72. Answering questions about recessions, marrying the right person, and firing a financial advisor
Money For Couples with Ramit Sethi
How to Set Up a Joint Account to Save for a Future
To set up a joint account, you need to contribute proportionally to cover fixed expenses, joint savings, investments, and guilt-free spending. Money from each paycheck should also be allocated to individual checking accounts for personal spending. The key is to create a joint future together by structurally setting up the right behaviors. This includes planning for joint expenses like vacations in the joint account and allowing for individual spending without questions. Discussions should be had to establish what falls under joint expenses and what falls under personal expenses. Use a joint card for joint purchases and an individual card for personal hobbies. When it comes to preparing for a recession, it is advised to set aside money to take advantage of discounted rates, but it is important not to try to time the market and to stick to your allocation numbers for saving, investing, fixed costs, and guilt-free spending.
Remember Everything You Learn from Podcasts
