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Mind of a Millionaire: Combining Finances: Your Financial Checklist

Mind of a Millionaire: Combining Finances: Your Financial Checklist

June 03, 2019
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Welcome to episode 42 of the Mind of a Millionaire podcast. This week we are discussing Your Newlywed Checklist, which truly discusses the necessary steps to combining finances. This is relevant even if you aren’t getting married, but just combining finances with another person.

This list comes from our Standard of Care (SOC). The Standard of Care is our library of checklists for various life stages and transitions. Whether you’re beginning a new decade of your life, gearing up for retirement, had your identity stolen, or simply buying a new car, ask us for a checklist. Also, keep an eye on the website – they will be available for download shortly.

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Money is one of the leading causes of divorce (Magnify Money). [1:10]

Analyze where you both are financially (debt, expenses, etc.). [2:05]

Establish your monthly expenses. [2:47]

Work toward wiping out your debt with Dave Ramsey’s 7 Baby Steps [4:13]

Establish short-, mid-, and long-term financial goals. [5:06]

Establish a plan to address those goals/who’s in charge of paying bills? [6:07]

Sit down with your spouse weekly/bi-weekly/monthly and discuss your finances. [6:35]

  • Especially important in the early years when you’re establishing your finances.

Decide how to manage your accounts (individual vs. joint accounts). [7:50]

Create a system for maintaining electronically stored information and documents. [8:59]

Review all insurance policies and update beneficiaries. [10:27]

Review beneficiaries on bank and investment accounts. [11:21]

Meet with a professional. [11:39]

Meet with a tax professional. [13:34]


Thank you for listening – we hope you enjoyed the episode this week. Again, we are working to get all of our SOC checklists available for download on our website. In the meantime, if you would like any – perhaps you have a big life transition approaching – reach out and we would be happy to send it over. We would also be happy to help you if you have questions along the way.


The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

No strategy assures success or protects against loss.

This information is not intended to be a substitute for individualized tax or legal advice. We suggest that you discuss your specific situation with your tax or legal advisor.