Welcome back to Don’t Retire… Graduate! On today’s episode, we’re getting personal and bringing in a member of the BFG family. Financial advisor Cody Niedermeier recently got married and is sharing his experience and advice for handling financial conversations before and after saying “I do.”

Even as a financial advisor, it can be hard to handle conversations around money within a relationship. Cody talks about dropping a whopping $15 on her plastic engagement ring (on top of the diamond one, of course), how he proposed, and the plans they have for the future.

Communication and transparency are key when it comes to financial planning for couples. It is important to have open conversations about joint accounts, bill payments, and beneficiary designations to ensure that both partners are on the same page and have a clear understanding of their financial goals.
When planning a wedding, it is advisable to save for the engagement ring rather than borrowing money. Using a credit card to purchase the ring means that the spouse is essentially paying for it, leading to unnecessary debt.
The cost of weddings can vary greatly. It is crucial for couples to financially plan for their wedding and manage expectations. By understanding their budget and prioritizing expenses, couples can prevent financial strain and focus on what matters most to them.
Geography plays a significant role in financial and legal matters. Couples should ensure that their estate planning documents are done in the state they are living in, as state laws differ. It is also important to consider insurance policies and beneficiary designations, especially when moving between different states.
The importance of comprehensive financial planning cannot be overstated. From consolidating old retirement accounts to adjusting employee benefits, couples should seek guidance from financial advisors to help them navigate this complex process. This includes finding professionals for tax planning, legal matters, and other important areas to ensure a solid financial foundation for their marriage.

Timestamped summary:

[00:00:00] Introduction

[00:04:31] Debt awareness, asking important financial questions

[00:09:41] Proposing to girlfriend, getting married arrangements.

[00:12:44] “Goal: Accomplishments, Emergency Fund, Cash Flow”

[00:16:06] Compromise led to wedding with everyone.

[00:19:07] Getting married and buying a house. Joint accounts for security.

[00:23:12] Nellie knows your marriage history. Funny responses to marriage questions.

[00:25:26] Financial consolidation and planning after marriage.

[00:29:58] Travel nursing, Albuquerque, rent, taxes, Maryland, CPA, state documents

[00:33:52] Sage advice, thanks for being here. Contact information available in show notes….(read more)

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Love and Money: Financial Planning for Newlyweds

Getting married is an exciting milestone in life; it symbolizes the beginning of a lifelong journey with your partner. Along with the joy, love, and happiness, it is also essential to consider how love and money intertwine. Financial planning may not sound as romantic as planning the perfect honeymoon, but it is crucial for a strong and stable future together.

1. Open and Honest Communication:
The foundation of any successful relationship, especially concerning finances, is open and honest communication. Sit down with your significant other to discuss your financial goals, values, and expectations. It is vital to be transparent about your income, debts, and spending habits. Sharing this information establishes trust and allows both parties to work together towards shared financial goals.

2. Create a Budget:
A budget is the backbone of financial planning. Sit together and determine your combined income and list all your expenses. This will help you understand how much discretionary income you have and where adjustments may need to be made. Allocating funds for savings, investments, and personal expenditures will ensure that you are on the same page and avoiding any financial surprises.

3. Joint or Separate Bank Accounts:
Decide whether you want to have a joint bank account, separate bank accounts, or a combination of both. Some couples find it more convenient to have both separate and joint accounts. For instance, you may keep separate accounts for personal expenses and contribute to a joint account for shared expenses such as bills, mortgage, and vacations. It is important to find a method that suits your financial needs and satisfies both partners.

4. Plan for Emergencies:
Creating an emergency fund is crucial to ensure financial stability during unexpected events such as a job loss, medical emergency, or major repairs. Set aside a portion of your income regularly to build a safety net that will give you peace of mind.

5. Discuss Financial Goals:
Talk about your short-term and long-term financial goals as a couple. Discuss whether you plan to buy a house, have children, or save for retirement. Setting common goals will help you plan your finances accordingly and work towards achieving them together.

6. Debt Management:
If either or both partners have existing debts, it is important to address them and develop a plan to pay them off. High-interest debts should be prioritized and tackled first. By developing a strategy, you can manage your debts effectively and prevent them from becoming a burden on your relationship.

7. Seek Professional Advice:
Consider seeking professional advice from a financial planner. They can help analyze your financial situation, provide insights, and offer guidance on investment opportunities, retirement planning, and tax strategies.

Love and money are two significant aspects of married life. By implementing these financial planning tips, you can strengthen your relationship and build a solid foundation for a prosperous future together. Remember, open communication, mutual respect, and shared financial goals are the pillars for a successful financial plan and a happy life together.