Money Meets Medicine Podcast

MMM 74: What To Do When Your Spouse Isn’t Interested in Money

You are becoming a financial guru. You have put in the work to understand your finances and all of the options you have available to you, congratulations! But there is one thing you can’t seem to figure out – how to get your spouse interested in financial strategies. 

Physician Disability Insurance

Together you discuss the future and what your money will be able to do for you, but your spouse just doesn’t care about the details.  In today’s episode learn simple strategies you can use to help your spouse get on the same financial planning page as you, and how to create a step-by-step plan for your spouse if something were to happen to you. 

Today You’ll Learn

  • How to get on the same financial planning page with your spouse
  • What to do if you just can’t get on the same page
  • How to create a step-by-step plan for your spouse, if you die


So you started your financial literacy journey, or maybe you're already a do it yourself, personal finance guru, but your spouse has completely disinterested in personal finance in this situation. What should you do? And how can you prepare your spouse? If you were to meet an untimely demise? That's what this show is all about. Let's dive in. [inaudible]

Welcome to the money meets medicine podcast, where we talk all about the personal finance topics. You would wish you learn in medical school. I'm your host, Ryan Inman. And here's your cohost. He's the founder of the physician philosopher. And he's a self-proclaimed DIY personal finance guru who refuses to say that he budgets Yeti does. And he definitely married way up. I mean, slugged way out of his league, any happens to be married to someone who isn't that interested in the ones and zeros of personal finance, Dr. Jimmy Turner

Shots fired. You added some stuff

To my intro that I wrote there. Well, I could have kept going, but I figured we only had half an hour of a show and taking 29 minutes of that to shoot. You probably didn't work out well. So

Yeah. That's fair. Well, yeah, so Christine, she doesn't even listen to our podcast, Ryan, you're going to have to give her a crap about

That. Oh, that's cute. You think Taylor listens to our podcast. It makes me feel so much better every once in a while she'd be like, oh, that was a clever title I made you listen to it. No. Oh, okay.

Yeah. So it's funny because even though we have podcasts that ranks in the top 5% of podcasts downloads per month, we can't get either of our lives to listen to it. But seriously, Kristen is just not interested in the nitty-gritty details of our savings of our investing. Really pretty much anything money related. Now that has been our reality for a while. And it's not because I haven't introduced topics or tried to have these conversations. It's just not our thing. It's, it's not really what she's interested in. So is there a way to get your spouse interested in some people have asked, Hey, I'm in this situation and I'm starting to really dive into this stuff, but I just can't get my spouse on the same page. And so I thought, I'd just throw it out there and say, I'm in your boat and figure we could chat about it on this episode and see where it goes. And it's getting plugged into some of Ryan's wisdom on this. And so that's what we're going to discuss today. But before we do Ryan, who a sponsor of this episode,

Yeah, a long sponsor and a good friend, Michael [inaudible] with Mr. Insurance. And he's a small business that helps physicians obtain disability insurance. And he's a CFP professional insurance agent. He's committed to helping physicians nationwide with your term life and disability insurance needs. He provides a objective transparent, really educational focused process that aims to help physicians make prudent decisions and avoid over complicating. Pretty much everything you guys are good at that he offers exclusive own occupation, disability policies for residents, fellows, and for attending physicians. We've referred Michael a lot to financial residency listeners to money meets medicine listeners to even our own clients. Michael is a great guy. And I know that even if someone in my family needed insurance, I'd send them to Michael. So whatever your needs are, he'll be able to help you out. And you can find Michael at Dr. Podcast network.com/m our insurance, or you can contact him old school.

I don't know why anyone uses a phone anywhere, but (800) 817-4522, actually. He's on the phone all the time. So that's how that stuff works. But give him a call, shoot him an email, check out his website, good guy, and his links in the description of the show that you're listening to us in right now. So Jimmy, I will say that Taylor is like half in the boat when it suits her. She's very interested. And I will say for the record, like I married way up as well. Like I'm totally fine. St. I say it all the time. She's smarter than me. She's way prettier than me, right? Yeah, definitely Kevin, but she truly is way. So I'm a perfect sat. Perfect act scores like brilliant. Been published before Steve is even done with college. Like super smart when it comes to money. Not always. And that's okay, but she has some interest in it, but she also trusts that I get a lot of this stuff done.

