Money & Relationships: 5 Tips to Financial Success for Couples

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In today's video, we're diving into a crucial topic: managing your finances as a couple. Whether you're in a serious relationship, engaged, or married, these strategies will help you navigate your financial journey together. Join me as we explore five key principles that my wife and I have used successfully. Stick around until the end for my candid thoughts. Let's jump in!
1. Be Honest and Transparent: Building a Strong Financial Foundation
From early on in your relationship, honesty is key. Learn why open communication about assets and liabilities is the cornerstone of trust and a strong partnership.
2. Shared Goals: Crafting a Financial Vision Together
Discover the power of setting shared financial goals. We'll explore how creating categories for joint savings can align your aspirations and simplify your financial journey.
3. Hybrid Finances: Finding the Right Approach for You
Get insights into the benefits of a hybrid financial model, where you maintain individual accounts while also contributing to shared goals. See how this approach provides both autonomy and partnership.
4. Budgeting Together: Aligning Your Spending Habits
Learn the art of budgeting as a couple. I'll guide you through a structured approach that ensures your spending is in line with your joint goals and aspirations.
5. Regular Reviews: Keeping Your Finances on Track
Discover the importance of regular reviews. From tracking your net worth monthly to setting and revisiting goals annually, staying on top of your financial progress is key.
As we explore these five tips, remember that relationships, like finances, require work.
Lastly, I'm excited to share that Whiteboard Finance University is launching soon! With expert professors, full in-depth courses, a private community, and live streams, it's a wealth of knowledge and financial literacy that you won't want to miss. Remember to like, subscribe, and hit the notification bell to stay updated.
Thanks for watching, and let's build a prosperous future together!
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ABOUT ME 👇
My mission is to provide my viewers with actionable content that enables them to create financial wealth. My videos reflect my real-world experience as a real estate investor, stock market investor, student of finance, and entrepreneur.
This channel allows me to share my passion for personal finance, stock market investing, real estate investing, and entrepreneurship. I produce content that I would want to watch, and because of that, I give 100% effort to every video that I make. I also believe in complete transparency and open communication with my audience.

[@WhiteBoardFinance]

Step into a life of becoming smarter with your money. Master the 4 Pillars of wealth by joining WhiteBoard Finance University Today! 👉 www.wbfuniversity.com

[@dotpenji]

The art of marriage: contributing to a joint account while maintaining the right independence with your personal account. Key: clear communication.

[@aicetaylor8332]

You've captured a vital aspect of marriage beautifully: the delicate balance between contributing to a shared account while preserving individual financial independence. Speaking of communication, do you have a favorite strategy or tip for fostering open and effective financial conversations with a partner?

[@kristineambas]

I agree! Clear communication is key to making this work effectively. 👍💑

[@ryanvalenzuela551]

You've beautifully summarized the essence of a balanced marriage dynamic, emphasizing clear communication! 🌟 Now, here's a fun question: Can you share a humorous or heartwarming anecdote from your own experience that illustrates how this balance of joint and personal accounts played out in your relationship or someone you know? 💑😄

[@MarkexcelSarsaba]

I agree! Effective communication is essential for making this work smoothly.

[@monicasoriano8581]

Absolutely! The art of managing joint finances within a marriage while maintaining personal financial independence is indeed a delicate balance that requires clear communication and mutual understanding. The foundation of successful financial management within a marriage is open and honest communication. Both partners should feel comfortable discussing their financial goals, priorities, and concerns. Regularly schedule money talks to review your joint finances and individual financial situations, another this is trust. Trust is paramount in managing joint finances. Each partner should trust the other's judgment and respect their financial decisions, even if they are different from their own. Keep in mind that there's no one-size-fits-all approach to managing finances within a marriage. What works best for one couple may not work for another. The key is to find a system that both partners are comfortable with, where financial goals are met, and independence and trust are maintained. Regularly revisiting and adjusting your financial arrangements as needed can help ensure a harmonious financial partnership.

[@DrakeNAllen]

Back in front of the Trusty WhiteBoard, love to see it!

[@WhiteBoardFinance]

It's been a while!

[@bts_vintagearmy3754]

Together 43 years, this is for the most part, how we handled things. Our best advice, “always keep communication open”

[@WhiteBoardFinance]

Congrats!

[@jessehamlin3420]

we had lots of money fights in the past, then finally changed to the hybrid model and boom, now everything is much better

[@JDGallant6]

My wife and I share one bank account. Its not how much I make and how much she makes. It's how much WE make. Greats points Marko. Especially on sharing the same goals.

