Welcome to another weekly market awareness update with Loral and the Integrated Wealth Systems team. We are so happy to have you here. We have a very special theme of love and money this month. We are excited to have Eileen Galbraith on the show today.
In this episode, Loral and Eileen answer submitted questions. They discuss how to handle a divorce and the ways the team can help you navigate this situation. They also discuss the importance of separating your accounts and credit even if you are married. Eileen shares about her weekly money date night and how you can learn more about implementing this in your own life.
Show Notes:
- [01:43] You can’t leave your commitments behind. Coaching is crucial.
- [03:14] You need to make sure everything is in place starting from the beginning of the year.
- [05:01] No matter what catastrophic story you have there is quality coaching available to help you make sense of that and move you forward on your path to financial freedom.
- [07:01] Loral shares a funny story about her cancel party.
- [08:55] Loral and Eileen answer Rico’s submitted question.
- [10:34] Plan your divorce while you are still married because when it gets to that point it is not going to be a good conversation.
- [11:21] You need to become very sufficient or have the proper assets to cover if the person earning most of the money leaves the relationship or dies then you are set.
- [12:21] Anytime people get separated or divorced one of the first things you want to do is make sure your checking accounts are stopped. Make sure the credit is not commingled anymore.
- [14:37] Have separate credit card accounts. Each person has an individual account and then has a joint household account that each person pays towards.
- [15:19] Love and money don’t go together at all.
- [16:06] Everyone should have a prenup regardless of their status now.
- [16:51] The one thing that is more important than money and love is love and values. It is important to have the same value set.
- [18:16] You need to have the conversation and commit to your values and share that with your partner.
- [20:34] The most important thing any couple can do is have a conversation around the money. Things will improve when you're both on the same page. Having a conversation is crucial.
- [22:40] Get extremely motivated to produce for your family. As a single parent, you can add a side hustle or build your business.
- [22:59] Surround yourself with people that will lift you up and help you move forward.
- [24:37] Find a community to be a part of.
- [27:26] Eileen shares about her weekly money date night. They talk about the money and then they have a date.
- [29:03] It is all about the conversation with money. You want to listen to each other and make sure everyone feels heard in the conversation.
- [30:49] When you have a contract, you are committing to each other. What you don’t agree with, you have a conversation about that. Make sure you have the contract near you.
- [32:41] Our team can coach you through your divorce.
- [34:36] In a divorce if you are a joint owner of a vehicle both are still responsible for the payments.
- [35:41] Get the contract and get your money stories submitted. Start thinking about having the money partner with your significant other.
- [37:05] With money date nights, you are having conversations about the money, you are agreeing, you have money rules and a contract in place, and your intimacy and relationship thrive.
- [37:54] Eileen shares all about the Intimate Money Rendezvous.
- [38:48] You can have your money date weekly, biweekly, or monthly.
- [41:02] Your conversations about money will change over time.
- [42:37] Loral shares all the current...