Now, not everyone is. I'm going to say fortunate to be married to a financial planner. She would use a different word, but not everyone is fortunate enough to live with a planner, but someone will need to be the household CFO. And whether you like the job or not, you both can't bear your head in the sand, like an ostrich and figure it out later, can't do that. So divide and conquer one person takes the lead. It doesn't matter, but something has to occur. Today's show is going to be all about if the other person isn't as interested, let's call it. We're going to try to be nice and use these things. But like they just don't care. And you are the household CFO because you're listening to the show and you're trying to figure things out. That is really how we're going to approach the show.

But there are various forms and degrees or severity of this, but that's, I think a good primer for where we're going to start the show, but we had someone write in an email and we love it. If you guys write in stuff, you can email [email protected]. We can't always email back, but we'll do things like this where we'll bring it on the show, but it is way cooler when you guys actually send in voicemails, how money meets medicine doesn't have its own voicemail, inbox, so to speak. But financial residency does. So you can go to financial residency.com/question and just say, Hey, Ryan and Jimmy, here's my question. And we like that stuff. And we want to get on there and we want to answer, but today we're taking an email solid Jimmy read through the email and hopefully we can make fun of him.

You want to make fun of the dyslexic kid with a reading disability. Yes, sir. That's not nice, right? Yeah. You're fine. All right. So I'm going to read this. I've doctored it a little bit because I'm a doctor also to keep the innocent protected on this email, I've tried to take out enough information that you wouldn't necessarily know who this person is, but put his name at the end of it and said he was happy for us to use this as fodder. So here we go says, Hey, do you mean Ryan? I'm a resident. And I like to listen to financial resi money meets medicine. Obviously he likes money to, to medicine more, but that's okay.

But he mentioned financial residency first, just saying

Whenever I have free time, thanks for your guidance in getting off on the right foot with my career and finances. So Andrew just finished the laborious process of dating supplemental term life and disability insurance, thankful to the podcast, help them figure some of that out. Despite my massive disability insurance mistake that he mentioned. So he feels very confident about his ability over time to use budgeting and create savings, which obviously came from Ryan and use those savings intelligently with my investments and asset allocation to create wealth, which is obviously for me, which obviously

Came from Ryan. I'm waiting for the Kim from Jimmy, probably hold on. Maybe we'll get that some point in the CBO. So

He basically, Hey, my wife though, she's a stay-at-home mom. They've got a couple of kids and has a pre gross annual income about $30,000. And so she's completely uninterested in money and financial planning strategies. And she's only interested in clear, actionable instructions rather than ever knowing the justification. So basically she wants to know the big picture, but not the small picture. And if he died tomorrow, she'd suddenly have $1.3 million to spend and she would have no idea what to do with it. You guys have spoken at length about how to get spouses interested and engaged, and that's a long-term goal for sure. But in the short term, I just want to make a plan written out for her to follow in case something were to happen to me. He then goes into some specifics we're not going to touch on, but basically his question comes down to a few different things.

I'm going to leave out the detailed paragraph here. So what would you recommend for a 30 year old mother of two young kids with minimal income potential $30,000 annually from work, maybe a couple thousand dollars from some rentals they have, if she suddenly came into one and a half million dollars, but lost her spouse, his future income assumed that her best case scenario is not working full-time and switching fields would be suboptimal. And so this is the question that Andrew posed in his email and when it's some specifics, but I think that stopping there for everyone, listening is going to be the most helpful as Andrew points out. There's probably some other doctors out there who have spouses that may or may not be interested in this and maybe in a similar situation, if they are the chief financial officer of their household, like Ryan's pointing out and they die.

