He's a financial planner in wealth management, and he's buried in debt?? My brother in christ, you cant even manage your own finances. In no way, shape, or form should you be touching other peoples.
He also said private wealth management. That means this dude is handling accounts with 2 million Canadian dollars or more. Granted that is more like 1.5 in the US, but my god who would ever trust this guy with so much money after hearing this call?
I noted that too. That's like marrying a plumber but not wanting him to unstop the toilet. The wife knows something is wrong with mixing this guy and her finances and she's not having it.
Well she does not trust the husband. Pretty sad. Why did she marry someone she does not trust. I guess the important thing is always discussing every purchase over $100 with each other. Sounds like she knows he would just do what he wanted without a discussion. The other possibility is she wants to go money if she decides to skip out of the relationship.
sad thing is this probably most relationships. most women have guy friends, such disrespect... every guy should know. this is every women!!!!!! a girl makes money its her money, a guy makes money its for the family. naturally selfish
Never asked what each is like in their spending. No man or woman wants to see all that hard work to build a foundation of financial security get flushed by a spender who wants to YOLO their way through life.
100%. This could have avoided so many problems but talking about it before hand and not moving ahead into marriage, this will only get worse before it gets better.
@@katiejon17 Damn she should have expected that a dude dealing with multi-million dollar accounts on a daily basis to be absolutely horrible at managing money. What are you talking about?
@@TheHaywire924 What am I talking about? It’s basic comprehension. When you get married, you being a union. If you do not want to become a union, you should never get married. They are living like boyfriend-girlfriend, not husband-wife. And yes, they both should have known each other’s financial status before marriage. Whether she did know it, or whether she didn’t know it... it’s clear she’s not wife material. She’s meant for non-married life. ItKs as simple as that.
Mortgage is considered good debt. They only have 150k in bad debt which is 75 k for his student loans and 75 k they borrowed from his family. If you are in this together yall knock out the loans to avoid the interest and move on to investing your money in better things
@@djosserperrah9563 "Good debt" is something of a misnomer. It still goes on the other side of that net worth equation along with the credit cards. It's still a bill you have to be paying on if you happen to lose your job and are out of work for an extended period. There is nothing "good" about it. What makes it "less bad" is that you can usually get it locked in at very low interest rates. But then again, a 30 year mortgage written today is 7.5% interest. That's definitely NOT a "good" debt.
People with the most Debt and bad spending habits always want combined finances. Let each partner have they own account and another account to put money for household expenses, where both contribute. I WILL NEVER join my account with anyone. Too many people have been BURNT by joint accounts.
I agree with you. I will never combine finances with anyone, including a spouse. If a potential spouse insisted on combining finances, that would be a huge red flag (especially since I have a net worth of $14 million). I'd flee and never look back.
Another example of people getting married without having synergy regarding the critical things (finances, religion, morals, children & upbringing). Seriously, people, s**t test your fiance on the criticals before committing.
@paulmiljus idk, i believe in combined finances or at least transparency. dont hide money away from your spouse. granted I got like 5-7 bank accounts, cuz each bank has something I like. one is better for checking, the other holds my loans, and another has high interest savings, and my other accounts are just a basic savings with the same bank as my checking its essentially the fastest way for me to get my money for over/under balances for my paychecks cuz most of my bills fall on one paycheck so I gotta balance that out. long story short I'd merge the spending account and a bill account and maybe one of the savings account but my long term accounts is locked from even myself so I'd have to play it by ear for me to share that account with my hypothetical spouse. personally, my dad made the money and my mom paid the bills. but he also was a hard saver and my mom was a spender.
Where were the usual questions like, "How much do you make? How much does she make?What does she have in her savings and investments?" They sound more like roommates
375k mortgage, 75k student loan and 75k private loan. His wife made the right decision not to join the account. The dude need to learn self accountability.
The mortgage is joint, and the family debt is what he said "WE owe my parents". The only thing she took on was his student loan debt. At $75k his income probably more than makes up for it.
Joint accounts literally don't matter, the right choice would have been "I ain't touching that ring till you get your shit together". If you don't trust someone to share your money with, you don't trust them as a life partner.
Because Dave Ramsey refuses to believe a couple can build wealth without combining finances. Which is not accurate. I know several married couples who never combined finances. They are happily married and have built substantial wealth. Maintaining separate finances may not work for some couples, but it most definitely works well for others.
@@KathleenMcNehe’s admitted before that plenty of people he’s worked with never combined finances. He just refuses to push that part because of his religious beliefs and also he’s set in his egotistic ways
My husband and I do not have combined checking accounts. We have performance savings account together. We can see each other accounts and move money , etc.
What's so special with this guy? I think the hosts are going really soft on him. Why are they stuffing pillows under his arms? Why are they not making him more accountable?
Being good with math doesn't mean you're good with money. If he hasn't proved he's good with money - and given his debts and failure to have this conversation before marriage I would bet they aren't - she is right to keep it separate.
So he's a CFP with $150k (half of it to his parents) in debt BEFORE he financed a $450k mortgage? That's about like an obese, chain-smoking, diabetic doctor giving out health advice!
It's almost always the spouse that would benefit the most always pushing for the other to fix their financial mess through shared accounts. God forbid you ask for a prenup and face gaslighting
I would never combine my income to pay off my husband’s debt accumulated prior to marriage, especially in a marriage of one year. House debt I would pay my fair share but no more. I have a degree in math and computer science, I would never put my financial future in someone else’s hands. My father died when I was 12, I knew I needed to get scholarships to pay for my education. Also have seen my sister’s husband cheat while having a 6 month old baby, so using my money to pay someone else’s debt is not happening ever.
Why are these people pretending that they're not living in 2024 with this outdated bulls*** of combing income which invariably leave women worse off financially
Wife is smart, she has a deadbeat financial planner for her husband. Her best bet is toss him to the curb. Do not let a past mistake shackle you to this man.
@@maneli3769 Yes. I strongly think people have an inbred trait to do certain things and act in a certain way. Getting married is not going to change those inbred traits. The absolute key is to discover those traits before marriage and decide if you can live happily with that person. I made mistakes that led to divorce. First time was a young woman who was dating another man and added me to her stud list. We got married and she took up with my boss. Second time was 35 and beautiful. Also had bipolar and on meds. After marriage she stopped the meds and went back to having multiple boyfriends. I divorced her too. In both cases, I knew what I was getting into but failed to exercise judgement and paid the price. My advice to everyone is to check her out medical history and her inbred traits before putting a ring on her. Or take consequences.
I declined to combine finances with my ex because I knew if one day his mom or his sister called him crying begging for money that he'd drain our bank account without even telling me. In a perfect world, use you should combine but in reality only combine if they person is trustworthy.
She is paying her share of their lifestyle needs. She is not paying off his debt. Maybe he should pay off his own debts before asking her for her money.
