Welcome back to another episode of the Mind of a Millionaire podcast. If you don’t already, be sure to subscribe on Stitcher and on iTunes. Follow us on Twitter: @BlairAndZak, and check out our Facebook for more daily investment updates.
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This week Blair sits down to discuss the financial steps you should be taking prior to and during marriage. What are the things you need to speak with your significant other about to make sure your financial goals align? Along with that, we discuss the finances associated with having a child and the steps you should take as you begin to think about starting (or adding to) your family.
You’re ready to get married, but what should you do to set a strong financial foundation for you and your spouse?[4:17]
How much do you truly want to spend on your wedding? [4:48]
Have you discussed beneficiaries? [7:51]
What are your financial goals? [8:34]
Should you combine your finances? [9:19]
Get a budget. [10:55]
Do an insurance audit of yourself [14:13]
How should you go about discussing finances with your partner? [16:14]
“There should be a spender; there should be a saver.” [22:43]
What are some financial steps you should take prior to having a baby? [24:18]
Make sure you have the proper amount of life insurance [25:10]
Can you afford that child? [25:55]
- Health insurance, diapers, day care, etc.
What about college? [27:27]
“How do we teach our kids wise financial practices?” [30:36]
Get your children involved in philanthropy [32:33]
Thanks for tuning into another episode of Mind of a Millionaire – as always, we hope you are learning more and more each week. If you have any questions, please feel free to send those our way and we would be happy to get them answered for you.
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