So I thought this would be a really interesting one to dive into. And mostly because I'm in that situation, I love money. And in fact, I've written some stuff down for Kristen in the past in terms of what to do and things to consider. I think before we get into like that situation where the spouse or you die and the spouse is left with a certain amount of money. I think that the first thing we always have to talk to in these conversations, right. In my opinion, and I'd be interested to hear your thoughts is that there's still some ways to get on the same page financially, right? I just said

No. Before you even said anything you want to get on the same page financially, is that what we're talking about? Yeah. I think that's

The first step, you know, continue having those conversations and we outline life planning tools. Like we talk about all the time, three gender questions and stuff like that to help really try to paint the big picture. And I should probably back up and say this so that all of the women physicians listen to this episode, don't send me hate mail. So Kristin very much is involved in the big picture of our life and where we're going. Like her dreams are my dreams. My dreams are her dreams. We really try to paint this thing together in terms of where we're going. She just trusted me with the X's and O's or ones and zeros as Ryan likes to call it, to get there. So, absolutely any financial decision that we make is made together. But then when it comes down to the nitty gritty of doing a backdoor Roth IRA and putting a total stock market index fund into that fund and how to do that process, she just trusts me to do it.

But I'll throw out there that I have at times considered hiring a fee only planner, just for this one very specific thing, because having a third person intermediary help you get on the same page with your spouse, if you have any differences or discrepancies, I think that's one of the, in my opinion, biggest benefits of having a planner is that ability to bounce ideas off of another person and then help that conversation happen. We haven't gotten to that point yet, but I would throw that out there as a way of potentially getting on the same page. If you're having trouble doing it on your own.

Yeah, of course, if you need help and you have to seek help, that's who you would reach out to. I mean, we'd be honored to talk with any of you out there. If we'd be a good fit for you at physician while services, and you can check us out, you'd have a prospect call with me and we'd talk about if we're a good fit or not, unfortunately, or fortunately I'm brutally honest and we'll say, don't hire us or, Hey, that's true. Probably we should help you. But to back up, when we talk about getting on the same page financially, that is really hard to do. If the other person doesn't care, right. If they're just like, I don't care, you do it. I'm happy where I'm at. And I know you've got it. Sometimes we see reluctantly, my spouse, he didn't care. And so now I have to care because he didn't.

But truthfully I don't care either, but someone's got to pay the bills. Someone's got to do those things that stinks in that situation. You have to do it. But also I would say if they want it to be delegated to, Hey, just tell me what I need to do. And I'll do those. Like I'll pay those bills or I'll make sure that that gets done. You don't give them all of it. You give them a portion of it and they should be able to help you. I mean, this is your joint money. This is your joint goals. That process should exist. It's hard. So you don't just like, okay, well here's 200 tasks that we need to do. You take a hundred, I take a hundred. They're never going to do it. There's too many. You slowly start adding more and more. Hey, I'm really overwhelmed. Can you take this one more task? Hey, I'm overwhelmed. Can you run with this piece? Right? And over time,

I wasn't going to share this with you on the show, Ryan. Cause I don't want to give you too much credit, but

Don't worry. We're only recording in multiple spots. Let me make this stop recording. Nope. So

Kristen has always done the hang the bills and you're kind of detouring and stuff because big shocker, I'm not a detail oriented person. Never have been. Wow. Never would have guessed. I know that's super surprising. My business would not run without my amazing business manager. So thank you Kristen. But interestingly, because Kristen does pay the bills, you know, we've had these conversations today, we're sitting in lunch like literally today, the day that we're recording this episode, she's like, yeah. So, you know, I just, you know, looking through the credit card statements and stuff and you know, I thought maybe sometime we might have like a money date and, you know, sit down and just, you know, kind of talk about that stuff a little bit. And I said, Kristen, Brian put like a bug on you. Like, do you have like a, you're getting punked a microphone or something like what's going on here? Like I'm a little concerned. You cannot tell Ryan that we're doing anything that sounds remotely like budgeting.

Oh, you're getting punked, dude. That's awesome.

