You Worked Hard To Build Wealth — Use This 3-Step Checklist To Protect It

You Worked Hard To Build Wealth — Use This 3-Step Checklist To Protect It

June 13, 2025  by  Laura Bogart  GoBankingRates

To say you’ve worked hard would be an understatement. You’re no stranger to pulling a 5 to 9 after your 9 to 5 ends. You’ve met with financial advisors and investment professionals to figure out how to stretch your money and grow it through passive income. What you’ve accomplished at this point in your life is impressive — and now, you’re starting to think about what the next phase might look like.

That next chapter should start with protecting what you’ve built. Just as you mapped a master plan to build your wealth, you’ll need a strategy to safeguard it. While personalized advice from your financial advisor is always smart, these three essential steps can help you prepare now.  

Create an Estate Plan  

An estate plan is a cornerstone of protecting your financial legacy — helping ensure the hard work you’ve put in today will continue to bear fruit long after you’re gone. One of the most powerful ways to protect your assets is to keep them in the family and make sure your loved ones can access them easily and responsibly. 

Start by working with a trusted financial and legal team to create a will or a revocable living trust. A revocable trust allows you to manage your assets while you’re still around and to lay out clear instructions for how those assets should be distributed after your death. It can be changed or revoked at any time, as long as you’re making competent, voluntary decisions. It also spares your heirs the time and expense of probate.

To reduce the emotional and financial burden on your family in a crisis, you should also set up an advance healthcare directive and designate durable powers of attorney for both medical and financial matters. These documents ensure your wishes are honored and take difficult decisions off your family’s shoulders.  

Make Sure You Have the Right Life Insurance  

At a minimum, life insurance is designed to protect your family’s financial future if something happens to you unexpectedly. A policy can help them pay off debts, cover day-to-day living expenses and continue pursuing long-term goals like college or retirement savings.

TO READ MORE:  https://www.gobankingrates.com/money/financial-planning/you-worked-hard-build-wealth-checklist-protect-it/?hyperlink_type=manual

Avoid These 4 Common Mistakes When You Get Rich Overnight

Avoid These 4 Common Mistakes When You Get Rich Overnight

Laura Bogart  Sun, August 31, 2025  GOBankingRates

You’re about to score a financial touchdown. Maybe you’ve crushed it at work and landed a sweet promotion. Perhaps you’ve won a lottery or stumbled into a side hustle that suddenly pays off. As you near the end zone, heart pounding, head full of dreams, you can’t afford (literally) to fumble. Whether you’re blindsided by unexpected taxes or tripped up by bad financial advice, you have a lot to lose if you drop the ball.

If there’s one thing Brandon Copeland, former NFL linebacker turned financial expert, knows, it’s how not to fumble good fortune — whether that’s a game-changing play or a sudden influx of cash.

As founder of Copeland Media and Athletes.org, and the author of “Your Money Playbook,” Copeland now dedicates his time to making financial education more accessible for everyone, from high earners to those just trying to get a handle on their first paycheck.

His financial expertise, shaped both by personal experience and by watching fellow NFL players navigate big contracts, has taught him what to do — and, crucially, what not to do — when you come into some money. As part of GOBankingRates’ Top 100 Money Experts series, he answers Question #16: Why do so many people fumble a windfall, and what moves should I make if it ever happens to me?

YouTube:  https://www.youtube.com/watch?v=XJ2DcWPD7qw

1. Not Taking the Time To Learn About Money

When Copeland is outside tossing the pigskin with his five-year-old son, the little guy doesn’t catch it every time. And despite being a force on the field himself, Copeland doesn’t expect his son to be perfect — after all, he’s still learning. He sees a clear parallel to how most of us approach money.

“Most things in life take practice, and unfortunately when it comes to money, many of us never had the chance to learn or practice those skills,” he said. “We just start earning it. So, it’s not absurd to think, ‘Hey, I’m not going to be perfect at this.'”

To Copeland, a windfall doesn’t just reveal your financial blind spots — it magnifies them. That’s why he’s so passionate about financial education, both in the classroom and through his foundation.

“My goal is to help a younger version of myself,” he said. “I think of the problems I had growing up, where I wanted money, but nobody taught me about it. I was blessed to have a high school football coach who ran a hedge fund and invited me to intern with him.”

That mentorship gave Copeland his first real playbook for success in life — and in finance. It’s one he would carry into teaching financial literacy at the University of Pennsylvania, as well as the nonprofit he started with his wife, Beyond the Basics.

