Jessilyn and Brian Persson have spoken about how to earn and increase wealth in previous episodes, but what advice do they have for avoiding the loss of wealth? In this episode, they examine the number one way that couples can destroy their wealth: divorce. Divorce is a sure-fire way to half your wealth at best, and probably lose more. Conversely, though, the number one cause of divorce is money issues. So how can this costly failure be avoided? Jessilyn and Brian have three takeaways to solidify your relationship and your wealth partnership.
Conversation and communication have been a through-line in every episode of Life By Design. Jessilyn and Brian lay out the foundational elements for forging a solid partnership in the first episodes which include ways to start healthy communication habits that benefit relationships long-term. In the instance of finance, their advice is to talk to each other about wealth and wealth goals. Define what you want, what wealth means, and how you would prefer to get that wealth. This episode encourages doing the hard work early to avoid the even harder work of salvaging things later. Once you can communicate clearly about financial goals, you have a path on which to embark together. Take it from Jessilyn and Brian, who have walked this same path and are now here to guide you.
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Transcript
Jessilyn Persson: [00:00:09] Welcome to the Life by Design podcast with your hosts, Jessilyn and Brian Persson. We support couples in achieving their wealth goals by sharing our journey of overcoming barriers to build our financial empire.
Brian Persson: [00:00:20] With our extensive personal experience and increasing demand for couples seeking alignment to invest confidently in real estate, we created the Riches, Relationships and Real Estate program to help you achieve your goals.
Jessilyn Persson: [00:00:32] Today's topic is the number one way to destroy your wealth. In our podcast we talk a lot about how to create wealth, but we never talked about how to preserve wealth. So in this episode, we're going to discuss the number one way you can destroy your wealth.
Brian Persson: [00:00:47] Mhm. And the number one way to destroy your wealth is divorce. And interestingly enough, the number one reason for divorce is disagreements over money. So I'm going to start right in with a story that came from a real estate conference that we went to, and we met a billionaire there, he was one of the speakers, and he got divorced. And his number one piece of advice was choose your partners wisely, because half of a billion is not a billion.
Jessilyn Persson: [00:01:16] That's right.
Brian Persson: [00:01:17] Yeah. So divorce effectively leaves you with an absolute maximum of half of what you had. And it's probably going to leave you with less. So.
Jessilyn Persson: [00:01:27] Correct. So if you're a millionaire and you get divorced, you are no longer a millionaire.
Brian Persson: [00:01:32] Mhm. And I looked up some statistics from StatCan and StatCan indicat