@@illlDCllli It's his student loans and he owes his parents - she doesn't. This guy can't manage his money. I would never go to him as a financial planner.
When my husband and I married, we each paid off both of our debts one by one. It was part of our agreement BEFORE we married. This couple didn’t even talk about this before they married 🤦🏻♀️
I think when you marry someone your should take a piece of their debt. But only having a shared bank account and unlimited access to their money? Madness.
This is why you don't get married when there's individual debt. He wants to use her money for his school loans and I'm sure she's not up for that. They made a HUGE mistake getting out a "family" loan before they even got married. And he's a financial person and STILL doesn't know better?
I love that they never ask how these people spend their money and how they budget, it just " oh the wife is horrible and should fork over all the money" what if she can see that he spends willynilly and wants to save for a rainy day without influence from his actions?
I'm so happy I made productive decisions about my finances that changed my life forever,hoping to retire next year.. Investment should always be on any creative man's heart for success in life.
Thanks for the advice! I'm new to financial planning and wasn't sure where to start. Any tips on finding a reliable financial adviser or resource to guide beginners?
Wow...I know her too she is a licensed broker and a FINRA agent she is popular in US and Canada she is really amazing woman with good skills and experience.
So, from this conversation, he's never had a discussion about why, he has demanded because he said so. ... she is afraid of him being a control freak and her having to follow him blindly.
“Why”. It’s about control. Everyone should have control over their money. I don’t see a problem with having a joint account but each person having their own checking account on top of that. That way you budget putting x amount of dollars into a joint account every month and you get x amount of dollars in your individual account to spend as you see fit. As long as it’s budgeted I don’t see how that’s a problem. Especially as a woman I won’t feel safe not having access to my own money. How many women have been destroyed in divorce because they didn’t have their own checking and savings accounts?
My grandmother had a little of what’s called “mad money”. It was the only money she had any say over. My grandfather did whatever he wanted with all other money without consulting her. Even as a child I knew I would never want to be that financially vulnerable. It is a scary feeling knowing if the other person leaves with all the joint account funds then you are screwed.
This is why most marriages are not great. Just okay. No one is working together. Putting your money in one account is like placing a bet on the future. If you will not do it in good times it will not work in bad. You have to be shackled to your spouse for it to work forever.
It is not inherently wrong or bad to have 1 joint account and then 2 separate spending accounts. It just seems unnecessary. It's a lot of transferring money around, when everything can just be done from that 1 account. So would you also have separate saving accounts? That is at minimum 5 accounts for 1 family. Most people have a hard time managing 1 account so it would take a very responsible and disciplined couple to manage 3 or 5. As for the divorce comment, everyone gets destroyed in a divorce. I believe it depends on the state, but alot of times, it doesnt matter if you have your "own account". The court would likely see that as the couple's money and that will get factored into the court's decision on how to split the money.
@@Tre2cool96 5 accounts for a couple is nothing. I have more than that and I am single. 401k, IRA, checking, savings, credit union, brokerage, government bonds, etc. Computers exist to help manage all of that. Where divorce is concerned, what often happens is one spouse drains out all the joint accounts shortly before filing for divorce, so the other spouse is left with nothing and sometimes even becomes homeless if all there were no separate accounts.
I bet if the situation was reversed she would expect him shoulder the responsibility to assist in paying here debt because they are married. Why did they get married?
Me and my wife have been married for 12 years now. When we got married we kept our accounts separate. Her debt and my debt. We divided the shared bills as a % of our pay. Be it 10% 21% whatever it was. She never had to ask if she could buy something she want and vise versa. We paid our debts off and a year and half ago we combined our accounts. And we've done good. I was married before this marriage and that was my reluctentness to the shared accounts.
This is what my husband and I do. Works great. We have a joint account for joint debts and household bills. I pay my debt and he pays his. I have student loans and he does not. Works great for us.
This is also what me and my husband do. Been married for 20 years. We love having autonomy while pooling money at the same time. We have been debt free including mortgage for years and it works fabulous for us.
It's okay to have separate money. Lots of women get stuck in abusive relationships and can't get out right away because they don't have their own money. I wouldn't be telling everyone they have to combine finances.
@@normamaher9901 it's not outdated, it's a modern concept. Historically, there was no combining of finances; the man owned everything! Not saying that's how it should be, but that's how it was throughout most of the history of marriage.
My husband and I have combined income, but we each have an allowance of personal money. It works. The bills get paid, money is saved and we have personal money.
I kind of disagree that finance combination equates to "I have a vote and it matters". Long story short, both of us are products of nasty divorces with the ensuing gaslighting, outright lying by many people and total financial destruction.....we all know how that goes, right? Fast forward 5 years later when we inadvertently met up and the rest is history. We decided from the get go that to keep the playing field level, we had a joint account to run the household, but, we each kept our individuality and financial freedom along with shared common financial goals to guarantee financial freedom into retirement and let the good times roll. After 37 years together, we never looked back and retirement is great. We're both convinced that, for us, keeping the playing field level and shared goals was the key to our success. Maybe,it's not for everyone,but,it is for us.
This is 3 dudes discussing how to take a women’s money 😂 completely missing the point that he brought the vast majority of the debt and did not give her reasons to trust him in making decisions together. He’s just frustrated that he cannot “manage” her income as a “good” advisor he is. I may be wrong but this is how this sounded to me.
If the woman called about her having the debt, he would still say combine. They are now married so they need to be unified. What should have been done was to discuss this long before the wedding day.
I totally agree! 75k is a combination of his debts and student loans, and the other 75k if a debt to his parents. I don’t see her debt in that 150 anywhere. Sounds like he’s bad with money despite being a CFP. and even though she loves him, and may help pay down his debts with him, she is smart not to let him spend all her money too. How does Dave always say it? You don’t give a drunk a drink. Does he forget what happened to his wife when she turned over control of the money?
The other 75k is their debt to his parent. Not just his. I have a couple of questions. 1. If she was earning minimum wage, will you still have the same point? 2. If she had majority of the debt, will you say the same thing? Because some of y'all can be traditional when the man is the primary bread winner and turn to logical feminist once you start earning similar to or more. She didn't ask him to tackle his debt first, she just said she is not interested.
I just cannot believe the amount of money people spend. They say 375 thousand like it's nothing. Then more thousands here and there. I am so thankful my husband had a good financial head on his shoulders.
I don't combine my finances anymore. I'm the only one on my account and I handle all of the bills. It works better for us this way. We went from constantly being overdrawn to having a nice cushion every month after paying all of the bills.
@@deirdrekiely6187 No not really. She had a massive student loan and we talked about that and said her debt will be my debt and we'll tackle that together, which we did eventually.