[@stevemcneal7069]

Joint accounts are the best option. Pooling money grows faster

[@Jessicatorres_768]

Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.

[@alicebenard5713]

Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.

[@JamesAnderson-ox2ep]

I subscribed for a few trading courses but it didn't help much, been getting suggestions to use a proper financial advisor, how did you go about touching base with your adviser

[@Jessicatorres_768]

Through closely monitoring the performance of my portfolio, I have witnessed a remarkable growth of $485k in just the past two quarters. This experience has shed light on why experienced traders are able to generate substantial returns even in lesser-known markets. It is safe to say that this bold decision has been one of the most impactful choices I have made recently.

[@KatherineAnderson-lm8bw]

Wow, that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio.

[@SophiaBint-wj8wn]

I’ve actually been looking into advisors lately, the news I’ve been seeing in the market hasn’t been so encouraging. who’s the person guiding you?

[@jaggaadaku]

thanks Marko, good to see the Whiteboard video after long time. 😊😊

[@jonathanedward5062]

One of the beauties of marriage is the ability to correct eachother and grow as a person. The joint bank account is a great tool for that in our experience. You know that your spouse sees every transaction you do, so naturally you think twice about buying something, and vice versa. It forces you to communicate (in a loving way generally) and adjust, which really helped our finances!

[@PhilSommer2]

Having recently gained more knowledge about personal finance, I've subscribed to your channel. I want to commend everyone who's tirelessly working to earn a living while also building wealth during this recession. At 45, I'm retired, along with my 51-year-old wife , and we're debt-free. Our plan is to relocate to Thailand. Thanks to our frugal and financially savvy lifestyle, as well as our commitment to saving and investing in the financial market, we've been able to generate passive income even in this recessionary period, allowing us to sustain our desired lifestyle."

[@LeonWilk2]

Congratulations on your early retirement, Interesting indeed! Currently, I am in dire need of investment advice or tips. Last year, I hesitated and failed to take any action until the year concluded. However, this year, I am determined to try something new, as I am very receptive to various investment ideas. I want to be retired in my forties or fifties.

[@PhilSommer2]

No problem at all! If you're seeking to earn substantial profits from your investment, I would suggest determining your investment horizon and implementing a long-term plan. I worked with *'Jude Ryan McDonough,'* to create a long-term investment strategy, and he assisted us in managing our investments while we focused on my jobs without any concerns.

[@LeonWilk2]

Thank you for your advice. It's challenging to find a reliable investment advisor here, and I appreciate your input. Seeing the successes you've achieved through investing, I would love to have access to your investment advisor's information if you wouldn't mind sharing it.

[@PhilSommer2]

I work with *'Jude Ryan McDonough,'* who is based in the United States. If you would like more information about him, you can conduct a search online. He even got featured on CNN recently.

[@AlinaWinkler233]

Thailand is really a nice comfy plan to retire. Working with a skilled financial planner can be compared to having a mentor in the field of finance. I used to struggle to invest on my own and ended up losing money, but things changed once I started working with *'Jude Ryan McDonough,'* He played a pivotal role in helping me improve my financial situation. Previously, I relied solely on my job and salary for income, but now I have found ways to generate additional income with ease, which has allowed me to leave traditional employment. Nowadays, I believe that investing is not a choice, but a necessity for anyone who desires financial independence and a good quality of life.

[@EsGeeFromAZ]

Nice to see you and the white board back. Great combo, great video!

[@arigutman]

Love this... recently, I have been asking everyone I interview on my channel about their relationships because it is paramount to a success relationship to be on the same financial page!

[@chely452]

YES! My husband and I basically already have this similar setup. Thanks to all the advice we have taken in from your early KZbin days. Keep sharing the wisdom and the beautiful life of marriage and the nuclear family! 💪🏼 🙏🏼

[@WhiteBoardFinance]

Thank you! Will do!

[@DDEHoodStarz]

This is an amazing video that I have not gotten from the other KZbin finance folks. Thanks Marco!

[@WhiteBoardFinance]

Glad you enjoyed it!

[@oOBlahBlahOo12345]

Solid video. Thank you so Much for this!

[@Konuvis]

Citing the Gladiator for a good marriage ending is... interesting lol Married 15 years (celebrating this September in Capri!!) and this is more or less how we do it. PS: I always forget the Chrono Trigger outro haha.

[@financeswithsam]

Just got married myself and safe to say my wife and I both did/are doing all of these. I’m a firm believer most financial issues as a couple can be solved through communication and getting on the same page. I think the biggest hurdle is getting that person to open up about a rather taboo conversation and that’s where things get dicey IMO. It’s when the communication doesn’t happen or a partner REFUSES to communicate; that’s where I see a lot of issues arise in other relationships. Great video Marko 👌

[@WhiteBoardFinance]

Great insight Sam!

