Episode 22 - Combining finances for newly marrieds
Reid Trego welcomes financial advisor Ray Brown to discuss combining finances as a newly married couple. They both believe that it's better to combine finances, especially for young couples in their first marriage. They reference a bank rate study that shows only 43% of married couples have combined their money. Another Cornell research study supports the idea that combining finances can strengthen relationships and improve satisfaction. They also talk about reasons why some couples choose not to combine finances, such as maintaining independence and self-identity. Reid and Ray suggest designing a plan together, including having one joint account and setting shared financial goals. They emphasize the importance of viewing assets collectively rather than separately, as divorce would consider all assets jointly owned anyway.
The couple discusses the importance of budgeting and joint financial goals. They emphasize the need for open conversations about spending priorities and justify expenses. They also highlight the benefits of tracking expenses, reviewing subscriptions, and finding hidden savings. The couple believes that debt should be tackled together as a team, and they prioritize vacations as their financial goal. Additionally, they mention the validation provided by research supporting their views on combining finances in marriage.