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.Â
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.Â
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
ResourcesÂ
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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!