Podcast Episode 25 – “10 Steps to Stop Fighting Over Money with Your Spouse” with Ryan Inman
Episode 25 – The number one cause of divorce in America is money fights and money problems. If you can get on the same financial page as your spouse, you’ll be much more likely to have a stable, happy marriage. My guest this week is Ryan Inman, host of the Financial Residency podcast. He has coached hundreds of physician couples to succeed with their finances.
As you’ll hear in this episode, one key to succeeding in marriage is to learn how to communicate about money. Fortunately, it’s not that difficult to figure out. It’s not easy, but there are some key steps everyone can take to ensure that they are having healthy conversations about money.
Don’t allow yourself to fall into the trap of thinking that you don’t need to talk about money with your spouse. Money is part of every aspect of your life. When you and your spouse are aligned with regard to money, you’ll be aligned with your dreams, your goals, and your aspirations. Enjoy this week’s conversation on how to communicate better with your spouse about money so you can avoid money fights!
“If you can master the communication piece of your finances, you’ll win with your money. You can’t talk about this too much.”
– Ryan Inman
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Free Resource: 5 Financial Conversations All Couples Should Have
5 Financial Decisions Couples Should Make Together
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- 00:00 – Introduction to episode 25.
- 01:22 – Thanks for making the first 25 episodes so special!! Please post a link to the podcast (www.thescopeofpractice.com/podcast) on your social media page!
- 03:28 – Introduction to Ryan Inman
- 04:42 – Welcome to Ryan Inman.
- 05:01 – It’s a small world after all!
- 06:06 – Ryan discusses why he gravitated towards working with physicians.
- 08:53 – Physicians don’t start with a level playing field, and most financial advisors don’t have our best interests at heart.
- 10:35 – When Ryan Inman is first working with couples, he starts by talking about behavioral finance and communication. It’s not just about the investments!
- 13:20 – Spouses have to work together! It’s not “my money” and “their money.” It’s “OUR money”! You’ve got to give your spouse a chance to express their dreams
- 15:53 – When you don’t prioritize the other person’s goals and drams, it breeds resentment. You need to share your hopes and dreams with your spouse. BOTH spouses need to be equally heard and equally prioritized in the decision-making process.
- 18:38 – One person in the relationship can be the “household CFO.” That person manages the mechanics of the budget, bills, and investments, but both spouses have to have equal priority.
- 20:06 – Couples should combine everything! You need joint checking account, combined finances, and both of you own everything together. That includes debt! Banking should be the most simplistic part of your finances. Consider having separate accounts earmarked for saving for specific goals.
- 24:07 – Have different accounts for different goals, but combine everything.
- 24:53 – Consider having separate accounts for “fun money” for each spouse. That way, you can have some money that is for whatever you want, but you still have joint accounts on everything.
- 26:47 – Ryan Inman recommends doing the budget process together for the first six months. That way, you can get closer to your spouse and spare yourself a LOT of fights and disagreements.
- 30:01 – You are one family! You need to be in agreement on all financial issues. You can have different goals, but have a conversation! Go on a “money date” periodically so you are on the same page about money.
- 33:20 – The weekly or monthly “money dates” need to be short and sweet, just enough to get you through the week or month ahead, limit impulse buying, and stay on track. Every few months or so, have a separate “money date” that allows you to discuss more long-term goals.
- 36:23 – Budgets are sexy!
- 38:35 – When your goals aren’t aligned, it’s often because you don’t actually understand what your current status is. If you don’t know how much money you need to retire, you probably don’t know what your current spending rate is.
- 42:34 – If you’re not married yet, start having these money conversations now!!! Keep open lines of communication. Don’t hide things from your future spouse.
- 44:52 – Teach these subjects to your kids early and you’ll set them up for success in your life.
- 47:42 – Connect to Ryan Inman and Financial Residency.
- 49:01 – Introducing the Doctor Podcast Network!
- 50:25 – Signing off with Ryan Inman.
- 50:51 – Summary of the episode.
- 51:19 – Recap of the 10 steps to stop having money fights with your spouse
- 53:36 – This week’s free resource: “5 Financial Decisions Couples Should Make Together.”
- 54:18 – signing off
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