Money and Marriage: 5 Financial Tips to Strengthen Your Relationship

BY: - 8 Sep '17 | Money

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By: Kyle Strozier

It’s been said that the number one cause of strife, arguments and eventual breakdowns in marriage is…money.  I’m sure we all know of personal accounts that will corroborate this.  I’m here to say, that needn’t be the case for you.

Marriage is a union of two people.  However, for many couples, that union stops immediately at money.  Here are a few tips to keep money from being a central cause of strife in your relationship.

Combine Your Finances

I counsel couples to combine their finances as soon as possible. This usually includes a joint checking account from which all bills are paid as well as a joint savings account (there are exceptions, but they are rare).  This scares quite a few people, but remember this thing called marriage is a union of two people.  There are a myriad of reasons for combining your finances. A major one is that “a house divided cannot stand.”

Make Bill Paying Decisions Together

In most relationships, one person is naturally more at ease handling the finances. This is normal.  However, I can’t tell you how many times I’ve seen people blindsided by reality. It’s usually the same response “I thought so and so was handling it.”  In short, both people should be involved with the money.  There are techniques to get both individuals up to speed on money matters but at a minimum you should discuss all current and future bills from time to time.

Communicate Financial Concerns Often

This is key.  Don’t be afraid to talk about money. Not talking about it can only make a situation worse.  You’ll find that after you get in the habit of discussing money with your significant other, it becomes somewhat uplifting as you both begin to recognize that you are a team working toward the same goals.  In fact, talking about money moves it from the realm of taboo and mystery to simply one topic among many that couples discuss.

Seek Advice from Reputable Individuals

There will come a time in your relationship when you and your spouse do not have the answer (retirement planning, business planning, college savings, etc).  Don’t be afraid to seek out a financial advisor.  More importantly, don’t wait until the last minute to do so. Most financial situations have a “right” answer so it’s better to do it “right” the first time.

Don’t Let Money Control You

How do you know if money controls you?  When you make financial decisions based on fear, anger, jealousy, spite, loathing, sadness, etc. These are clear signs that your money controls you.  As a married couple, you must use all of the tools available in order to make the relationship a success.  Recognize that money can be an instrumental tool but, if you don’t control it in the ways the I’ve outlined above, it will surely control you.

You can do this. Best of luck,

About the Author: Dr. Kyle Strozier, Founder of Wealth Matters Co., has worked in the finance field for 10 years.  His greatest accomplishments are those of a personal nature: assisting friends and family with “righting” their financial ship, teaching young people to manage their finances, and building financial stability for himself and his wife.  He possesses a deep, working knowledge of financial management that extends well beyond cash accounting and includes such items as Equity investing, options trading, bond analysis, retirement planning and strategic analysis.  You can learn more about him at  www.wealthmatters.co.

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Start Building Wealth With These 3 Real Estate Investing Resources

BY: - 20 Sep '17 | Money

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Here’s a simple truth. It’s almost impossible to become financially independent working a 9 to 5. As Robert Kiyosaki points out in his book Rich Dad, Poor Dad, the disadvantages of being an employee are just too numerous. Taxes, for one, crush your wealth building ability. Worse yet, you’re not guaranteed job security. And if you don’t work (get sick, injured, laid off, etc), there is a good possibility you don’t get paid.

That’s why I constantly stress the wealth formula:

Income – Expenses = Capital (seed money) left over to create wealth building assets.

Save money from your 9 to 5 to invest in or create wealth building assets. Great wealth building assets include stocks, bonds, and your own side-hustle/business, all of which I’ll touch on in upcoming posts.

Click Here to Download a FREE Copy of the BMWK Generational Wealth Pledge for Black Families!

But one of my favorite wealth building assets is real estate, specifically rental real estate. The advantages are incredible.

  • You create immediate cashflow when you pocket the difference between the rent and your expenses (mortgage,maintenance,taxes, insurance, etc).
  • Your renter pays down your mortgage.
  • You earn tax benefits that put more money in your pocket.
  • Your rental property appreciates.

If you hate finding and managing tenants and property there are even property management companies that will do that for you.

But I sense your doubt. Perhaps you’re thinking:

“I don’t know anything about real estate.”
“I don’t have enough money to invest in real estate.”
“I have a full time job. Where am I going to find the time for real estate?”
“Real estate investing is just not for people like me.”

If this is you, consider the case of J. Massey. Massey was homeless with a credit score below 400. But through real estate he become a millionaire who now owns over 300 rental properties. I implore you to listen to his story at His and Hers Money, then check out his website at Cash Flow Diary.

His story is not unique. There are thousands of people who started off as teachers, firefighters, or college students and created financial success through real estate. You must be able to work hard and have the right knowledge. Plunge into real estate investing without doing your homework and you’re jumping out of a plane without a parachute.

So how do you get the knowledge you need to succeed?

For me, it came from BiggerPockets.com. This is one of the largest real estate investing communities on the internet. They won’t sugar coat the challenges of real estate investing. Instead, you’ll learn the techniques for earning true wealth through owning real estate. You’ll also be able to interact with over 850,000 members of the BiggerPockets community through online forums.

The biggest benefits I’ve gotten from BiggerPockets have been through the following three resources that can also help you get started in real estate investing.

Resource #1 – The Ultimate Beginner’s Guide to Real Estate Investing

The free BiggerPockets Ultimate Beginner’s Guide to Real Estate Investing. This guide walks you through the steps needed to master real estate investing.

Resource #2 – Bigger Pockets Podcast

The BiggerPockets podcast: Each week the BiggerPockets crew interviews someone who has become successful in real estate so that you can learn through their successes and failures.

Resource #3 – Bigger Pockets Book on Rental Property Investing

The BiggerPockets Book on Rental Property Investing. Unlike the Beginners Guide and weekly podcasts, this is not a free resource but can be purchased on Amazon or the Bigger Pockets website. I’ve found it to be one of the best and most comprehensive books on real estate investing. It’s well worth the price but you might also be able to find it at your local library.

Now, if BiggerPockets is not enough of a real estate education for you, I suggest you walk over to Life, Liberty and Property where John and Richelle can provide you with additional nuggets of wisdom for your real estate journey.

I understand that real estate investing may not be your cup of tea, but if you are even a little bit interested, I suggest you check these resources out. They just might change your financial life.

BMWK, are you ready to take the leap into real estate investing?

About the author

Alonzo Peters wrote 298 articles on this blog.

Alonzo Peters is founder of MochaMoney.com, a personal finance website dedicated to helping Black America achieve financial independence.

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