys those huge bonuses. Invest in our backyard and help one property at a time. Please go to PrivateLenderPodcast.com for more information and links to my social media, Facebook, Twitter, Instagram, LinkedIn and my new favorite TikTok because it embarrasses the crap out of my kids. I’ll be doing probably some more of that here. Anyway, I'm going to wish you all the best, prosperous and safe and happy private lending. I’ll catch you next time. Take care.

Important Links:

Love the show? Subscribe, rate, review, and share!

Join the Private Lender Podcast community today: