Money can be a tricky topic when you are in a serious relationship. Take, for instance, Jeremy and Ella featured in Million Stories (linked above). They have been dating for seven years and living together for six.
According to Ella, financial stability is holding them back from getting married and having children, which is a big problem for Ella. But Ella says they’d probably be married and have children by now if they were financially stable.
There is a significant disconnect between what they both want for their futures and their choices today, which could lead to ending the relationship. Watch this short episode of Million Stories to listen and learn how the two of them can work through their problems with a financial advisor.
These conversations can be had without a financial advisor. They are commonly referred to as Money Dates, just times set aside to discuss your journey together and the financial goals and choices you should be making together that will make you both happy.
Click here to learn a bit more about a Money Date. The post also includes free Money Date cards to guide your conversations.
The financial planner recommends two products in the conversation but fails to explain what they are. Below is a brief explanation of both.
Secured Credit Card: Credit card that typically requires a cash security deposit. The larger the security deposit, the higher the credit limit. Secured cards are often used to build credit history.
Roth IRA: A special type of tax-advantaged IRA designed to help folks save for retirement to which you can contribute after-tax dollars. According to Investopedia, the primary benefit of a Roth IRA is that your “contributions and the earnings on those contributions can grow tax free and be withdrawn tax free after age 59½, assuming that the account has been open for at least five years. In other words, you pay taxes on money going into your Roth IRA, and then all future withdrawals are tax free.”
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