Financial Advice

Steve shares some sound advice with a couple in Chicago.  This came from Steve's accountant.

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Episode Transcript

Speaker 1 (00:02):
This is from Stressed Out in Chicago, Steve. This is
a couple that wrote in they want advice on finances
in a marriage. They say, Hey, Stephen Morning Show Family,
we have been married for two years and we bought
We both have our private checking accounts and a joint
savings account. We both earn around the same salary, and
we pay our own car notes and personal expenses like

(00:22):
cell phone bills and student loans. The husband doesn't want
to get a family plan for the cell phones, and
he doesn't want to share a household account to pay bills.
It seems more like we're roommates than a married couple.
Will finances break us up if we don't figure this out?
How should finances go in a marriage?

Speaker 2 (00:41):
Well, I'm just going to tell you I don't know
how they should go. With the best advice I've gotten,
and I've given it to people all the time. An
accountant talked this to me and it has helped me tremendously.
Every married couple should have four bank accounts. Minimal one

(01:01):
it is the joint household account where both of your
checks you all make the same amount. You said, both
of those checks go in two. The joint household account.
From that, all necessities are paid, all bills, electrical house note,

(01:22):
all that card notes, everything gets paid out of there.
Why would you get married if you are not going
to act as a unit. If you continue to act separate,
you will be separ ratetecked. Marriage is about becoming one.
This ain't no magic trick to this. These are the rules.

(01:44):
So now once you start doing everything separate, you will
be separ ratetech. So that's the first account. Everything goes
into one. The second account you need is a joint
savings account. After everything is paid, you all decide, no
matter what this is, how much we are saving, and

(02:05):
that goes into that account. No money can be taken
out of that account unless both parties signed for it.

Speaker 3 (02:13):
Then you need the third and the fourth account.

Speaker 2 (02:16):
He should have a personal account and you should have
a personal account. You are not allowed to ask him
what he does with his money, nor tell him. He's
not allowed to ask you or tell you what to
do with your money. You all decide which eat the others,
which each other's allowance is out of the joint savings.
Now I'm going to say something that you are going

(02:38):
to disagree with.

Speaker 3 (02:40):
The woman's cut is.

Speaker 2 (02:43):
Normally by people who are in this business to win
slightly higher than the man's because it costs.

Speaker 3 (02:52):
More money for them to stay beautiful.

Speaker 2 (02:57):
They got more, they got had, they got makeup, got nails,
they got stuff we don't have, so allowed for that.
And you're figuring out whose salary should be what? And
then you go there and you ain't even got no help.
So what is your ass complaining about it?

Speaker 3 (03:14):
All?

Speaker 2 (03:14):
Head?

Speaker 3 (03:21):
Do you want to take her somewhere? Bad? No, we
ain't gonna go nowhere. Okay, we'll see right there is
see what?

Speaker 2 (03:28):
And then and then you'll have a happy marriage because
then you're acting as a unit. You're saving together, you're
compiling your resources together. Two is stronger than one. It's
just stronger when you go together. And that's what an
accountant taught me. And Marjorie has her own account. I

(03:51):
can't tell her what to do. I can't say nothing.
She gets more in her account than I do. Now,
ste I ain't nowhere here you I'm out here working
and all this. It's all right, dog, we got an
we all right. Ain't nobody hurt. The money I got
is enough for me, and nine in every nine in
I might run out nine in, but didn't. Guess what.

(04:13):
I'll go right over there to that joint account and
take it, take that money out and move it.

Speaker 3 (04:18):
But I cannot move the savings. I cannot move it.

Speaker 1 (04:21):
Okay, all right, hopefully.

Speaker 3 (04:25):
She run out all the time.

Speaker 1 (04:27):
Yeah, I know I will, Marjorie. All right, thank you
for that, Steve. Hope that helps stressed out in Chicago.
Coming up in twenty minutes after the hour, more of
the Steve Harvey Morning Show. Right after this, you're listening
Harvey Morning Show.