IWillTeachYouToBeRich - 5 lessons on money & marriage

Reader,

One of the most important money choices you make has nothing to do with picking stocks or opening accounts … it’s about who you choose to spend the rest of your life with and how much you share (or don’t share) their views on money and living a Rich Life.

Getting married was one of the most eye-opening financial journeys I’ve ever been on. I had to learn to compromise and to see money as a team. Along the way, my wife and I had a lot of tough conversations: How do we see money? How do we want to use money? Should we sign a pre nup? (I cover all of these things in chapter 9 of my book.)

Combining finances after marriage is a dance between great communication, heaps of honesty, and two people happy to work through the ups and downs of finances.

It’s a dance that continues throughout marriage. In fact, money is the number 1 thing spouses fight about. 

We asked members of the IWT community who have been married at least 10 years (aka “forever” in Hollywood years) to share their advice on money and marriage.

Here are five things they said:

1. Make sure you have chemistry when it comes to money.
“Marry someone with the same values and everything else just works out. 27 years of marriage and we’re as strong as ever.”

2. Don’t try to change the other person.
“Do not attempt to change your spouse’s spending/savings habits. People rarely, if ever, change.”

3. Talk about money — A LOT.
“Talk about money often. It should be a routine part of your relationship, and not a point of pride for one person or another.”

4. Make big financial decisions TOGETHER.
“Be equal partners in all major financial decisions. It’s not the lattes that impact your family’s financial health, it’s the big financial decisions.”

5. Lean on each other when times get rough.
“I found out my husband had $40K in credit card debt. I didn’t have a job, so I took a job at Starbucks and helped him. Two years later, we were debt-free.”

*    *    *

If you’re married, what’s the most important money lesson you’d share with other couples? If you’re NOT married (and planning on getting married one day), what’s the most important money advice you’ve heard that you’ll share with your future spouse? 

Reply to this email and let me know. 

P.S. Click here to read 10 more lessons that readers shared. What advice would you add?