That is because we've divvied up the tasks in terms of what we do. So I did the big picture investing sort of stuff. And she does the paying the bills and looking over the credit card statements. And I look at those two, occasionally we kind of split that job, but that's part of the way that I got her more and more interested in it. Not forcing the issue and letting her naturally do what she wanted and involving her in as much as she'd be willing to do. I mean, I always tell her like, Hey, I'm happy for you being as involved as much as you want to possibly be in this. And so opening that door was actually one of the ways that we did it was by giving up tasks and delegating. You

Didn't come out with a task list of like 80 things that you do all the time. And you're like, take these 40 and I'll take these 40 like that isn't going to work. But being on the same page financially, just coming back to that really quick is really all talk about life planning. When we talk about your goals and your opportunities, your challenges, like why do you get up and do what you do every day? Talking about those things will naturally lead to, oh, Taylor really wants to start taking a vacation to go to, I don't know, I'm thrown out in Hawaii and it's going to cost $12,000 to do that. Okay. We have to have a way to get that money to a savings account in order to do that. Taylor, would you like to go in and manually move that money or go in and make sure that you understand how we're spending money?

So we could go do that. You're introducing one idea of, Hey, will you go review the cashflow to make sure that we have enough money that every month we could put aside, whatever it is in order to go on the trip, you know, the family trip that would really excite you, right? What have we done? We've taken the scary task that Jimmy says he doesn't do, but he does of budgeting. I'm a closet budgeter. We've introduced my spouse Taylor into this process, not to build it all out, not to maintain everything, but to review what we're doing and where money is going. So she'll be able to say, oh shoot, I spent a lot at, Tarjay probably shouldn't do that next time because we might not have enough money to move over to our vacation savings account. But I'm not asking her to go build out and track and maintain the whole budget every single month.

I'm still doing that. I'm asking to review it. So I've introduced the idea of something that's usually scary. Most people have anxiety just to review and analyze, not do anything. And just to see, do we have enough money to move into that account that is really going to motivate her green. It's a family vacation, but that is a huge motivation for her to have that family trip. I've now gotten her involved in a very microscopic way, but then the next time something comes up, you do the same thing. And eventually like how we talk about 1% improvements every week as 1% that we just did. We got her to open up. You need a budget and a review now track. I maintain not spearhead the whole thing just to review. And if you can keep doing the little things around the stuff that they're motivated about, right?

I'm not telling her, Hey, we've got our mortgage payment go track that no one wants to go do that. Hey, the insurance payment that I have on my life insurance is coming due soon. Can you go make sure that we pay that and then log it into the budget? And I lost her. It's not fun. It's like when we talk about investments and we go through real estate a little bit, and it's like the new sexy topic there wants to talk about all of you pay attention. We started talking about diversification within our index funds and everyone falls asleep. It's not fun. You have to do it. I think it's fun. I think it's fun, but we're nerds, but I've taken something that she enjoys or will enjoy and is motivated to make sure it happens and got her in the mix of those things. And that's how you start slow. You mentioned the concept of a money date. Doesn't have to all be about budgeting. So I want to make sure that it's like really clear. One of the topics could be budgeting.

So what you're saying is that I can still go on a money date and still not be a budgeter. Like I've always

Taught. No, she wants to talk about the budget. So you are budgeting, but yeah, but not every money date has to be a budget. It could be around how you allocate cashflow and that is budgeting, but it could be, Hey, I just wanted to update you for 10 minutes. Here's what our investments have been doing this year market was somewhat flat to up and everything's going well. And we've got about this balances in these accounts and we've maxed out our Roth IRAs are backed at our backdoor Roths, and we're good. Right? You just were given an update. And then the rest of the day, you can talk about whatever else you want to talk about, but you're interjecting money or your investments or something related to your personal finances into the conversation. And again, you're not tackling everything all at once because if you do that, you will lose them. You got to go baby step in and bring them in and find out what they're genuinely curious about or motivated about. And start there

Makes sense to me. So I mentioned in the second part, right? So we can't have the step. So without talking about that first part, like the opportunity to get on the same page, how to go about that a little bit. But until that happens, because what Andrew is saying is right, it does take time sometimes. And the question remains like until you get to that point where you do feel like you're on the same page enough that the person could take over for you. If you died, then what happens when you die? My stuff's a little more scattered than I'd like it to be in terms of the directions for Kristen and where she could find everything if that happened. And so I've been meaning for probably about six months now to go back and review the things that I have written down and make sure they're still accurate.

