159: How to Financially Thrive in Marriage (Even if You or Your Partner is In Debt!) with Talaat and Tai from His and Her Money

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 4 January 2021

⏱️ 80 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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!

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Transcript

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0:00.0	Welcome to the Bigger Pog its Money Podcast, show number 159, where we interview Ty and
0:06.0	Tullet McBeeley and talk about how to get your spouse on the same financial page.
0:11.8	Not to live on two incomes. Like we tell everybody that whatever you do do not overlever
0:17.9	yourself based off of the two incomes that's coming to the household because like we'll change.
0:21.6	You may not change right now or right away, but it will eventually change. So live off one,
0:26.4	use the other to save and best build wealth, start a business, do some fun things, take some risk.
0:32.6	Hello, hello, hello, my name is Nindy Jensen and with me as always is my down-to-earth co-host
0:37.4	Scott Trunch. Thanks for grounding me today, Mindy. It's a be here.
0:43.2	Scott and I are here to make financial independence less scary, less just for somebody else.
0:49.0	We're here to introduce you to every money story because we truly believe financial
0:53.3	freedom is attainable for everyone, no matter where or when you're starting.
0:57.8	That's right, whether you want to retire early and travel the world, go on to make big time
1:00.9	investments in assets like real estate, start your own business or confess your messy debts to
1:05.9	your spouse for the first time. We'll help you reach your financial goals and get money out of
1:10.3	the way so you can launch yourself towards those dreams.
1:12.5	Scott, today we have the talent and time,
1:21.7	nearly from his and her money, talent and tire financial educators that are on
1:25.6	admission to get couples on the same page financially so that they can experience the joys of financial
1:31.4	freedom. This episode was so much fun to record, Scott, and it is just going to be killer.
1:37.2	If you are at a different place in your finances, then your spouse may be a different mindset.
1:43.6	This is an episode that you are going to want to listen to with your spouse because
1:48.8	tie and tell it have some killer advice for how to connect with your spouse financially
	...

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