Couple Money Podcast

If you think talking about money with each other is hard, try talking to your parents.

Today we’re getting into one of the money sensitive situations when it comes to marriage and money – making sure your parents are in a good spot during their golden years. 

Taking Care of Parents

Family and finances can be stressful. But typically makes it so difficult is how easily our emotions get involved.

Talking with your parents about money. Is red at the top of the list. It can definitely be awkward, but it’s not something you want to put off.

If anything, this year especially has been a clear reminder that we need to be prepared.

Stuff happens.

While we can’t anticipate everything. Having these conversations and making sure our money’s in a good spot can make stressful things a little more bearable

Last year, Cameron Huddleson shared a story from her book Mom and Dad: We Need to Talk:

As uncomfortable as it seems to have these conversations, in a way, it”s the loving thing. You’re looking out for your parents.

Let’s be honest, there are a lot of moving parts. There’s the two of you and then your parents and theirs, siblings, so it can sometimes be tricky communicating with everyone. 

On top of that, you have to deal with your own finances and schedules and those factors will affect what you’re able to contribute.

So to make things easier, we’re going to break things down into some key steps you can take and some conversation starters to get the ball rolling. 

In this episode we’ll get into:

  • Opening up the conversations with your parents to see where they’re at
  • How to discuss together what you’re able to do for your parents
  • Drafting a plan so your parents are in a better spot for retirement and beyond and your finances are in a good spot

Ready? Let’s get started! 

Resources for Parents and Retirement

Here are some fantastic resources to help you two get more comfortable talking about retirement and more with your parents.

Thank You to Our Sponsor Coastal!

Support for this podcast comes from Coastal Credit Union! If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today.

If you want to be better prepared financially, please consider Coastal’s Retirement Planning Program!

Support the Podcast!

Thank you so much for listening to the podcast!

  • Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
  • Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your review on Apple or Stitcher.
  • Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!

Music Credit

Like the music in this episode? Our theme song is by Gentle Regime. Additional Music from Artists at Audiio


One of the biggest game-changers with our finances was shifting things so we could live on one income. However, that’s not always an easy thing to do.

Today I’ll break down strategies and tactics that we and other couples have used to make it easier! 

Living on One Income

I’m serious; if we had to identify the one habit that changed the trajectory of our finances, it’s moving finances in such a way that we could live with just one income. 

Here’s the thing – when we started it was out of practicality. 

When we were first married, our income was much tighter. My husband had his first post-graduation and I was wrapping up my final year in college. I was attending full time and I had a paying part-time internship. 

Because of the nature of the internship, we didn’t know if it would be extended beyond the semester or not. We sat down and decided we needed to keep our essential expenses under his income. 

My income would be used for building our financial cushion, paying off the debts we had, and yes, some fun money. 

 
At that time it didn’t seem like a big deal, but that mindset and system was a tremendous help. We were able to goals like paying off debts. We were able to move to Raleigh when I got a job offer and having our expenses covered by it meant Rob could hunt for a job he was happy with. 

When I began working for myself we had less stress because I could reinvest what income I was making back into the business. We were able to build up our down payment faster. When we became parents I had some flexibility in adjusting my work and yes, I took time off too. 

We’re grateful for those opportunities and realize how fortunate we are to have made that decision early in marriage. 

But even in those circumstances, it wasn’t easy. There were limits we had to place on our finances in certain areas. 

Looking back though, we’re happy we did. 

You may be in a situation where making this transition would be a real benefit for you. 

Like us, it could be out of necessity or because of circumstances. 

 
You may have seen a reduction of income either because your hours have been cut or you’ve been laid off. 

It could also be a voluntary thing.  When I asked in our Thriving Facebook group the main motivation for moving to a single income. The biggest reason was more time with kids. 

I’ve seen families on the path to financial independence shift their finances so that they use one income to take care of the general living expenses and use the second to save and invest for goals. 

So many couples and families can benefit from this mindset. I’d like to offer some help with getting started. 

I can’t cover every single situation. For the purpose of this episode, I’m going to be focused on your single income stream being able your essentials, some savings, and enjoy a bit.  

