What happens when you get married and find out your partner has debt? A lot of debt...That’s a question many young couples have, shortly after finding out their significant other’s full financial picture. While it may seem scary at first, working together to solve financial problems and gravitating towards financial freedom can bring you closer together. That’s exactly what happened to Talaat and Tai McNeely from His and Her Money. Both were raised in frugal houses, but like many frugally-raised people, they split in financial directions. Tai was busy putting herself through college, debt free! On the other hand, Talaat went into the military and started spending his pay on consumer goods. The cars, the clothes, and everything in between. Tai later learned that Talaat had around $30,000 in consumer debt! So what did she do, walk away from him? Of course not! She worked with Talaat and put together a plan where they both could work hard to get out of debt. Shortly after, Talaat was debt free, so what did they do next? They bought their house, and came up with a plan to completely pay it off in 5 years (Yes, 5). Now Talaat and Tai run His and Her Money, helping other couples work together to reach their financial goals. Talaat and Tai have 7 key tips to staying happy and secure in a marriage where the finances are shared, and how to stray away from the “2-Income Trap”. In This Episode We Cover Why you should go over finances before getting married The importance of inspiring your partner to have the right finance mentality The importance of introspection when dealing with a partner’s money situations How to stray away from the “2-Income Trap” Whether or not you should combine finances in a marriage The pros/cons of paying off your home quickly The 7 key tips to creating a financially harmonious relationship And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums BiggerPockets Money Podcast 73 with Ramit BiggerPockets Money Podcast 127 with Ramit Check the full show notes here: https://www.biggerpockets.com/moneyshow159 Learn more about your ad choices. Visit megaphone.fm/adchoices

Ask this episode

“What did the council decide on item 42?” — answered with the speaker and the moment.

Transcript

Related