Today Financial Advisors Rob McClelland and Mike Connon discuss financial planning and spending in relationships. This insightful episode of Think Smart with TMFG, delves into the financial dynamics in relationships, pitting 'tightwads' against 'spendthrifts.' Guided by Scott Rick's book, "Tightwads and Spendthrifts," they dive into the financial habits of couples, exploring the balance between saving and spending, and how couples can manage their finances harmoniously.
From Rob's reluctance to drop a dime on razors to Mike's affinity for luxury vacations, the episode offers an honest discussion of personal financial habits. They tackle the nitty-gritty of thrifting, forced savings, and wise spending.
Moreover, they unravel the common financial setups in relationships and share expert advice from years of advising couples. They weigh the pros and cons of managing finances independently, somewhat jointly, or entirely together. Plus, learn which combination of financial practices usually works best for couples, from our host's hefty 25+ years of professional financial experience.
Financial responsibility isn't just for adults, and in this episode, we underline the importance of teaching this to children as well. Learn how to gradually introduce kids to the cycle of earning, saving, and spending, as shared through the anecdotes of our hosts.
They don't just stop at daily spends and savings - the episode also touches upon crucial subjects like estate planning and tax-free savings. We discuss when separate accounts could be useful, like in the case of receiving inheritances or navigating finances in second marriages.
Finally, they stress benefits of shared financial accountability and planning.
Understand the importance of financial literacy and realize your potential to live a successful life. Jump into this episode for insights that will enrich the financial health of your romantic relationship!
Episode 257: Financial Planning For Summer Expenses
Episode 256: Capital Gains Inclusion Rate Changes In Canada
Episode 255: Top 10 Mistakes in Retirement
Episode 254: Understanding Trip Medical and Cancellation Insurance - Conversations with Financial Experts Rob and Mike
Episode 253: CPP - The Best Government Pension Plan?
Episode 252: The Financial Implications of Divorce
Episode 29: Becoming A Great A Client Takes A Little More You Might Expect
Episode 33: Technology: Making Us Way Better At What We Do!
Episode 85: The Sexy Secrets of Private Equity
Episode 251: Retirement is Shorter Than You Think
Episode 250: Essential Steps for Successful Retirement Planning
Episode 249: Expected Rate of Returns in Retirement
Episode 248: All-In on U.S. Stocks – Wise Move or Risky Strategy?
Episode 247: 2023's Most Valuable Companies
Episode 245: TFSA -Best Investment Vehicle For Canadian Retirement Planning
Episode 244: Owning a Second Property in Retirement
Episode 243: 6 Ways to Improve the Probability of a Successful Retirement
Episode 242: 2023 Financial Year in Review: What Went Wrong?
Episode 241: Greatest Investment Quotes of All Time Part II
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