In this episode, we’ll go over: 

  • the process to scale back your expenses to fit under one income
  • common challenges that can come up
  • Benefits of living on one income

Ready? Let’s get started! 

 

Resources to Shift to Living on One Income

Here are some resources to make managing your money much easier!

Thank You to Our Sponsor Coastal!

learn more about our podcast sponsor coastal credit union

Support for this podcast comes from Coastal Credit Union. If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today!

Key Takeaways

Before we wrap up, I want to focus on a few key takeaways I got from preparing this episode.

  • Be clear on your motivation and goal. The better you define these, the easier it is to make the transition. You’ll be in a better position to know which expenses to cut back first. Or even eliminate. And you can find ways to shore up your savings before you make this leap.
  • Take it bit by bit. I know that they’re going to be circumstances with some families where you have to make the transition as soon as possible because there is a ready reduction in income. But if you’re doing this voluntarily, You don’t have to rush this. Approaching it bit by bit allows your family to adjust. To the new finances. And hopefully, it makes it easier to stick with a plan.
  • Have a plan for that second income. Even if you don’t need it to survive. You do want to use that money wisely? For example, you can pay down your debts. Build up some savings for a specific goal, or if you want to save and invest it. For long-term goals, then you know, that money is right there for you.

This is definitely a topic that we can go more into. And if you’re thinking about making the transition, come chat with me.

You can join us in the thriving Facebook community. We’re a fun and supportive group.

We swap ideas, questions, stories, advice. When we try to help one another out with our family and financial goals.

You can just head over to couple money.com/f B. We’d love to see you there.

Get Your Free Love & Money Guide
Learn the ice breakers and conversation starters to make talking about money easier! 
Featured Image
 

Support the Podcast!

Thank you so much for listening to the podcast!

  • Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
  • Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your review on Apple or Stitcher.
  • Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!

Music Credit

Like the music in this episode? Our theme song is by Gentle Regime. Additional Music from Artists at Audiio

 
Direct download: S10E25_How_Can_We_Afford_to_Live_on_One_Income.mp3
Category:personal finance -- posted at: 8:44am EST

Have you paid off your debts and are looking to grow your money beyond savings? Learn how to create a strategy and plan so you can open and invest in your brokerage account!

Ready to Open and Invest in a Brokerage Account?

If you would’ve met us when we were first married and told me that we’d get to a point where we were investing besides for retirement, I probably would’ve laughed at you. 

Considering at that time we were start off with over $30,000 of debt living in our tiny apartment right by the beach, it would’ve seemed unbelievable. 

We were just trying to find our footing and create a budget that worked for both of us. 

Fast forward to paying off our debts except for the mortgage and that’s where we found ourselves. Funny thing (maybe just to us) was that we hesitated a bit before opening that brokerage account. 

We had become super savers and have been putting money into our retirement accounts, but somehow that next step was a bit scary. 

What helped us was taking some time to step back and discuss our why behind this account. What was our hope or plan for this money? 

For us, being on the path to financial independence meant freeing up options, whether it’s to spend more time with the kids, explore career pivots, or volunteer more. Having money invested in this account would be helpful. 

With that in mind, we then worked out an investing plan we felt comfortable with. While I wouldn’t say it’s been a smooth ride – especially this year – having those pieces in place has made investing easier. 

You might be at this stage. You’ve paid off debts, saving, and now you’re looking to diversify your income and investing is one of those options on the table. How do you create a plan together for that money? 

Today we’re going to be covering that and Kevin L. Matthews is here to discuss the essentials you need to know before you start investing.

He’s a number one bestselling author and former financial advisor who has helped hundreds of individuals plan for their retirement in addition to managing more than $140 million in assets during his advisory career.

Now he’s focused on teaching millennials about investing, making it more simple and helping them craft their own plans. 

In this episode we’ll get into:

  • When you should open a brokerage account
  • how to approach research with before you invest in stocks
  • how to create a financial and investing system that works for both of you

Let’s get started!

Resources to Stay on Top of Your Money

Here are some resources to make managing your money much easier!

Thank You to Our Sponsor Coastal!

learn more about our podcast sponsor coastal credit union

Support for this podcast comes from Coastal Credit Union. If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today!