We each have small “fun money accounts” but combine in a joint account. I could not care less what she buys and vice versa for me. We are multi millionaires and works fine for us. I recently bought a new Tesla (I can hear Dave groaning) but there wasn’t discussion about it other than me saying “I plan on getting a Tesla in a few weeks”. I didn’t question or get involved when she bought her Honda a couple years ago I would have been be happy to help if she wanted but I didn’t know until she was picking it up that day. Fine with me. So we are not 100% combined but it works fine for us.
The mistake you made was paying off her debt. I've heard horror stories of guys paying off their womans debt. Usually once the debt is paid, she'll get bored and decide to "find herself" and leave you. Dont be a sucker. Its best to work on your money and debt problems before entering into marriage.
She also may have been burned by someone in the past who took all of her money or someone who controlled everything and made it difficult to get away/safe. Just speculating but her POV needs to be addressed.
If you make people in your present pay for what people in your past did to you, there is no future. Nobody wants to go to prison for someone else's crimes. People always have a reason for why they act as they do, but does that really change anything? If my ex cheated on me, does my next GF need to put up with me being paranoid and controlling or do I need to work through my issues?
Been listening to Dave since 08' and he's ALL OVER THE PLACE! One min. he's the "Free Spirit" and the next min. he's the "Math Nerd." Maybe you can be both, but anyone that has listened to him longer than 1-2 years knows exactly where my comment is coming from..lol
I've heard him say that occasionally there should be a little separation- *IF* One person comes in with a crazy amount of wealth, sometimes a pre-nup can "keep the crazy in-laws away." He's admitted that this is a recent realization.
Word to the engaged: have that money discussion BEFORE the marriage. I wonder if she knew anything about his financial situation before she said I do. If she did, then why?
Dave wifes statement.... Do what ever you want to do. She saying I don't really have a vote, because if I don't agree with you, your going to wear me down like a dog with a bone until I agree with Dave. F%#& it, I'm saving myself the Hassel.
Soon-to-be CPA from Canada: This designation isn’t that impressive anymore either. They’ve combined the CGA, CMA, and CA designations. Now, people who took a 2 year course at college can hold the same designation as someone who took a 4 year course in university. You’re absolutely correct about not needing to be good at math either. Accounting and financial planning aren’t math. At all.
His problem isn't a financial one, it's a marital one. If you had said, "Can you imagine taking his relationship advice on marriage?" you'd be correct.
@@aschulte7502 Those discussions not being had would still be a marital problem at its root. He didn't lay out the framework how the marriage would be managed so he's now having this problem to deal with. From the things said on the call and the sound of his voice I'd guess he is in his mid to late 20s; so having college debt wouldn't be out of the ordinary.
@@Mugsey1984We don’t know that she pushed him into putting all of his money into a joint account. There are plenty of marriages both people have separate accounts along with the joint.
Maybe she just wants some individual liberty. Separate, unaccounted allowances might be enough for her. Just today I bought an electrical inverter to allow PC use in the car and she didn't like the expenditure, but because I used my allowance I could do it without having to persuade her. That kind of thing may be all she wants. At the same time, it's all recorded in Quicken software and the icon to see it is set up on her computer desktop.
While I appreciate the whole joint account idea. I think its a bad assumption to assume that every couple do this. But I do agree that however you approach it you need to be on the same page. And maybe that's something that should be worked out before marriage. Not saying you have to execute the plan right away. Just have the plan and know what your going to do. I think a shared account for sure benefits you for shared goals. I just don't think everyone is going to be comfortable with putting everything in one pot. When you get a divorce... and most of you will. Shared resources are a problem. I get dave is trying to be optimistic about the relationship. And it's probably not great relationship advice to go to your so and say... "since we likely will get a divorce.."... But I do think it's reasonable to protect yourself some.
My wife and I never had a conversation about combining money at all. We just did it because thats what you're supposed to do. I dont understand having to talk about basic marriage things.
Considering nearly half of US children are born to unmarried parents, lots of people are missing out on examples of what you're "supposed to do" when it comes to marriage
@@aisherwasher6959There have long been married women who kept separate money from their joint finances with their husbands. It’s called “mad money”, and I found out about it as someone who grew up mostly around married people.
I tried combining income with my ex-husband and it was a disaster. We talked and agreed what to do, then he did whatever he wanted. Told me he did it because he did not want me to say no to what he wanted to do. I have friends that have one account they put money in they use for household, etc. but also have separate accounts. They have been married 35 years, have a paid off house and are currently millionaires.
I was the math nerd but i still felt like i didn't get a say in how the money was spent every time i had and emergency fund or a buffer built up he would break something in a fit of rage usually the stove and i would have to get a new one. Now we are divorced and i feel so much better because i am able to do that without having to worry about him spending all the money on booze.
I have to say, if I didn’t have debt and I had a husband who had the significant debt that the caller has, I would be unhappy at his insistence that they combine finances to pay off the debt and accumulate wealth. Basically it sounds like he wants his wife’s money to pay off his personal debt! I get her reluctance here. She has worked hard for her money. And I and my husband have shared finances since the week we got engaged and began our wedding planning. This woman likely has parents and friends who are telling her to be careful - what if you pay off all his debt and he walks out of the marriage leaving her with nothing…. Or worse with joint debt. This comes down to trust, I don’t think she trusts him and she certainly doesn’t believe he is in it for the long haul.
I am the math nerd in our marriage. Once we were engaged we discussed seperate accounts vs jpint accounts. My wife immediately told me " separate accounts ate stupid". End of discussion. Of course her Dad was an accountant. So i am sure they discussed all this way before we became engaged. It has worked well for us. Both retired now and looking forward to reaping the rewards of our sacrifices when we were in our 30's. Debt free and loving it.
I don't see a problem with having separate accounts as long as it works for the couple involved. I agree it's complicated to completely not have a joint account for bills and shared expenses, and a certain chunk of income should funnel into that to cover it. But for discretionary personal spending, I can't tell my spouse what to buy or not buy and vice versa. We're on the same track with retirement and emergency savings, but having all our money just go into one huge, shared chunk would be pretty overwhelming. We do earn about the same, though, so that helps. Also, if we didn't share the same financial goals and discipline, maybe this wouldn't work as well.
This describes what me and my husband do. I think it well because we both make very good incomes and about the same, we don’t have debt besides mortgage and we both are math nerds and like to save/responsible so we always come out ahead
She must keep her own account. She wants discretionary money so he doesn’t bug her about buying lipstick,clothes, etc. no. Keep your money x separate. If he decides to leave, you won’t be left broke. Get a third “house” account you both pay into. Keep your finances separate.
This is giving she is the financial responsible spouse and he is the spender. I don’t blame her. Maybe she wants to see him demonstrate responsibility before she combines finances 😂
My husband and I finally combined our incomes after taking Financial Freedom. So much stress disappeared!! We are now retired and still live on a budget. I handle most of the finances. He gets an allowance to spend as he likes, and manages it quite well. Combining incomes was the best financial decision we ever made because it forced us to discuss finances and make decisions together!
