Love and Money: Financial Decisions People Immediately Regret
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What financial mistakes do people regret making for love?
Ever made a questionable financial decision for the sake of love? Well, today we're talking love and tragedy, a la Shakespeare and Nick Lachey.
I'm just saying for me, again, call me old school, but there's something about a guy that I'm like, I just want to know.
Providing? Yeah. For yourself.
For your own person. I don't know why, but a cat. Has less of a soul than a dog. Have you ever set up two people and it backfired?
Oh, boy. Oh, boy.
Hey guys, I'm Rachel Cruz.
I'm George Camel.
And this is Smart Money Happy Hour.
Cheers, George. Cheers.
Well, this is the show where two friends who happen to be money experts talk about what you're talking about. Everything from pop culture, current events, and money.
And let's talk about what we're sipping on today.
How does love influence financial decisions in relationships?
It is a Trophy Wife Spritz Mocktail.
Oh.
It looks glittery.
I know. It's fun.
If nothing else.
If you see it in the camera right there, all spinny and glittery.
Just what I was wanting. I was like, you know what I need today? Forget fiber and carbs and protein. I need more glitter in my diet.
I need more glitter in my life. That's what we got. Oh, so good.
Well, stick around until the end. We're going to give you our rating and reveal the cost per glass.
George, have you seen Love is Blind, the show?
I saw a season against my will, yes.
Against your will? The one with the Shane guy in it? Yeah.
That was the most epic season, I feel like. Yeah, yeah, yeah. Did it go downhill after that?
No, there's been some good ones. I've not watched the most recent, but I could binge Love is Blind.
It's a great concept, I will say. As far as reality trash TV goes-
And it kind of pushes the whole idea to the limit of like, yeah, is love blind? Like, can you really fall in love with someone without ever seeing them? And man, I'll tell you.
Does that love last? That's the big question.
I know. And a lot of them don't, which makes me think you got to be probably physically attracted to the person too. Let's just throw it out there. Yeah. But what we see is some tragedy on the Ramsey show when it comes to love because people are blinded by love and they make some terrible financial decisions because of love either for another person romantically or even for their family. And so... So we're going to dive into this episode.
What are the consequences of co-signing loans for loved ones?
We're going to react to and unpack some of these predicaments. So let us know what you think in the comments as we go along. All right. First, we're going to relive a call that our friend Jade Warshaw and I took about a boyfriend-girlfriend credit card debacle. This one was a doozy.
Oh, man.
A tough one. Okay. Let's check it out. I want to know your guys' opinions on me taking a second consolidation loan out for my boyfriend's credit card debt.
Ooh, it's not even for you. It was like three bad decisions wrapped up in one. How did we get here?
So I've been with my boyfriend for about two years, and when we met, he was making a good income. I was making a good income. He, I guess, didn't really understand credit cards. I'm a credit card person, and I know you guys hate that term, but I really am. I've never been in debt. I'm the one person that's able to reap the benefits, not pay the interest. But my boyfriend has taught me now that why people are not credit card people. He didn't really understand, I guess, interest. And the first time around was about a year ago. I was hoping to move in with him, take the next step, but we wouldn't do that. He's about 20,000 in credit card debt. And so I had an offer, 0% interest, 15 months up to 20 grand.
I said, I don't need it. I'll take it. and I gave it to him. I was about 15. I took some for myself.
Wait, you gave him the... Hold on, hold on. Let me make sure I understand this. You took out the credit card in your name, but gave it to him to use.
No, so it was a credit card loan. He had his own credit card, but I took out a consolidation loan for him because I was given an offer to me to just take out X amount of money I need. But it's in your name. Yes, and it's mostly paid off, actually.
okay, so help me explain where we're at now.
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Chapters
8 chapters
1
What financial mistakes do people regret making for love?
0:05–0:56
2
How does love influence financial decisions in relationships?
0:56–2:19
3
What are the consequences of co-signing loans for loved ones?
2:19–4:19
4
Why is it risky to take on a partner's debt before marriage?
4:19–6:10
5
How can financial decisions impact family relationships?
6:10–8:02
6
What are the downsides of loaning money to relatives?
8:02–10:27
7
How can you support loved ones without enabling bad habits?
10:27–12:12
8
What are the best practices for discussing finances in relationships?
12:12–43:16
Speakers
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