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Practical Planning Tip: Who You Decide To Marry - Money Expectations

April 04, 2024

Today we’re going to continue our discussion on why The Most Important Financial Decision most people make is Who they Decide To Marry.” Specifically, we will focus on, Money expectations.

Some people are delusional about their finances. You should Avoid these people or spend the time to educate them.

I’ve met with couples with a primary breadwinner earning a decent salary and a second spouse either unemployed, working part-time, or at a low paying job. That spouse still envisions a life of luxury, vacations, and living in a large home in a nicer part of town. I share this dose of reality with them: “You don’t get a pass on math.” If you do not have a high household income, you can NOT live an extravagant lifestyle. You will need to make compromises on where and how you live. I often play the bad guy when I tell couples that they are not entitled to a five-bedroom/five-bathroom house in Teaneck, the Five Towns, or Los Angeles. You either both need to choose high paying careers, put in extremely long hours, or make personal sacrifices to make this feasible.

Spouses who don’t come to terms with this reality will likely saddle their family with an insurmountable level of debt and their financial struggles will only compound going forward.

Spouses who recalibrate expectations can make the conscious decision to live within their means. This may mean buying a smaller house, choosing a less desirable part of town, not going on vacation, never eating out, and wearing old clothes. Making these decisions with eyes wide open leads to enjoying living a life that they can afford.

You can WATCH the full video here.