How can this guy be trained to help others (CFP) financially but be in such financial chaos? Consider if his wife doesn't trust him with her finances, why should anyone else?
Did anyone notice all the debts he listed were his? The family debt is to his family. That might be a big reason the wife doesnt trust him enough to merge finances.
I’ve heard a few calls from women calling for advice because their husbands have excluded them from any financial information and management and they felt trapped. It’s frightening to not have access to your own money. Maybe that’s why she’s apprehensive. 🤷🏻♀️
My wife and I have been seperate accounts with a household joint for 13 years... no issues. Communication and actually LIKING your partner is 95% of marital battles.
I disagree. He is a bad financial planner. He refuses to humble himself and acknowledge that HE doesn't know how to manage his money. He wants to drag her down into debt with him. If he can't lead his own finances, why should she trust him to lead her? Just because he is a wealth manager for other people money doesn't mean he has sufficient discipline to manage his own money. Pooling funds only work when you can trust your partner fully
He's a financial planner in wealth management, and he's buried in debt??
My brother in christ, you cant even manage your own finances. In no way, shape, or form should you be touching other peoples.
Got a CPA brother who went bankrupt. YOLO. He wants to die a pauper. I don't think that's a good plan.
You have no idea if he's even a Christian, dude
He also said private wealth management. That means this dude is handling accounts with 2 million Canadian dollars or more. Granted that is more like 1.5 in the US, but my god who would ever trust this guy with so much money after hearing this call?
You can understand investment and tax strategies for others without having the self discipline to do it himself.
@@TheHaywire924i wouldn't trust him with my donated income
I’m glad he is not my financial planner. I’d be in debt
Probably the reason she is hesitant is HE owes $75k student loans and $75k to HIS parents.
Yes, how did that happen? Did she know she incurred $150K debt by marrying him BEFORE marrying?
Yes, THEY owe now. She knew before and THEY took out a loan for a $450k house.
So? I paid off our car and our loans after we got married. Who gives a shit if you're really in it for the long haul
She doesn't want hubby pissing away the $$ she works hard to earn. Wisdom on her part!
true...HOWEVER if SHE brought some debt in..... would we be having this conversation? i think not.
There has to be more to this story. He’s a Financial Wealth Manager, and she doesn’t want to share her wealth with him.
I noted that too.
That's like marrying a plumber but not wanting him to unstop the toilet.
The wife knows something is wrong with mixing this guy and her finances and she's not having it.
she does not want to share his debt
Well she does not trust the husband. Pretty sad. Why did she marry someone she does not trust. I guess the important thing is always discussing every purchase over $100 with each other. Sounds like she knows he would just do what he wanted without a discussion.
The other possibility is she wants to go money if she decides to skip out of the relationship.
They planned for the wedding, not for the marriage.
So many people are ready for the wedding but not the marriage.
"Why won't my wife take on my debt?" This really needs to be asked?
I think you miss the part that they're married. And it is her debt now.... because theyre married
sad thing is this probably most relationships. most women have guy friends, such disrespect... every guy should know. this is every women!!!!!! a girl makes money its her money, a guy makes money its for the family. naturally selfish
@@ugabuga1361 "My money is mine, and his money is ours."
@@ugabuga1361you’re absolutely right. That’s why I forced my wife to combine finances with me.
This is why you’re single 😂😂😂
Never asked what each is like in their spending. No man or woman wants to see all that hard work to build a foundation of financial security get flushed by a spender who wants to YOLO their way through life.
"Talking to my wife about combining finances", you see the problem here? You talk about it before getting married.
Lol. It’s like the people that get their new (to them) car inspected after they buy it and realize it has a host of issues 😂
100%. This could have avoided so many problems but talking about it before hand and not moving ahead into marriage, this will only get worse before it gets better.
Don't get married, ever. Marriage is the absolute worst thing a man can do to himself.
@@raymond_sycamore 100%
@@raymond_sycamore So be a single father instead? Or part time father?
This guy can't manage his own money. You guys want him managing yours?
Nope.
Exactly!
Hella NO😂
He can’t manage his wife. He should have never married her.
I wish Dave would have asked him to find out why she’s hesitant, and call back. It’s the most important thing here. He could be just bad with money.
Could be?? IS....he owes 75 thousand to parents, another 75 for something else and then buys a house for 375 thousand??? I'd say he has no clue.
@@cajbaf then she never should have married him.
@@katiejon17 Damn she should have expected that a dude dealing with multi-million dollar accounts on a daily basis to be absolutely horrible at managing money. What are you talking about?
@@TheHaywire924 What am I talking about? It’s basic comprehension. When you get married, you being a union. If you do not want to become a union, you should never get married. They are living like boyfriend-girlfriend, not husband-wife. And yes, they both should have known each other’s financial status before marriage. Whether she did know it, or whether she didn’t know it... it’s clear she’s not wife material. She’s meant for non-married life. ItKs as simple as that.
Agree, you flush that stuff out in dating days before marrying the problem.
525k in debt. How the hell is this guy a certified financial planner? That's the last field he should be in.
Mortgage is considered good debt.
They only have 150k in bad debt which is 75 k for his student loans and 75 k they borrowed from his family.
If you are in this together yall knock out the loans to avoid the interest and move on to investing your money in better things
@@djosserperrah9563 150k is a lot still. More than the average person. That’s almost as much as a house itself.
@@djosserperrah9563100% agreed. I don’t know why people try to lump in mortgage debt with other unsecured debt as if it’s all the same
@@djosserperrah9563 "Good debt" is something of a misnomer. It still goes on the other side of that net worth equation along with the credit cards. It's still a bill you have to be paying on if you happen to lose your job and are out of work for an extended period. There is nothing "good" about it.
What makes it "less bad" is that you can usually get it locked in at very low interest rates. But then again, a 30 year mortgage written today is 7.5% interest. That's definitely NOT a "good" debt.
525k is less than a starter home in Vancouver.
Maybe she suspects he's bad with money. Maybe she's right
Then she shouldn’t have married him. Your comment is stupid
Oh, she's voting, Dave! She's voting! Let him pay his own family debt! He's not a math nerd if he's in this mess.
They borrowed it together
@@djosserperrah9563No he borrowed from his family.
People with the most Debt and bad spending habits always want combined finances. Let each partner have they own account and another account to put money for household expenses, where both contribute. I WILL NEVER join my account with anyone. Too many people have been BURNT by joint accounts.
I agree with you. I will never combine finances with anyone, including a spouse. If a potential spouse insisted on combining finances, that would be a huge red flag (especially since I have a net worth of $14 million). I'd flee and never look back.
Another example of people getting married without having synergy regarding the critical things (finances, religion, morals, children & upbringing).