Besides offering competitive rates on check and savings accounts, Costal has a wealth management team ready to work with you to create a financial plan that fits your specific needs!

Meet Kevin L. Matthews

Kevin L. Matthews II is a number one bestselling author and former financial advisor.

He has helped hundreds of individuals plan for their retirement in
addition to managing more than $140 million in assets during his advisory career.

By 2017, he was named one of the Top 100 Most Influential
Financial Advisors by Investopedia.

Support the Podcast!

Thank you so much for listening to the podcast!

  • Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
  • Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your review on Apple or Stitcher.
  • Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!

Music Credit

Like the music in this episode? Our theme song is by Gentle Regime. Additional Music from Artists at Audiio


‘All Investment Mistakes Are Investor Mistakes’

Is that really true? Today we’ll dig in and see how to avoid making the most common mistakes with your investments! 

Avoiding Big Mistakes with Investments

All Investment Mistakes Are Investor Mistakes

I saw that headline in an older article in The NY Times. Based on personal experience when I first started out, speaking with others on the podcast, and hearing from the community, there’s some truth to that. 

I’ve gotten emails and heard from others about what they should do with their portfolios. 

It’s one thing to have a plan on paper on what you’re going to do; it’s another to watch the volatility on the news or follow along on your phone and actually stick with the plan.  

Whether you’re investing for retirement or another goal, I’m guessing you’re looking to get some good returns. 

Today we’re looking for how you can become wiser, less stressed out investors. 

In this episode, we’ll discuss:

  • The biggest mistakes couples make when starting to invest
  • Traps that can derail your investments
  • Creating a system that works for you as a team

Let’s get started! 

Resources to Stay on Top of Your Money

Here are some resources to make managing your money much easier!

Thank You to Our Sponsor Coastal!

learn more about our podcast sponsor coastal credit union

Support for this podcast comes from Coastal Credit Union! If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today.

If you want to be better prepared financially for retirement, please check out Coastal’s 401(k) Planning Calculator.

Support the Podcast!

Thank you so much for listening to the podcast!

  • Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
  • Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your review on Apple or Stitcher.
  • Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!

Music Credit

Like the music in this episode? Our theme song is by Gentle Regime. Additional Music from Artists at Audiio

Direct download: S10E23_Top_6_Mistakes_to_Avoid_to_Protect_your_Portfolio.mp3
Category:personal finance -- posted at: 8:27pm EST

Want to maximize your 401(k) this year? The first step to doing that is figuring out how much to contribute. Today we discuss how much you need to put in to retire! 

Getting the Most Out of Your 401(k)

We’re wrapping our open enrollment series. The past couple of episodes we’ve discussed what you need to know with your benefits so you can make the right choices for you and your family. 

Health insurance is a huge one, but the other big one is your 401(k). Last week Matt Miner, a certified financial planner talked a bit about how to walk through and review your benefits including your 401(k)s so if you haven’t already, please listen to that. 

You can check -in with your 401(k) throughout the year, but for many, this is a popular time to check and review their portfolio. 

Since it’s an important part of your finances, today we’re answering the biggest questions couples and families have with their 401(k), specifically how much should we contribute? 

In this episode we’re discussing:

  • How 401(k)s work and benefits of having one
  • Whether or not you should contribute when you’re in debt
  • Figuring out how much you need to contribute

Let’s get started! 

Resources to Stay on Top of Your 401(k)

Here are some resources to make managing your money much easier!

 

Thank You to Our Sponsor Coastal!

learn more about our podcast sponsor coastal credit union

Support for this podcast comes from Coastal Credit Union! If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today.

If you want to be better prepared financially for retirement, please check out Coastal’s 401(k) Planning Calculator.

Support the Podcast!

Thank you so much for listening to the podcast!

  • Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
  • Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your review on Apple or Stitcher.
  • Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!

Music Credit

Like the music in this episode? Our theme song is by Gentle Regime. Additional music by Lee Rosevere.

 
Direct download: S10E22_How_Much_Should_We_Contribute_to_Our_401k.mp3
Category:personal finance -- posted at: 8:13am EST

1