Michael and Brady dive into the crucial steps couples should take after getting married. They emphasize the importance of communication, setting joint goals, consolidating finances, checking one's financial immune system, and not being afraid to seek professional help. Drawing from personal and client experiences, they highlight practical strategies for merging finances, managing cash flow, and ensuring financial stability in marriage. The discussion also touches on topics like estate planning, prenuptial agreements, financial discipline, and teaching children about delayed gratification. This episode is a comprehensive guide for couples looking to strengthen their financial bond and fortitude after tying the knot.
Key Takeaways:
• 45% of divorces occur because of money problems, but is it avoidable?
• Overcoming scarcity vs abundance mindset differences between partners
• Understanding the cost of raising a money smart kid
• The top 5 financial to-dos before saying I do
Key Timestamps:
(00:00) - Personal Financial Planning in Relationships
(07:49) - Challenges in Merging Finances
(10:44) - Balancing Individual and Joint Financial Goals
(12:44) - Financial Infidelity and Divorce
(17:46) - Managing Household Finances Together
(21:55) - Scarcity vs. Abundance Mindset
(27:33) - Spending Thresholds in Relationships
(30:42) - Teaching Kids Delayed Gratification
(36:25) - Top Five Financial To-Dos Before Marriage
(42:16) - Joint Accounts and Budgets
(45:54) - Financial Immune System Check-Up
(49:59) - Prenups and Estate Planning
Key Topics Discussed:
Financial Fortitude, Genesis Wealth Planning, Brady Hemmerle, Michael Acosta, financial wellness, wealth building, financial psychology, financial advisor, financial therapist, student loan debt, finance guidance for high earners, business owner finances
Mentions:
Website: https://www.genesiswealthplanning.com/
Michael’s LinkedIn: https://www.linkedin.com/in/michaelracosta/
Brady’s LinkedIn: https://www.linkedin.com/in/brady-hemmerle-cfp%C2%AE-75043013a/
Financial Health Checkup: https://www.livingbalancesheet.com/lbsVision/lite/michaelracosta
This podcast is for informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice. Guest speakers and their firms are not affiliated with or endorsed by PAS, Guardian, or (INSERT DBA or AGENCY NAME) and opinions stated are their own. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. All investments and investment strategies contain risk and may lose value.
Michael Acosta is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 6115 PARK SOUTH DRIVE, SUITE 200, CHARLOTTE NC, 28210, 704-5528507. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. (INSERT DBA or AGENCY NAME) is not an affiliate or subsidiary of PAS or Guardian. CA Insurance License # 0M50974. 7095145.1 Exp. 10-26
