Should You Combine Finances?

Is it ever a good idea to combine your finances. And you are going to hear a lot of different answers, but the most popular answer is going to be no. I have my money and you have your money.

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1. Pros and Cons of doing this ( now I’m going to be honest and I’m not holding back )

Cons are this:
- I don’t want to verify what I do with anyone ( that’s micromanagement, where you can spend money even on an ice tea )
- You’re the responsible one and they are the irresponsible one ( so they spend all the money or try to hide it )
- Your putting your financial future in the hands of someone else ( joint accounts means that person can go in that account and take that money out )
- Shazam ( its an old magic trick where people disappear with the money you had )

However though:
- All these cons assume that you are marrying someone that you don’t trust
- So why would you marry someone that you don’t trust
- Marriage has 4 Main Ideas: Money, Inlaws, Kids, and Religion ( and then you should get a book like 23 questions to ask a deep question and potentially get premarriage counseling)
- The goal is to get married knowing that person the best you can
- But the Hollywood version is, you trip on a banana and fall in love, and boom your married to a stranger ( very stupid )

What are the Pros:
- Someone helping you get to your goal faster ( partner )
- Trusting that if anything happens to you ( things will be okay )
- Really Married for real

2. SO If I think Combining Finance is Smart
- Why haven’t done it with my girlfriend who is now my fiance
- Because it’s a stupid idea to combine finance with someone you are not married with
- If something happens to me or to her ( imagine the issues that arise)
- Or if we broke ( happens then )
- No protection is the point here)

The Best thing I learned is this:
- You date to marry ( and you’ve been with someone for 5-10 years and you haven’t gotten married, then ask yourself why )
- If the answer is I don’t believe in government and papers
- Then please send me the deed to your house and also all that paper they call money

But seriously wait until your married to combine finances.

3. How do you Combine You Finance with your Wife or Husband
- You give every dollar you make a job or a mission

Mission 1: Save 1000 and get out of Debt ( avalanche method)
- But that’s her debt ( no its your debt to dummy)

Mission 2: Save for emergencies while you invest 1-5% max
- This way you can take care of the house is anything happens

Mission 3: Invest 10-20% and start saving for a down payment on a home
- Follow the 33% rule and get 15-year mortgage
- And pay extra to finish off the house fast

Mission 4:
- Keep investing
- Enjoy life and give more

Little Accounts and Jobs
- Emergency money
- Investments money
- Debt Money
- Expenses
- Fun
- Charity

One thing is:
- When we get paid, through all that money into one account and distribute it accordantly
- The problems come into play when someone feels like they should pay less or something
- Your one

4. Prenup
- Only Reason For a Prenup: an imbalance of wealth too large to ignore

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

[deepsilencersmd]

Nah, I love easy access to cash for car parts

[JustFrugalMe]

My wife and I we do not combine our finances. I don’t want to go to the store and have to consult with her even before I decide to buy a shirt. If money is the number one reason that people fight and get a divorce why make that an issue. We do both drop a percentage of our income into a joint account to cover household expenses and activities for the kids.. but we keep our spending and play money separate.

[eaaron]

Me and my wife have combined finances.

[dcduben]

i want to know the financial benefits to file taxes jointly

[jayem]

Plan on getting married soon. 8yrs in, we don't believe in paper but yes legal standing is why we're doing it. Trying to fix their credit first. We're fixing it together.

Question: Should we get a joint credit card to fix OUR credit or should we fix the others credit first? As mine is not "bad". We're now fixing it so we can apply for a mortgage together.

[tbar]

No don't do it. Most women have bad credit

[Je.rone_]

I don't plan on getting married so i don't have a dog in this fight

[SherifaNakalema]

I think its a good idea to combine some, for combined expenses, but only if married because this is assumed to be a long-term relationship. Discuss rules of how money is spent and when you need to discuss large expenses. Each person deserves some money to spend any way they want! My opinion. What do you think?

[DigitalEarningPalace]

For me its not bad idea to combine your finances

[qn]

only if you have a financially responsible spouse, FICO 750+

[amylovy]

Hi Tommy, did you say expenses should be 17% or 70%? I played it a few times but couldn't tell thank you for the summary, that was a super nice bonus! ❤️❤️👍

[JuNiOrWaDeNmIaMi]

Celebrating one year anniversary today. Combining finances was the best thing to do. We were able to buy 2 electric cars (one of which is a Tesla Model 3) and that was before the gas prices and car prices rocketed. We bought them within 6 months of marriage with our home. And that's the beauty of unity in a marriage. (And double incomes lol)

[ominous]

You can forget having a prenup married to a stay at home. Judge will pretty much throw it out

[KeithJones]

I say yes because marriage is about becoming one that includes your finances