2. Giving in to the Urge To Splurge

TO READ MORE:https://www.yahoo.com/finance/news/avoid-4-common-mistakes-rich-131819561.html

3 Things To Focus On To Make Sure Your Identity Isn’t Too Wrapped Up in Money,

3 Things To Focus On To Make Sure Your Identity Isn’t Too Wrapped Up in Money, According to Rachel Cruze

Peter Burns   Mon, September 1, 2025  GOBankingRates

Money is an integral part of everyone’s life. Money allows you to buy things you need to survive and helps you maintain your health. It gives you freedom and opportunities to pursue your dreams. It also gives you security and peace of mind. However, when you have a lot of money, it can be easy to root your entire identity in your finances.

Many individuals believe that purchasing designer clothes, buying sports cars and eating at upscale restaurants can improve their social status, but this leads to an important question: Who are you if you lose everything?

Personal finance expert and co-host of “The Ramsey Show” Rachel Cruze asks herself this question often. She explained that it’s possible to lose everything you have, from your car to your home to your gym membership, so it’s crucial to focus on what truly matters: ensuring you aren’t defined by your possessions. In a recent YouTube video, Cruze recommended focusing on these three things to make sure your identity isn’t just your possessions.

A Higher Purpose

“There are things in life that are so much bigger than you,” Cruze said. Keeping yourself grounded in what’s really important is an excellent way to make sure you don’t lean too much into your wealth and ego.

To Cruze, this relates to religion: “If I am worshiping something so much bigger than me that cannot be taken away, there is value and security in that for me.”

However, you don’t need to be religious to have guiding principles that add meaning to your life.

One type of higher purpose may be self-development. Dedicating yourself to creative arts or lifelong learning can be fulfilling. It’s about the journey rather than the outcome. Self-development improves your mental health, happiness and confidence, allowing you to be more than just the items you own.

Generosity

The second way to make sure money doesn’t control your identity is through generosity.

“If crap hits the fan and you have nothing else, there is something that is built through a generous life that will stay with you forever,” Cruze explained.

Embracing a generous lifestyle when you do have money can help you sustain that spirit when you don’t. Even when you don’t have much, Cruze recommends allocating 10% of your budget toward giving to a worthy cause. When you do this, it shifts the focus off your own problems and reminds you of what you do have and what you can do to help others.

Even if you don’t have money to spare, you can still be generous with your time and effort. An SWNS survey found that out of 2,000 American adults, 54% want to leave a positive mark on the world. You can achieve this by mentoring youth, volunteering, building up your community and motivating others.

YOU TUBE VIDEO:  https://www.youtube.com/watch?v=MWvsJi1Kz0A&embeds_referring_euri=https%3A%2F%2Fwww.yahoo.com%2F&source_ve_path=OTY3MTQ                                

TO READ MORE: https://www.yahoo.com/lifestyle/articles/3-things-focus-sure-identity-141631667.html

‘Check Washing’ Costs Americans Over $1 Billion Each Year, Says USPIS — How To Spot It And Protect Your Money

 ‘Check Washing’ Costs Americans Over $1 Billion Each Year, Says USPIS — How To Spot It And Protect Your Money

Jessica Wong  Sat, August 30, 2025  Moneywise

Despite seeming retro, check fraud is experiencing a surprising resurgence, with criminals stealing billions of dollars through these schemes.

According to the U.S. Postal Inspection Service (USPIS), "check washing" fraud is inflicting substantial financial damage on Americans. Postal inspectors report intercepting more than $1 billion in fraudulent checks and money orders annually.

Despite the rise of digital financial transactions, thieves are increasingly targeting mail containing paper checks as a vulnerable point in the system.

Using common household supplies, scammers can modify stolen checks by removing the original information and substituting false details before depositing them under assumed identities. Below, we explain their tactics and how to protect yourself.

What is “check washing”?

Check washing is a theft method where criminals steal checks, commonly from mailboxes, and use household chemicals such as nail polish remover or rubbing alcohol to erase the ink. After removing the original information, the thief changes the payee name and amount, cashes the altered check and escapes with the stolen funds.

This scheme, which has been around for decades, has seen a significant increase in incidents since 2021, with check fraud cases nearly doubling according to the FBI's Internet Crime Complaint Center. Postal inspectors warn that this troubling trend is expected to worsen throughout 2025.

Criminal organizations have been identified selling stolen checks on digital platforms and recruiting individuals known as "money mules" to deposit falsified checks into fraudulent accounts, according to NASDAQ Verafin. In a contemporary evolution of this long-established fraud scheme, these stolen checks are now being traded on dark web marketplaces in exchange for cryptocurrency.