And you need to go through that. But if you've never done it before, making sure big picture that all your beneficiaries are appropriate, that they're naming the correct person, reviewing that, to make sure that it hasn't changed, make sure you have those documents in place. And then for me, and because I go to the practical stuff, when stuff like this happens. And so for me, it's okay. If I died, the very first that Kristen might need are all of the passwords that I have to all of the accounts, I'll throw out a plug here and we do not have a relationship with this company. I know that Ryan uses too, but so I use last pass for my passwords. And basically Kristen has to have one password, not one password will have access to all the other passwords that I have on the various different accounts that are kept on that one, single location that's secure.

Unfortunately, if you ever forget your password for LastPass, that's the entire point of it, right? Is it, you have to have that one really secure password, but that said, that makes it easier. So you don't feel like you have to go list down every single account with every single password. Cause that might change nowadays. They make you change your password every so often. And you have to document that and keep up with it all the time. But having like step-by-step instructions on, Hey, this is where things are. This is where that document is. This is where that life insurance policy is. This is where that is going to be. And these are the accounts that we have check last pass for all the passwords and logging information and just setting them up for success. So that if that happens, they're not in the middle of grieving, having to be overwhelmed by figuring all of that stuff out that you didn't leave instructions for. And so when he asked me this question for me, because I'm not a detail oriented person, this is where my brain went is providing those detailed instructions for Kristen, should this ever happen?

So there's a couple pieces to that. One in another great software is called dash lane. That does the same thing as last pass. And Taylor knows my master password. Therefore she can access anything that's inside there even cool things. Like I need to remember a secured note or a secured pin code or something like that. I can put a secure note inside of like dash lane. And so all she needs to know is my one master password. And then she can access any of the notes, any of the passwords, anything, if that was to happen, that is one piece of kind of your digital organization. You're going to keep your mortgage statements and your bank statements and your credit card statements and your tax returns. Like you've got all this stuff digitally, right? And so you need a plan, not just for what your money is currently doing and what you expect to do.

But we also need to know where things are digitally kept old school was we had a file cabinet and all that crap was just filed away. And they, it was very easy. As long as you have a fire, you know where all the files are, hopefully they're organized, likely they weren't, but it was really easy. Now with computers, we just shove everything on a hard drive and move hard, drive to hard drive, and we lose a lot of things or we don't take the time to actually type out what it is. So it's easily searchable, but those are things you should probably do. And so if your spouse has to take over because you're incapacitated or deceased, that they can just with a click of a button, go access everything. So we use everything inside of a, a shared Google drive and only her and I are in it and everything that I'm doing and organizing between all the companies and all the things like it's all there.

All our personal finances are there. And she knows that if something happened to me, she'd go to Casey, my business partner position while services, because there's obviously a lot of that would occur on the business as well by Casey knows how to access. And she needs the password that Taylor would have to give her. But then it's very logical. It's very in order, but that's one piece of this. The other piece is you actually need a financial plan in order to get your spouse on the same page. What is that page? Terrible analogy. I'll use sports and golf and I apologize, but you get up on the tee box. You're looking around. If you don't see the flag and have no idea, like you just get up and swing, who knows you're going in the right direction, maybe you're tiger woods and crush it three 50, right down the middle and your perfect layup.

What have you had the exact opposite direction? That's going to suck because now you're gonna have to hit back and then more swings to get back in line. If you know where the flag is, then you know the direction you need to go. And as the whole point of a financial plan, you're basically writing out where the flag is and now the direction that you need to hit the golf ball. So when you want to get your spouse on the same page, you're like, Hey, that's where the green is. That's where the flag is. Here's the financial plan. That's going to tell us how to navigate there. And I'm going to help put all this together and build a plan and implement. And then that's where you bring them in and say, oh, Hey, Taylor was really interested in that trip to Hawaii. And I know that if I can get her interested in that piece, she's told me she's interested.

