New Money New Problems Podcast Financial Planning for the Stay At Home (or lower earning) Spouse
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Financial Planning for Stay-at-Home and Lower-Income Spouses
In this episode of the New Money, New Problems podcast, we address the financial challenges and opportunities for stay-at-home and lower-income earning spouses.
We cover the importance of financial equity within a relationship, and why both partners need to be equally informed about their financial situation. Key topics include the necessity of having an open conversation about finances, various ownership structures for investment accounts, the significance of proper insurance and beneficiary designations, and the importance of credit management.
Tune in to hear tips on how spouses can get more involved in financial planning, ensuring they can navigate periods of loss, disability, or potential divorce with confidence.
00:00 Introduction to Financial Planning for Stay-at-Home Spouses
01:43 The Importance of Equal Financial Footing
04:59 Steps to Financial Empowerment
07:39 Understanding Investment and Insurance Details
12:11 Managing Debts and Access Information
23:06 Retirement Planning for Stay-at-Home Spouses
27:12 Building and Maintaining Credit
28:36 Engaging with Financial Professionals
30:02 Final Thoughts and Resources