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 [email protected]
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 [email protected] or [email protected]
TPP
2 Comments
Submit a Comment
You might also be interested in…
Following the Financial Crowd
Have you ever left a sporting event, following the crowd, and suddenly realized you were walking the wrong way? What if I told you this phenomenon has a name, and it impacts your money, too?
Understanding our own behavior when it comes to finance is essential because it helps us mitigate wrong-for-us decision making around money. Unless you know these roadblocks exist, you can’t do much to stop them from derailing your financial goals.
Last week, we shared why human behavior matters for our financial lives by taking a look at the first 5 out of 10 psychological phenomena that can (and do) affect your personal finance goals: greed, fear, ego/overconfidence, loss aversion, and analysis paralysis.
This week, we’re diving back into behavioral finance (one of our favorite topics) to share five more types of unchecked human behavior that can sabotage your journey to building the wealth you want.
Greed, FOMO, and Bad Investments
Despite our best intentions, certain emotions can keep us from building wealth. After many years arming physicians with the information they need to achieve financial wellness, I had a significant realization.
Information is one thing – behavior is another.
As the saying goes, money is 80% behavior and only 20% math.
Not only do I want to share important information about personal finance, I also want to help you recognize how certain behaviors can (and do) affect your finances.
Drawing from one of the classic books about investing, let’s go over five common behaviors that could be keeping you from achieving your financial goals.
How Doctors Can Get Good Financial Advice
Many doctors and high-income professionals hire financial advisors for any number of reasons. Either they’re too busy to handle their finances themselves, they don’t really know how to invest, or they want an expert on their side to make sure they’re on the right track.
So allow me to say from the start: I’m not against financial advisors, but I am against doctors (or anyone, really) being overcharged for bad advice.
There’s no shame in asking for help – you just want to get the help you need at a fair price.
You should be equipped enough to vet and evaluate your financial advisor so you’ll know whether they’re working well on your behalf. How can you be as confident as possible they’re acting in your best interest? This episode will help you find out.
Are you ready to live a life you love?
© 2021 The Physician Philosopher | Website by The Good Alliance
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 ?