Seriously, people, s**t test your fiance on the criticals before committing.
OK Dave 😅
I'm serious. 🙄
Don’t combine it the dumbest thing ever
@paulmiljus
idk,
i believe in combined finances or at least transparency.
dont hide money away from your spouse.
granted I got like 5-7 bank accounts, cuz each bank has something I like.
one is better for checking, the other holds my loans, and another has high interest savings, and my other accounts are just a basic savings with the same bank as my checking its essentially the fastest way for me to get my money for over/under balances for my paychecks cuz most of my bills fall on one paycheck so I gotta balance that out.
long story short I'd merge the spending account and a bill account and maybe one of the savings account but my long term accounts is locked from even myself so I'd have to play it by ear for me to share that account with my hypothetical spouse.
personally, my dad made the money and my mom paid the bills.
but he also was a hard saver and my mom was a spender.
Don’t get married… it’s a scam.
Where were the usual questions like, "How much do you make? How much does she make?What does she have in her savings and investments?" They sound more like roommates
375k mortgage, 75k student loan and 75k private loan. His wife made the right decision not to join the account. The dude need to learn self accountability.
The mortgage is joint, and the family debt is what he said "WE owe my parents". The only thing she took on was his student loan debt. At $75k his income probably more than makes up for it.
@tomosborne4702 yeah one side of the story he wants something to show his wife to try to get her money
Joint accounts literally don't matter, the right choice would have been "I ain't touching that ring till you get your shit together". If you don't trust someone to share your money with, you don't trust them as a life partner.
They are both living in that 375k house! Plus 75k is jointly owned.
She wanted cheap rent and utilities plus equity in the home. She married him because he’s an easy mark. She does not love him.
What benefit will she get if they combine finances? Why can’t people have separate accounts
Because Dave Ramsey refuses to believe a couple can build wealth without combining finances. Which is not accurate. I know several married couples who never combined finances. They are happily married and have built substantial wealth. Maintaining separate finances may not work for some couples, but it most definitely works well for others.
@@KathleenMcNehe’s admitted before that plenty of people he’s worked with never combined finances. He just refuses to push that part because of his religious beliefs and also he’s set in his egotistic ways
@@FrugalInvesting-hw6zu Yeah it's submit thinking. On the other hand his debt is her debt either way.
My husband and I do not have combined checking accounts. We have performance savings account together. We can see each other accounts and move money , etc.
I think is going more along with the Bible when it comes to marriage and finances. You become one.
What's so special with this guy? I think the hosts are going really soft on him. Why are they stuffing pillows under his arms? Why are they not making him more accountable?
Being good with math doesn't mean you're good with money. If he hasn't proved he's good with money - and given his debts and failure to have this conversation before marriage I would bet they aren't - she is right to keep it separate.
So he's a CFP with $150k (half of it to his parents) in debt BEFORE he financed a $450k mortgage? That's about like an obese, chain-smoking, diabetic doctor giving out health advice!
Part of that $150K debt is his wife’s.
@@DewTime Sounded pretty much like he took it all on before she was in the picture. But that's only one side of the story, too.
@@DewTime No. He said $75K to his student debt and $75K owed to his family.
his debt scares her
Yup. If she had known before the marriage, chances are she wouldn't have married him, until the money issues were resolved.
It's almost always the spouse that would benefit the most always pushing for the other to fix their financial mess through shared accounts. God forbid you ask for a prenup and face gaslighting
I would never combine my income to pay off my husband’s debt accumulated prior to marriage, especially in a marriage of one year. House debt I would pay my fair share but no more. I have a degree in math and computer science, I would never put my financial future in someone else’s hands. My father died when I was 12, I knew I needed to get scholarships to pay for my education. Also have seen my sister’s husband cheat while having a 6 month old baby, so using my money to pay someone else’s debt is not happening ever.
So you'll share DNA, but not financial responsibility? Got it...🙄
@@TK-431 not shared my DNA either, lol. Sorry, not understanding this comment. If your talking children, big giant no from me on that.
@@wlpark001 Never had intercouse, huh? Sounds like a great marriage.
@@TK-431 marriage isn’t required for that.
Why are these people pretending that they're not living in 2024 with this outdated bulls*** of combing income which invariably leave women worse off financially
Wife is smart, she has a deadbeat financial planner for her husband. Her best bet is toss him to the curb. Do not let a past mistake shackle you to this man.
I agree with you and hope you give the same advice when the lady is the one coming with the load.
@@maneli3769 Yes. I strongly think people have an inbred trait to do certain things and act in a certain way. Getting married is not going to change those inbred traits. The absolute key is to discover those traits before marriage and decide if you can live happily with that person. I made mistakes that led to divorce. First time was a young woman who was dating another man and added me to her stud list. We got married and she took up with my boss. Second time was 35 and beautiful. Also had bipolar and on meds. After marriage she stopped the meds and went back to having multiple boyfriends. I divorced her too. In both cases, I knew what I was getting into but failed to exercise judgement and paid the price. My advice to everyone is to check her out medical history and her inbred traits before putting a ring on her. Or take consequences.
I declined to combine finances with my ex because I knew if one day his mom or his sister called him crying begging for money that he'd drain our bank account without even telling me. In a perfect world, use you should combine but in reality only combine if they person is trustworthy.
My stance is people shouldn't be marrying someone they don't trust. Perhaps the divorce rate would be lower if that happened 😊
Don't marry someone who is nit trustworthy
I’m not letting this guy manage my money
and absorb his premarital debt
Me neither!!
She is paying her share of their lifestyle needs. She is not paying off his debt. Maybe he should pay off his own debts before asking her for her money.
They’re married, it’s their debt now
@@illlDCllli It's his student loans and he owes his parents - she doesn't. This guy can't manage his money. I would never go to him as a financial planner.
@@carolr7823 Then she never should have married him. It really is that simple.
When my husband and I married, we each paid off both of our debts one by one. It was part of our agreement BEFORE we married. This couple didn’t even talk about this before they married 🤦🏻♀️
I think when you marry someone your should take a piece of their debt. But only having a shared bank account and unlimited access to their money? Madness.
This is why you don't get married when there's individual debt. He wants to use her money for his school loans and I'm sure she's not up for that. They made a HUGE mistake getting out a "family" loan before they even got married. And he's a financial person and STILL doesn't know better?
It's their debt. Because its going to be THEIR income every time he receives a paycheck
I don’t believe “they” took out the family loan. I believe HE took the loan.
@@genxx2724 you can believe whatever you want bt if "they" live in the house, "they" took out the family loan
I love that they never ask how these people spend their money and how they budget, it just " oh the wife is horrible and should fork over all the money" what if she can see that he spends willynilly and wants to save for a rainy day without influence from his actions?
Caller: Dave said I was right.
