Description

Simon T. Bailey talks with brides about who managing the budget once you're married. Then find more expert advice at http://www.getmarried.com/wedding-planning

Transcript

Male Speaker: Why, because Simon says so. Simon T. Bailey: Hi I am Simon T. Bailey and I am your relationship coach. Good to be with you, I hope you brides are doing well and guess what? Today we are going to talk about money. Money, money, money, money, money, okay. So have you ever come to a place where you are getting ready to merge finances and you are kind of like okay what's going on here. Number one I think your financial plan and merging finances is really a part of a bigger discussion and that bigger discussion is what is our life plan? Where do we want to go? When we are living the winter season of our life, when we are in our 70s and 80s what type of lifestyle do we want? Do we want to have a place in the city and a place in the country? Do we want to have a place in the suburbs and perhaps the home at the beach, so really think about what lifestyle do we want; but the second thing you need to do is to do a Financial Audit. We need to understand each other's credit score. We need to understand each other's outstanding debts, which leads me to the next point, who is most financially competent to handle money in the household now? Look at me, me okay it would be her. So she pays all the bills, she handles everything so it's really coming together to say who is best capable of handling what flows into the house. And then if you are going to have separate accounts really talk about who is going to pay for what but it's a ongoing conversation and the last thing I will just share with you I heard a number of years ago Will Smith being interviewed and they were asking him about just some of his secrets of success and one of the things he said he implemented was the 50% rule. And the 50% rule is he lives half of everything that he has ever made so I said wow that is so cool so think about it. What if you live on just one income and if the other spouse works outside the home, you take everything of that spouse makes and totally put it away or the 50% rule for you could be you know what if I make a $100,000 a year then I am going to live a lifestyle of $50,000 a year and put the other 50,000 away. -- doesn't exist because you know I am here to tell you the more you get, the more you spend, and if you see it if it's in the account some how your debit card will become a gremlin it will eat away what's in the account here is the deal brides, don't ever forget this in the future people will be paid for innovation rather than donation. So the jobs and things that we've always noted, they are going to change and if you are going to have a happy marriage and really ensure that you stand in love with each other you got to have the money conversation upfront as you merge forces and really think through what that looks like for you. So, once again, I am Simon T. Bailey good relationship coach. It has been a pump pleasing pleasure as well as a privilege to be with you have a brilliant day and do what I say why because Simon says so.