[@paddygilfillan3221]

I'm one of your many fans from the Uk, now retired to France. In a troubled world of changing values, viewing and listening to this video, exemplifies our trust outside of financial matters, in the advice you give on this very personal subject. Many thanks and best wishes - Geoff and Mylin.

[@WhiteBoardFinance]

Thank you! That means a lot

[@DanKohan]

Just like joint ventures in real estate, setting common financial targets helps us go in the same direction. Every relationship is unique, so find what works best for you and your partner. But these five tips? These are solid for financial success in any partnership. Awesome video!!!

[@moneycessity]

True, there is no "one size fits all". But this is a great starting point.

[@jarviesteven]

People can hate on Dave Ramsey all they want but about 3 months after my wife and I got married we did financial peace university. In over ten years we’ve only had 1 disagreement over money because we got on the same page early. We often tell people it was more beneficial than our premarital counseling! Maybe ramseys wealth building tactics aren’t up your alley, but his program helped set such a wonderful foundation for us. We also have a rule about spending same as you except ours is $100 😂 maybe one day I’ll get to point where $500 seems as casual 😅

[@WhiteBoardFinance]

His foundational ideas are great!

[@joemama69448]

Congrats on your second daughter! My wife and I have two boys who are second generation Americans. Thanks for the advice!

[@WhiteBoardFinance]

Thank you and congrats yourself!

[@danielj3010]

"Yeah, "I'm Vegan!" "I don't care."

[@lukefromtexas]

My wife is a stay at home mom and I handle all of the money. It makes things easy for us.

[@aaronmays4355]

Congratulations on your new kid on the way man! Way to go!!!

[@windexman]

Love your outtakes and goofs at the end of every video. Totally underrated 💥

[@WhiteBoardFinance]

I appreciate that!

[@joshuatalksmoney]

"Southern Ohio or Southern France." LOL That had me crying 😂Another great video, Marko!

[@atlalexis]

Your channel is so underrated. Your videos have help guide me financially thought out college and years later I still find myself coming back for guidance as I reach new milestones in my life. Thanks marko 🤝🏼

[@WhiteBoardFinance]

Happy to help! Check out my school if you want to dig deeper with exclusive access to me!

[@djukan2010]

Great advice Marko!

[@WhiteBoardFinance]

Thank you!

[@sable747]

Thank you for the good tips on how to work as a team! My husband takes care of a ton of finiacial details, but we are always talking as it gets more and more complicated. I would also suggest goals surrounding K-12 education. Even in “top school district’s” it is hard to get a classical education.

[@DKong1026]

Great points in there, thank you Marko! My wife and I each have our own checking and savings accounts, and we have a joint checking account that we share. Been working well for us so far (coming up on 3 years of marriage).

[@WhiteBoardFinance]

Good stuff!

[@TFrakesTanks]

Great video!

[@ympcglobal]

Thank you.

[@Officer.Finance]

Quality video as always! Wife stays at home with the kids (definitely the harder job) while I work and handle all the finances but always keep her in the loop with goals and progress.

[@WhiteBoardFinance]

Thanks for sharing! That makes sense

[@AnimsOnDemand]

Do you pay your wife a certain portion of your take home pay so she can have her own spending money and savings? Or is everything done in one account?

[@Officer.Finance]

@@AnimsOnDemand We have joint accounts so everything is done together

[@girldaddividendinvestor]

Congrats on two girls. Sh*t gets REAL, REAL. But It's fun. ❤❤

[@WhiteBoardFinance]

LOL thank you!

[@lilytea3]

0:00: 💰 In this video, Marco discusses five core tenets for managing finances in a serious relationship or marriage. 2:23: 💼 The video discusses the importance of being honest about financial liabilities and having shared goals in a relationship. 5:32: 💰 The video discusses different categories for financial goals and the debate on joint bank accounts in a relationship. 8:01: 💰 The couple has a rule that any purchase over $500 needs to be discussed, but they generally have autonomy over their spending. 10:27: 💰 Budgeting together is an important step in financial planning for couples. 12:38: 📊 Tracking and reviewing your net worth and financial goals regularly is important for financial planning. 15:06: 💍 Marriage and relationships require work and balance, especially when it comes to finances and estate planning. Recap by Tammy AI

[@amanea5511]

You are the best

[@WhiteBoardFinance]

Thank you! That means a lot

[@Musiclandsuite]

I like how you teach Marco. I saw a video you made awhile back about buying new cars that really made sense. I just watched the ETF/MF/Index video. Again you explain it so well. Do you offer your advice as an Advisor?