Wife: See ya! Pay off your own damn school!
You forgot the word damn. Damn school.
@@Fishoutagreat call! added it.
She about to leave this dude 😂 he’s a financial planner too and she said “nope not today”.
The divorce is planned before the marriage.
Well he's not a very smart financial planner if he owes all that money and goes and buys a too expensive house.
I'm so happy I made productive decisions about my finances that changed my life forever,hoping to retire next year.. Investment should always be on any creative man's heart for success in life.
Thanks for the advice! I'm new to financial planning and wasn't sure where to start. Any tips on finding a reliable financial adviser or resource to guide beginners?
Wow...I know her too she is a licensed broker and a FINRA agent she is popular in US and Canada she is really amazing woman with good skills and experience.
Stacey demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit
I remember giving her my first savings $20000 and she opened a brokerage account for me it turned out to be the best thing that ever happened to me.
Yes I can believed that, I got victory with her, was so sad after receiving the first pay knowing I invested so low with fear
So, from this conversation, he's never had a discussion about why, he has demanded because he said so.
... she is afraid of him being a control freak and her having to follow him blindly.
Just as important SHE has never had the conversation with him, it works both ways.
@sionrouge1697 true, but the fear of control does a lot, she's likely afraid to confront him.
“Why”. It’s about control. Everyone should have control over their money. I don’t see a problem with having a joint account but each person having their own checking account on top of that. That way you budget putting x amount of dollars into a joint account every month and you get x amount of dollars in your individual account to spend as you see fit. As long as it’s budgeted I don’t see how that’s a problem. Especially as a woman I won’t feel safe not having access to my own money. How many women have been destroyed in divorce because they didn’t have their own checking and savings accounts?
My grandmother had a little of what’s called “mad money”. It was the only money she had any say over. My grandfather did whatever he wanted with all other money without consulting her. Even as a child I knew I would never want to be that financially vulnerable. It is a scary feeling knowing if the other person leaves with all the joint account funds then you are screwed.
This is why most marriages are not great. Just okay. No one is working together. Putting your money in one account is like placing a bet on the future. If you will not do it in good times it will not work in bad. You have to be shackled to your spouse for it to work forever.
It is not inherently wrong or bad to have 1 joint account and then 2 separate spending accounts. It just seems unnecessary. It's a lot of transferring money around, when everything can just be done from that 1 account. So would you also have separate saving accounts? That is at minimum 5 accounts for 1 family. Most people have a hard time managing 1 account so it would take a very responsible and disciplined couple to manage 3 or 5.
As for the divorce comment, everyone gets destroyed in a divorce. I believe it depends on the state, but alot of times, it doesnt matter if you have your "own account". The court would likely see that as the couple's money and that will get factored into the court's decision on how to split the money.
@@Tre2cool96 5 accounts for a couple is nothing. I have more than that and I am single. 401k, IRA, checking, savings, credit union, brokerage, government bonds, etc. Computers exist to help manage all of that. Where divorce is concerned, what often happens is one spouse drains out all the joint accounts shortly before filing for divorce, so the other spouse is left with nothing and sometimes even becomes homeless if all there were no separate accounts.
Whenever they get these calls from one side, why not arrange for both to be on the call?
I would like to hear her side, but he makes it sound like she doesn't want to talk about it.
Also, it's mostly his debt
I bet if the situation was reversed she would expect him shoulder the responsibility to assist in paying here debt because they are married. Why did they get married?
@CP1960 that's he choice before marrying her
Sounds like this dude is a starter husband. Good luck dude.
Why does Dave assume the caller is an “excellent wealth manager and excellent CFP”. Does he have any evidence to support this?
Great advice. This was me and my husband for a while. I’m so thankful we could change and grow together financially.
Me and my wife have been married for 12 years now. When we got married we kept our accounts separate. Her debt and my debt. We divided the shared bills as a % of our pay. Be it 10% 21% whatever it was. She never had to ask if she could buy something she want and vise versa. We paid our debts off and a year and half ago we combined our accounts. And we've done good. I was married before this marriage and that was my reluctentness to the shared accounts.
In my opinion, this was quite a reasonable course of action.
This is what my husband and I do. Works great. We have a joint account for joint debts and household bills. I pay my debt and he pays his. I have student loans and he does not. Works great for us.
"My wife and I ..." "And we've done well."
This is also what me and my husband do. Been married for 20 years. We love having autonomy while pooling money at the same time. We have been debt free including mortgage for years and it works fabulous for us.
In fairness to Dave he always says this regardless of who brings the debt.
It's okay to have separate money. Lots of women get stuck in abusive relationships and can't get out right away because they don't have their own money. I wouldn't be telling everyone they have to combine finances.
I completely agree, I don't believe in combining finances or marriage for that matter! It's an outdated social construct
@@normamaher9901 it's not outdated, it's a modern concept. Historically, there was no combining of finances; the man owned everything! Not saying that's how it should be, but that's how it was throughout most of the history of marriage.
100% always have an exit plan so you're not stuck in a bad situation. NEVER give your power away.
My husband and I have combined income, but we each have an allowance of personal money. It works. The bills get paid, money is saved and we have personal money.
Dude is trying to get her to pay his debts
While she's more than likely insisting he still pay for a majority of the expenses like that mortgage.
Dude = Husband
Her = wife
It goes both ways. It’s just that this phone call the rolls were reversed and a male called.
@@MrSnivvelwhere did you get that from?
@@littleripper312 By what the caller said.
No. They should be working as a team.
He's a financial planner in wealth management? He can't even manage his own finances. He's in no position to guide others in managing their wealth.
The irony of going into student loan debt to get a CFP is rich. Which is something he'll never be.
So true. If he needs to call Dave Ramsey for advice, then he is NOT a capable CFP, lol! I wonder how he passed his certification tests.
I kind of disagree that finance combination equates to "I have a vote and it matters". Long story short, both of us are products of nasty divorces with the ensuing gaslighting, outright lying by many people and total financial destruction.....we all know how that goes, right? Fast forward 5 years later when we inadvertently met up and the rest is history. We decided from the get go that to keep the playing field level, we had a joint account to run the household, but, we each kept our individuality and financial freedom along with shared common financial goals to guarantee financial freedom into retirement and let the good times roll. After 37 years together, we never looked back and retirement is great. We're both convinced that, for us, keeping the playing field level and shared goals was the key to our success. Maybe,it's not for everyone,but,it is for us.
"I want her agreement so it doesn't come back on me later." The man is a professional husband
Gonna find out real quick that she thinks hes a failure of a financial planner if he presses the situation.
He’s not a math nerd, and it’s not her responsibility to pay off his loan.
This is 3 dudes discussing how to take a women’s money 😂 completely missing the point that he brought the vast majority of the debt and did not give her reasons to trust him in making decisions together. He’s just frustrated that he cannot “manage” her income as a “good” advisor he is. I may be wrong but this is how this sounded to me.
