Do you have a joint bank account with your partner or spouse? Is that a good idea? In this episode, we outline the pros and cons of having a joint bank account. We don’t hold back on our views, and we don’t expect you to either. Hit us up in the comments below after listening to the show.
What You’ll Learn from the Pros and Cons of Joint Bank Accounts?
Combined, or joint, bank accounts come with benefits and consequences. Here is what you can expect to learn:
- How you can separate your bank accounts for spending within a joint account.
- The benefits of merging your bank accounts.
- Potential consequences of joint bank accounts.
- Would you help your spouse if they had a financail setback?
Resources from the Joint Bank Account Episode:
Check out the resources mentioned in this episode:
- Leading Causes of Divorce
- Why you should consider having a joint bank account
- How student loans impact marriage
This Episode’s Sponsor
This episode’s sponsor is Jamie Fleischner from Set for Life Insruance, which is one of the nation’s top independent brokerages specializing in life and disability insurance for physicians and professionals. Since 1993 they have worked with thousands of clients finding the most suitable products at the greatest discounted price.
Jamie has been a long time sponsor at The Physician Philosopher, and I’ve never heard a single bad review from my readers. So, if you need a term-life insurance or disability policy, you can reach out to Jamie by calling Set for Life at 888-553-3559 or emailing her team at info@setforlifeinsurance.com
Listener Question of the Week:
Today’s question comes from Dr. Graham,
“I have a fair amount of revolving debt and with my tax refund this year (which will be very large because we adopted kids) we should be able to pay all of it off. If I was diligent, I could probably still have it all paid off in 3.5 years and invest the tax refund. Is it better to pay off the debts ASAP or put the sizable amount of money in an investment?”
Each episode, we are going to start including listener questions as they are provided to us. So, if you have a specific question you’d like answered on the podcast reach out to us! Email Jimmy@moneymeetsmedicine.com or Ryan@financialresidency.com
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2 thoughts on “MMM #7: Pros and Cons of Joint Bank Accounts”
Great episode. Joint account supporter here! Comparatively lighter topic: how do you keep surprise purchases (birthdays, anniversaries, etc.) a surprise? Obviously cash is an option, but any other strategies?
Well, one way is to go buy groceries and take cash out there with a debit card. Just looks like you spent a little extra on groceries each time, and your spouse is unlikely to notice 🙂