[@FinancialFreedomMadeSimple]

not splitting everything 50/50 is a recipe for disaster but if it works for you that's great. Wait till the first argument for money comes up

[@TheMightyNate]

Finally marko your back

[@WhiteBoardFinance]

Ty! I'm here! Just busy putting together my school. WhiteBoard Finance University!

[@bens196]

My wife and I have been married 11 years and have 2 kids. We’ve always shared bank accounts and it never mattered who earned more or less. The past 5 years I’ve earned significantly more than her. However, we are a team and share everything and have a shared budget. Shared accounts keeps things way simpler and I can only imagine a hybrid or split account scenario would add complications but sounds like it can be done. Just seems pointless to me.

[@DKong1026]

For my wife and I, going hybrid was easier to set up, as we already had our own checking and savings accounts. We opened up a joint checking account at my bank when we got married and have been using that for shared things.

[@dougz2855]

Great video Marko 👌

[@WhiteBoardFinance]

Glad you enjoyed it!

[@PUBGMobile-ot2sk]

Appreciate you

[@WhiteBoardFinance]

I appreciate you!

[@matthewknowlton2343]

Just about to meet with some friends who just got married about money in marriage. Friend asked me if there’s anything they should review before we chat. What’s that? This video? Zing!

[@WhiteBoardFinance]

I'm a mind reader! lol I hope this helps.

[@matthewknowlton2343]

Update: they divorced. Just kidding, they loved it. Thanks man!

[@alisonhenley2551]

Thanks for a great video as always! I hear your dog barking in the background in the last clip by the way 😂 (17:13)

[@WhiteBoardFinance]

Thanks for watching! haha she knows exactly when to insert herself into the video :)

[@James.......]

Looking extra Eastern European today 😂. Unbuttoned shirt ✅ Chest hair ✅ Gold chain ✅

[@WhiteBoardFinance]

LOL!

[@Wagyuing]

Coming up on my one year anniversary but we decided to do a 75/25 split where 75% of our income goes to joint account which covers all bills and any stuff for the home and then 25% for any personal stuff.

[@WhiteBoardFinance]

Nice congrats!

[@astrahl]

If you do it this hybrid way like you’re saying. Which I like btw. How do you handle bills? That’s my issue like how do you make sure it’s balanced when someone has to pay the rent/ mortgage, storage, internet and all of that

[@baseball741]

Marko, we're going to need a video on dog training next lol

[@alexp2362]

That rap beat, at the end of your videos, did you creat that Marko?

[@WhiteBoardFinance]

a subscriber gifted it to me!

[@jonnie0rtiz]

Hey Marco, what software do you and your wife use for net worth tracking and do you also use software for budgeting too?

[@NWcpl]

A little off subject Marko. Hope you can help. For those of us that are literally 100% debt free. How can I change my mindset that it makes me feel uncomfortable being comfortable. I question and obsess on all my purchases now. Even though i can afford it easily and pay cash for it? In my adult life i always had to give something up to get something. That isn't the case for the past year. From working hard to get debt free has now carried over to my debt free life. How can I change my mind set about this?

[@myfx2551]

THANKS. Just what I needed to watch. My wife and I are administrators of our farming business and our own properties, as well as small pensions. am almost 56, my Wife is 52. We have started saving for retirement from the farm and maybe live off rental income, I would really appreciate it if you would do a video on how to earn passive income online and retire comfortably let's say 3 million bucks.

[@jeroldstokes6065]

Considering financial plan

[@AnniePickford]

It really isn't about how much you save, it's about how you manage your money. Whether you work to earn income or invest, it still boils down to income vs expenses, so yeah you may look into investment advisors for a strategy that suits your timing.

[@chennaimarketerr]

I totally agree, I'm 60 and just retired with about a million in outside retirement funds, no debts and very small dollars in retirement funds compared to my balance of portfolio over the past 3 years to date. tbh, the role of an invt-advisor can only be overlooked, not denied. Just do your research to find a reputable one.

[@myfx2551]

This is exactly how I wish to get my finances coordinated ahead of retirement. Can you recommend the financial advisor you used to get ahead?

[@chennaimarketerr]

"Laura Gilbert CFA" maintains an online presence. Just make a simple search for her name online.

[@JD..........]

Congrats on your upcoming daughter, and best of luck to you!

[@WhiteBoardFinance]

Thank you so much!