If the woman called about her having the debt, he would still say combine. They are now married so they need to be unified.
What should have been done was to discuss this long before the wedding day.
I totally agree! 75k is a combination of his debts and student loans, and the other 75k if a debt to his parents. I don’t see her debt in that 150 anywhere. Sounds like he’s bad with money despite being a CFP. and even though she loves him, and may help pay down his debts with him, she is smart not to let him spend all her money too. How does Dave always say it? You don’t give a drunk a drink. Does he forget what happened to his wife when she turned over control of the money?
@@sarah345when you marry someone it becomes your debt as well dumb dumb.
@@14catsand1humanno they get divorced it's his debt not hers and this guy is a moron
The other 75k is their debt to his parent. Not just his.
I have a couple of questions.
1. If she was earning minimum wage, will you still have the same point?
2. If she had majority of the debt, will you say the same thing?
Because some of y'all can be traditional when the man is the primary bread winner and turn to logical feminist once you start earning similar to or more.
She didn't ask him to tackle his debt first, she just said she is not interested.
I just cannot believe the amount of money people spend. They say 375 thousand like it's nothing. Then more thousands here and there. I am so thankful my husband had a good financial head on his shoulders.
Yeah, but it's $375K Canadian. It's hardly a thing. LOL
Vancouver is the second most expensive city to live in in Canada. That's actually not bad for a mortgage
CFP and is $500,000+ in debt!
He's managing a facade of wealth.
I don't combine my finances anymore. I'm the only one on my account and I handle all of the bills. It works better for us this way. We went from constantly being overdrawn to having a nice cushion every month after paying all of the bills.
There is some reason she's pulling back.
Because he's inept at managing his own finances.
$150k reason!!!!
The first day after our wedding I went to the bank and added her to my bank account. Then we did FPU together.
Did you talk about it before you married?
@@deirdrekiely6187 No not really. She had a massive student loan and we talked about that and said her debt will be my debt and we'll tackle that together, which we did eventually.
Did you have 150k debt?
@@NoOne2023_NoOne $168k
We each have small “fun money accounts” but combine in a joint account. I could not care less what she buys and vice versa for me. We are multi millionaires and works fine for us. I recently bought a new Tesla (I can hear Dave groaning) but there wasn’t discussion about it other than me saying “I plan on getting a Tesla in a few weeks”. I didn’t question or get involved when she bought her Honda a couple years ago I would have been be happy to help if she wanted but I didn’t know until she was picking it up that day. Fine with me. So we are not 100% combined but it works fine for us.
Having fun money accounts is still working together particularly if you agree on the amount
There aren't any 'fun money accounts' when you are $150,000 plus mortgage in debt. And I'd love to know the genesis of the 75G owed to his parents.
Beautiful.
He sound like he has mad debt and want her to combine money wen she has none 😂😂😂😂 smart girl
But when the wife has all the debt suddenly it’s “our” debt by you double standard clowns
@@FrankS111Well said.
@@FrankS111bingo
Why must you join accounts? No ways.
married
@@lionheart93doesn't matter one account for joint bills
Married a woman and I paid off her $8k debt before we joined finances. Then she went back into debt. I did not end up joining finances.
Does not matter when you're legally married
Assets accumulated during marriage are shared.
That doesn’t make sense
“Married a woman AND PAID OFF HER $8k debt”
“SHE PAID IT OFF-“
Did you or her pay off the $8k debt??
@@annaelisavettavonnedozza9607preach!!! People don’t even proofread what they write it’s crazy!
The mistake you made was paying off her debt. I've heard horror stories of guys paying off their womans debt. Usually once the debt is paid, she'll get bored and decide to "find herself" and leave you. Dont be a sucker. Its best to work on your money and debt problems before entering into marriage.
She also may have been burned by someone in the past who took all of her money or someone who controlled everything and made it difficult to get away/safe. Just speculating but her POV needs to be addressed.
If you make people in your present pay for what people in your past did to you, there is no future. Nobody wants to go to prison for someone else's crimes. People always have a reason for why they act as they do, but does that really change anything? If my ex cheated on me, does my next GF need to put up with me being paranoid and controlling or do I need to work through my issues?
Unless she decided to marry another guy with the same qualities then this doesn't matter
Excuses
Ahh yes bring your old baggage into the new relationship
Been listening to Dave since 08' and he's ALL OVER THE PLACE! One min. he's the "Free Spirit" and the next min. he's the "Math Nerd." Maybe you can be both, but anyone that has listened to him longer than 1-2 years knows exactly where my comment is coming from..lol
I also got my CFP but I live the principles we learned so I didn’t borrow money to do it
Never get married & Never Join Accounts 💯✔️
AGAIN with the "must combine finances" nonsense. Life is NOT "one size fits all"!
Except, for Dave, when it comes to credit cards.
Dave Ramsey is a one-size-fits-all guy.
I've heard him say that occasionally there should be a little separation- *IF* One person comes in with a crazy amount of wealth, sometimes a pre-nup can "keep the crazy in-laws away." He's admitted that this is a recent realization.
He has all the debt, wonders why his wife doesn't want to sign on.
Word to the engaged: have that money discussion BEFORE the marriage. I wonder if she knew anything about his financial situation before she said I do. If she did, then why?
100%
Soooo…he’s expecting her to help pay off HIS premarital debts?
That’s part of being married especially if she knew before she married him. You are one at that point not room mates
Dave wifes statement.... Do what ever you want to do. She saying I don't really have a vote, because if I don't agree with you, your going to wear me down like a dog with a bone until I agree with Dave. F%#& it, I'm saving myself the Hassel.
You are very cynical and do not understand a healthy marriage and how it grows.
CFP is not nearly as hard as the CPA, kind of a joke to even compare the 2. You also don’t have to be that good at math for either one
Soon-to-be CPA from Canada: This designation isn’t that impressive anymore either. They’ve combined the CGA, CMA, and CA designations. Now, people who took a 2 year course at college can hold the same designation as someone who took a 4 year course in university.
You’re absolutely correct about not needing to be good at math either. Accounting and financial planning aren’t math. At all.
This guy is a financial planner? Can you imagine taking his advice on money?
His problem isn't a financial one, it's a marital one. If you had said, "Can you imagine taking his relationship advice on marriage?" you'd be correct.
@@MrSnivvel He didn't have the discussions prior to marriage and he has the debt.
@@aschulte7502 Those discussions not being had would still be a marital problem at its root. He didn't lay out the framework how the marriage would be managed so he's now having this problem to deal with. From the things said on the call and the sound of his voice I'd guess he is in his mid to late 20s; so having college debt wouldn't be out of the ordinary.
This guys financial planning sounds bad. I don’t blame her.
His wife is smart.