I can have her start looking at the cashflow and I can start introducing other little pieces and other little ideas. And then over time, you'll recognize when your significant other is excited about things. That's your opportunity to jump in and say, Hey, could you help me with that? He could you look at that? And he could you review this? Hey, I wanted to quickly just talk about X, Y, Z. And that XYZ is something that, you know, they're interested in and the more things that you interest them in, the more excited they'll be. And even if that's just 10%, at least they understand 10% and are engaged in that 10%. And if this is your goal, sorry, you're probably setting yourself up for failure. They will probably never get to the point where they want to be the household CFO. That's just not going to happen. It could, but it's not

Likely. So that brings up an entirely separate question, which I think is important to mention, because I think you're right. Like, you need to know where the flag is and you know, you're hitting at it. You need to make sure that you're swinging with a driver instead of a five iron. You need to know the distance and you know everything about it. But the problem is that if that person didn't want to be a CFO beforehand, there's a good chance afterwards that maybe they might be forced into the role to some extent, but they probably still don't want to be. And so I'll tell you right now that Kristen definitely knows that she's going to probably be giving you a call. If I die and be like, this is what I know we're good here. This is the goal, but I need to make sure that we're going to keep going that direction. And maybe she decides that I die and she wants to just learn a ton about money. And she wants to learn a ton about investing and all sorts of stuff. I have no idea anything could happen in life, or she might just want to call somebody that she knows. I trust to help her with take care of things. After that point, right now, I'm

In a Jerry Maguire. This help me help you

Show me the money. No,

Help me help you. If you pass away and I'm going to have to then go through all your stuff, get all your together. My friend,

I don't like it that much.

Yeah. Get it all together. You're going to enjoy that way. It's your family. We need to help them.

I saw Ryan. He was just looking at his phone. I'm pretty sure he's hiring a Hitman. No,

Absolutely not. Absolutely not. Oh, of course. I'll help Kristen and your family. But the idea is that you need to be organized and you need to have a plan. If you don't have a plan, Jimmy, how much is your book? 20 bucks or five bucks. 25 bucks. Okay. So for $50 right now, you could go buy two bucks Jimmy's book. And my book, you will have a high level idea of what goes into a plan with Jamie's book. And then you will actually be able to create said plan with all my templates, with my book for $50 right now. So if you don't have a plan or you haven't updated your plan in more than 12 months, and you don't want to hire someone one-on-one to help you there, it is like, obviously you listen here for free and we love you for doing that.

But if you don't have a plan and you're trying to get your spouse on the same page, and he don't know what that page is $50 and probably about six to eight hours of actually reading and doing the work. You'll have a plan. I'll have a page that you can start on. So then you can start introducing these ideas and bring them over to helping you out. But again, they didn't want to be the household CFO. They're probably not going to want to be the household CFO when they know everything. The best scenario is that they liked the money day concept that they want to be involved in the conversations. They're interested in hearing what you have to say. They give you some feedback, but then you still do the work. That is probably the best case scenario for anyone listening. That is the household CFO.

And that is if that's your expectation. No, that that's a pretty high bar to set, but that would be where I personally am still striving for. Taylor knows. And I'm like, Hey, I'd like to talk about these things or give her heads up. I'm like, Hey, I've got two things I really want to run by you. When would be a good time that we could set that up or talk about this stuff. When you're not tired, I don't want to do it after the kids are asleep. And you're trying to read a book in bed and I come in, I'm like, Hey, you got to talk about this. I got an Excel spreadsheet. That's not how this stuff works. You'll never have any success. So I ask them, when's a good time. Here's the topic. Here's how long I'll need. You're setting a meeting like you do in work.

Or some of you doing work if you're doing any admin roles. But the idea is that you're trying to help and work on their schedule and give them a heads up so they can mentally prepare because some people dread those conversations, right? And so if you give them a heads up and say, Hey, this is where I'd like to go. Even if, Hey, I read these books, I was able to put together this plan. I don't need you to do any of it. I just want to tell you, I'm excited. I built a plan, check it out, right? If you show excitement, they're going to be more excited just because you're excited. Totally.

