WCI #370: Communicating with Your Spouse About Finances When You Don't See Eye to Eye
Jun 6, 2024
Discussing how to communicate with your spouse about finances, including Roth IRAs and conversions. Tips on aligning goals, backdoor Roth IRAs, disability insurance, and retirement planning strategies for high earners. Sponsored by SoFi, offering financial services for medical professionals.
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volunteer_activism ADVICE
Create a Joint Financial Plan
Combine finances with your spouse after marriage and create a joint financial plan together.
Involve your spouse in planning or consult a fee-only financial advisor to build mutual trust and alignment.
volunteer_activism ADVICE
Value of Disability Insurance
Consider buying disability insurance as a critical part of your financial safety net.
Evaluate the impact of losing your income and plan accordingly, as many doctors do claim disability at some point.
volunteer_activism ADVICE
Backdoor Roth Conversion Timing
Roth IRA contributions can be done via backdoor by contributing to a traditional IRA and converting to Roth.
You can perform Roth conversions any time; there's no deadline, so convert early to avoid extra taxes on earnings.
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Today we spend some time talking about what to do when you and your spouse or partner do not see eye to eye about certain parts of your financial life. It can be extremely difficult when your vision does not align. But it is critical to work through it and get on the same page. We also answer another handful of questions about Roth IRAs, Roth conversions and rollovers, the mega backdoor Roth and more.
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