He’s a CFP and has almost 500k in debt 🤯🤯🤯
I think the golden rule today is don't marry anyone with old debt, especially student loan debt. If they are not on baby step 6, run.
Maybe the real golden rule is don't get married 😅
he was not ready for marrage
What is wrong with the wife having her own money? Sounds smart to me!
Yea, my money is our money but her money is her money…
@@Mugsey1984We don’t know that she pushed him into putting all of his money into a joint account. There are plenty of marriages both people have separate accounts along with the joint.
Then why did she get married???
Maybe she just wants some individual liberty. Separate, unaccounted allowances might be enough for her. Just today I bought an electrical inverter to allow PC use in the car and she didn't like the expenditure, but because I used my allowance I could do it without having to persuade her. That kind of thing may be all she wants. At the same time, it's all recorded in Quicken software and the icon to see it is set up on her computer desktop.
The fact they actually think it’s okay to force someone to join finances is ridiculous
"Your excitement comes across as aggression" lol
While I appreciate the whole joint account idea. I think its a bad assumption to assume that every couple do this. But I do agree that however you approach it you need to be on the same page. And maybe that's something that should be worked out before marriage. Not saying you have to execute the plan right away. Just have the plan and know what your going to do.
I think a shared account for sure benefits you for shared goals. I just don't think everyone is going to be comfortable with putting everything in one pot. When you get a divorce... and most of you will. Shared resources are a problem. I get dave is trying to be optimistic about the relationship. And it's probably not great relationship advice to go to your so and say... "since we likely will get a divorce.."... But I do think it's reasonable to protect yourself some.
It would be interesting to see the stats on long term marital success when finances are unifies or kept separate. Anecdotal data is pretty useless.
some people just don't like to be held accountable for their actions...
we really need to hear from the wife in this situation... we're not getting everything we need to hear
My wife and I never had a conversation about combining money at all. We just did it because thats what you're supposed to do. I dont understand having to talk about basic marriage things.
They're not basic marriage things. Why would you not have a conversation to avoid potentially a lifetime of guilt or resentment?
Considering nearly half of US children are born to unmarried parents, lots of people are missing out on examples of what you're "supposed to do" when it comes to marriage
@@aisherwasher6959There have long been married women who kept separate money from their joint finances with their husbands. It’s called “mad money”, and I found out about it as someone who grew up mostly around married people.
Same. I took my husband’s name too, without having a discussion about it.
things have changed a lot. I agree with you. My wife and I combined finances, but this is not just the norm. People do all kinds of stuff nowadays
I tried combining income with my ex-husband and it was a disaster. We talked and agreed what to do, then he did whatever he wanted. Told me he did it because he did not want me to say no to what he wanted to do. I have friends that have one account they put money in they use for household, etc. but also have separate accounts. They have been married 35 years, have a paid off house and are currently millionaires.
I was the math nerd but i still felt like i didn't get a say in how the money was spent every time i had and emergency fund or a buffer built up he would break something in a fit of rage usually the stove and i would have to get a new one. Now we are divorced and i feel so much better because i am able to do that without having to worry about him spending all the money on booze.
I have to say, if I didn’t have debt and I had a husband who had the significant debt that the caller has, I would be unhappy at his insistence that they combine finances to pay off the debt and accumulate wealth. Basically it sounds like he wants his wife’s money to pay off his personal debt! I get her reluctance here. She has worked hard for her money. And I and my husband have shared finances since the week we got engaged and began our wedding planning.
This woman likely has parents and friends who are telling her to be careful - what if you pay off all his debt and he walks out of the marriage leaving her with nothing…. Or worse with joint debt. This comes down to trust, I don’t think she trusts him and she certainly doesn’t believe he is in it for the long haul.
7:29 “When you handle your money together, you’re handling your life together.. it changes everything ” - Dave Ramsey
I am the math nerd in our marriage. Once we were engaged we discussed seperate accounts vs jpint accounts. My wife immediately told me " separate accounts ate stupid". End of discussion. Of course her Dad was an accountant. So i am sure they discussed all this way before we became engaged. It has worked well for us. Both retired now and looking forward to reaping the rewards of our sacrifices when we were in our 30's. Debt free and loving it.
I don't see a problem with having separate accounts as long as it works for the couple involved. I agree it's complicated to completely not have a joint account for bills and shared expenses, and a certain chunk of income should funnel into that to cover it. But for discretionary personal spending, I can't tell my spouse what to buy or not buy and vice versa. We're on the same track with retirement and emergency savings, but having all our money just go into one huge, shared chunk would be pretty overwhelming.
We do earn about the same, though, so that helps. Also, if we didn't share the same financial goals and discipline, maybe this wouldn't work as well.
I know a number of married couples who never combined finances. They are happily married and have built substantial wealth.
This describes what me and my husband do. I think it well because we both make very good incomes and about the same, we don’t have debt besides mortgage and we both are math nerds and like to save/responsible so we always come out ahead
Dave got this one wrong, imo.
I like when Dave shares 40+years of marriage advice
Yeah doesn't work today
His student debt, his debt to his parents. She's helping pay the mortgage. I don't blame her.
She must keep her own account. She wants discretionary money so he doesn’t bug her about buying lipstick,clothes, etc. no. Keep your money x separate. If he decides to leave, you won’t be left broke. Get a third “house” account you both pay into. Keep your finances separate.
This is giving she is the financial responsible spouse and he is the spender. I don’t blame her. Maybe she wants to see him demonstrate responsibility before she combines finances 😂
My husband and I finally combined our incomes after taking Financial Freedom. So much stress disappeared!! We are now retired and still live on a budget. I handle most of the finances. He gets an allowance to spend as he likes, and manages it quite well. Combining incomes was the best financial decision we ever made because it forced us to discuss finances and make decisions together!
How can this guy be trained to help others (CFP) financially but be in such financial chaos?
Consider if his wife doesn't trust him with her finances, why should anyone else?
Did anyone notice all the debts he listed were his? The family debt is to his family. That might be a big reason the wife doesnt trust him enough to merge finances.
I’ve heard a few calls from women calling for advice because their husbands have excluded them from any financial information and management and they felt trapped. It’s frightening to not have access to your own money. Maybe that’s why she’s apprehensive. 🤷🏻♀️
You don’t get to touch my finances if you haven’t demonstrated you can responsibly manage your own.
My wife and I have been seperate accounts with a household joint for 13 years... no issues. Communication and actually LIKING your partner is 95% of marital battles.
I disagree. He is a bad financial planner. He refuses to humble himself and acknowledge that HE doesn't know how to manage his money. He wants to drag her down into debt with him. If he can't lead his own finances, why should she trust him to lead her? Just because he is a wealth manager for other people money doesn't mean he has sufficient discipline to manage his own money. Pooling funds only work when you can trust your partner fully