[@cleanasdirt6832]

Wife and I make very close to the same income. We each take 20% of our cheque and transfer it into our personal accounts. The 80% goes into our joint account. All bills come out of that joint account. With our own personal accounts there is no need to get permission to spent from these accounts.

[@jeannettedrown7687]

I thoroughly enjoyed this video. My husband and I have been married for 28 years and have used different methods of bank accounts joint/separate. Just curious - why do you wear your wedding ring on your right hand?

[@WhiteBoardFinance]

I’m Orthodox Christian. Most wear them on their right hand.

[@jeannettedrown7687]

Neat - I'll have to look into that. I really appreciate your content.

[@SerenityMusic3]

Do one for single moms trying to make it please ❤

[@BigZachDaddyproductions]

"There is a reason you aren't on this LIST LAYLA!"

[@oluwanisolaabraham8480]

From the 3rd point...how do you get money deducted into the 6 categories?🤔

[@marcusferro6134]

Marko can you make a video renewable energy related Financial PPAs Solar Finance Companies

[@damondavis842]

Whoa. I forgot I was subscribed

[@KrazyKelsier]

What software do you use that you trust to link your bank accounts for your monthly review?

[@WhiteBoardFinance]

Personal Capital it's now called Empower

[@moeghamdi6553]

How do you divide your savings into different categories? Does the bank do that for you or you need separate savings accounts?

[@WhiteBoardFinance]

They’re just separate accounts

[@AnimsOnDemand]

Certain banks will allow you create "buckets" or savings goals so compartmentalize your savings in one account so that you don't have to create multiple savings accounts. SoFi and Ally for example have this feature

[@moeghamdi6553]

@@AnimsOnDemand Thank you, I actually asked my bank today and they have that option on their app. I appreciate your reply.

[@g4mbt]

Prenup conversations should’ve made it into this video also.

[@WhiteBoardFinance]

prenups were addressed briefly

[@ghostmane2643]

Rejoice. We can all get married now.

[@WhiteBoardFinance]

everyone remained single until I made this video LOL

[@DDEHoodStarz]

Sharing home expenses is tricky when partners have significantly different incomes. Any thoughts? Would a "House of Reps/Senate" breakdown make sense (i.e. 50% gets split even and the other 50% is based on income)?

[@TheAamirQ]

how do you the percentage split like you were talking about?

[@WhiteBoardFinance]

it could be based on income. You make $1 she makes $5. You're 20%.

[@vaibhavgoyal9056]

bloopers 🤣🤣

[@WhiteBoardFinance]

lol she kept barking

[@chrisduerksen1147]

Hey Marko, Is the WBUniversity worth it if your not from the US?

[@WhiteBoardFinance]

Absolutely. It goes over foundational principles for all aspects of investing. It's also not just a static course, it's livestreams with me and your questions are also answered by our professors. It's a real time learning community.

[@applepiecrust_no]

Hybrid model all the way!

[@WhiteBoardFinance]

It works for us! Some might not agree

[@TurtwigFan]

Second tip : CToals

[@croxx5f]

Which software for tracking and make monthly reviews?

[@WhiteBoardFinance]

Personal Capital now called Empower

[@colinskillings]

Still waiting for the rebrand to “Six Pack Finance” and you write financial tips on your abs.

[@WhiteBoardFinance]

LOL not happening any time soon

[@Zorlig]

1) set up a Budget 2) take over all bills and financial control 3) have her paycheck deposit into your account 4) give her a cash allowance Done!

[@lopezzepol1]

Tip #6 practice abstinence before marriage!

[@redhotbillypeppers]

Makes divorce more probable but prevents accidental kids

[@lopezzepol1]

@@redhotbillypeppers silly democrat, trix are for kids!

[@MD-pz3cn]

@@lopezzepol1 Bro c'mon now. I'm about as Conservative as they come and abstinence ain't all it's cracked up to be. Gotta test drive the car before you buy it!

[@XxChuyoxX]

@@lopezzepol1most Christian's don't even practice abstinence so please

[@squashua16]

Great tips you handsome devil

[@WhiteBoardFinance]

Thank you kindly

[@ShiftSouthern1110]

"I have a 401k, Roth Ira, and paid off car" I'm not talking about the well off here" Oh OK

[@kelc2]

Significant other or someone else. Heck of an effort on that intro to stay politically correct 10 out of 10 😂

[@IntelligentEating]

Tip 1, don’t get married if you’re male

[@IntelligentEating]

@@redhotbillypeppers indeed. Western family law does not favour men, quite the opposite. Most men are completely blind to this

[@Michael-pf1in]

Just don’t get married.