And I think that's how anything starts, right? You start to become a little bit more and more like the people you're around all the time, every day. And so if you have an interest in this stuff and you bring up the conversations and you do it in a way that's not forced, you have the opportunity to get them on the same page, more and more everyday. And it's like everything else. When I talk about right, 1% of the time, just work in that direction, take it slow, but stay steady. And, and eventually that conversation becomes easier. And you're sitting at lunch with your wife and she asks you on a money date for the first time happened today, by the way, just coincidentally recording the show

Or your husband. Cause we work with a lot of female physicians and they are in the household CFOs. I'm married to a female physician. She just ain't the household CFO, but she handles all our medical stuff. So I'm like super cool with that. Especially like when my son falls and cracks his head open and she's going and back together and saving us an emergency room trip and all of that. So handles all the medical. I'm good. I handle all the finance every once in a while though. It'll be like, do you really have to do that this weekend? I'm like, no, you could. And I'm getting all our tax info together to send over to John and Kelly and the team at physician tax advisors. Do you want to do that? No. You're good. Have fun. I'll see you in a couple of hours. Okay. I might have a heart attack if she said yeah, sure. I'll take that. I don't even know what I would do with myself.

I was going to ask, do you want her to say yes,

No I don't because I want it to be done and correctly be a micromanager. No, she doesn't know all of it and doesn't want to go into it. I'm just kidding, man. I know, but that's the truth like in back to everyone else though, like that's a good question. Do you want your spouse to take over everything? Probably not. Because if they're not interested, it's probably not going to even get done correctly and that's okay. At least they gave it a shot and want to do it. And maybe you have to teach them how to do it correctly. And you can't expect someone to do it right the first time. And definitely whatever happens if they take something on and they blow it up and it goes wrong. Absolutely. Don't get mad if you do at only ensure that they will do nothing ever again. So be very careful

With that to round this out, just to remind everybody what we talked about today. Ryan pointed out the purpose of an intention and the importance of having a household CFO, right? The idea of getting on the same page and working more towards that every day, having a plan that's actually written down that actually says what you're doing, where are you going? And then this is completely for me, but I would argue, consider hiring a fee only planner along the way. If you ever need to have those conversations, you're having a difficult time and or you die and your spouse is going to be taken over and they're not the CFO. So those are the high level things to consider and really appreciate Andrew tossing this idea out there to us in an email, feel free to reach out to us. We try to respond to everything that we can. Sometimes things slip through the crack with the number of emails that Ryan and I get. If you send an email, we might just turn into a show like we did today. So reach out if you have questions, comments, concerns, suggestions. We're always all ears for constructive criticism and ideas. And we appreciate all of you listening, tagging along each week, please share with a physician family. If you think they might benefit from the show. And we really appreciate all of you guys being a part of the audience and part of the team each week.

All right, before we end, I want to say, don't forget to reach out to today's sponsor. We're very thankful that they have chosen sponsor the money meets medicine podcast and help our community out. And that is Michael [inaudible] with M our insurance consultants. And like I mentioned before, the goal is to assist physicians in obtaining the most comprehensive coverage available to fit your unique situation. And that is with your term life and disability insurance needs. So you can reach out to Michael. He's a great guy, fantastic super smart guy for both excellent and quality service by going to Dr. Podcast network.com/m our insurance. And like we always do. We put the link in the description of the show. You're listening to us in right now. So have a great week everyone, and we'll catch you on Wednesday. Cheers. Take care.

Hi dad, Dr. Jimmy Turner is a practicing anesthesiologist. Mr. Eyman is a fee only financial planner. You should know that this show is not personalized financial advice free. In fact, this shows only for your general education and entertainment purposes. So keep listening to learn how to become a three-year self angel girl or go find a great fee only financial planner like Mr. And Mitch create a personalized financial plan for you.


1 Comment

  1. steveark

    I don’t think that both spouses are likely to share the same degree of interest in the details of investment and income generation from a portfolio. What is critical is that both spouses understand where the money is, what the passwords are and why the portfolio is allocated like it is. Ideally a retirement portfolio is in “set it and forget it” mode most of the time so decisions are not being made on a frequent basis. My spouse can see every penny in every account on the Personal Capital app and knows how to get to it. But she doesn’t particularly care how much is at Vanguard and how much is at Betterment and Personal Capital managed investments. She knows it is balanced 55% equities and 45% bonds and cash because that is conservative, and I think that’s about all she wants to know. She did handle investing a good bit of the money while we were accumulating so she’s no novice in terms of how things work. She just sees it as one of my chores like cutting the grass is one of hers!


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