Real-world cases show just how quickly it can happen, and victims are losing thousands.

According to ABC7 NY, when Carol Perlman mailed a $656 check, criminals altered it to $9,000. Though her bank eventually refunded the money, they only did so after local media covered her story.

In the same ABC7 NY report, Matt Schick became a victim after depositing a contractor's payment in a street mailbox. Within days, someone had intercepted and cashed it for $7,500.

Fortune magazine reported on entrepreneur Steve, who was stunned to discover that his $310,000 IRS payment never arrived. Thieves had chemically "washed" the check, replacing "IRS" with another name before depositing it. He was forced to pay his taxes again, including penalties and interest, while still fighting with his bank to recover the stolen funds.

TO READ MORE:  Read more: Rich, young Americans are ditching stocks — here are the alternative assets they're banking on instead

FBI, Cybersecurity Experts Warn Of 3-Phase Scam That Is Draining Bank Accounts

FBI, Cybersecurity Experts Warn Of 3-Phase Scam That Is Draining Bank Accounts

Jeremy Tanner  Sat, August 30, 2025 

(NEXSTAR) – A multi-phase scam credited with emptying the financial accounts of numerous Americans – many of whom were nearing the age of retirement – is again making headlines after the FBI recently issued a warning.

Unlike many scams, “Phantom Hacker” attacks often come in three distinct phases, each building on the last to thoroughly convince the victim to allow access to their funds.

“Victims often suffer the loss of entire banking, savings, retirement, or investment accounts under the guise of ‘protecting’ their assets,” the FBI said in a news release.

Aaron Rose, security architect manager at cybersecurity firm Check Point Software, told Nexstar in an email that the crooks often use victims’ personal interests against them. Fans of vintage cars, antique watches or other items might post publicly on social media, making them vulnerable to bad actors.

 “Criminals use personal interests to make their criminal actions appear authentic which decreases the chances of being caught,” Rose said, adding, “AI technology can analyze social media content to detect personal interests and life milestones which allows it to generate messages that seem personalized.”

Since 2024, the scam has reportedly been used to steal over $1 billion in funds, with the majority of victims being at least 60 years old, according to FBI data.

“These attacks are not just simple phone calls or phishing emails—they’re complex operations that involve multiple impersonators, spoofed phone numbers, and coordinated follow-ups,” Scott Davis, chairman of the Cybersecurity Association of Pennsylvania, said in a recent interview. “Seniors are being tricked into believing they’re protecting their money, when in reality they’re handing it straight to criminals.”

‘Tech support’ and the first phase

While pretending to work in tech support for a legitimate company, the scammer will use a phone call, text, email or pop-up window to contact the victim.

Once the victim calls for tech support help, the scammer instructs them to download a program giving access to the victim’s computer. After pretending to check the device for viruses, the scammer will then suggest the victim open financial accounts to look for unauthorized charges.

TO READ MORE:  https://news.yahoo.com/news/articles/fbi-cybersecurity-experts-warns-3-120000759.html

What You Need To Do To Prepare Your Home And Your Family

Storm is on the way: Here's What You Need To Do To Prepare Your Home And Your Family

Hurricane season is here and it's important to be ready if you're anywhere near a hurricane zone. Here's everything you need to remember to be prepared!

Sean McBride  Creator of Charleston Crafted  Updated Sat, August 16, 2025

As a South Carolina resident, hurricane season is officially my least favorite time of the year. I don't like that I feel the need to constantly check to see if there is tropical activity in the distance and I hate the feeling of deciding what to do if a storm is coming.

However, just because I don't like the season doesn't mean I'm not prepared for it.

Hurricane Erin is the first hurricane of the 2025 Atlantic Hurricane Season and has gained significant attention for its size and unpredicted path. While it does look like the Hurricane Erin path will curve away from the east coast of the United States this time, that doesn't mean that with the next storm we'll be so lucky.

Living in a hurricane zone teaches you to be prepared and be vigilant about your surroundings throughout the entirety of hurricane season, which officially runs from June 1st to November 1st. Hurricanes and tropical storms can both produce damaging rains and wind and can impact your area even if the path doesn't come right through your state.

And if recent history has shown us anything, being anywhere near the zone means you need to be prepared, not just if you live on the coast. So, if you're thinking about what you need to do to be prepared this hurricane season, let's take a look

How To Prepare For Hurricane Season

Storm intensity and frequency has been on the uptick for decades, and it's seemingly only going to get worse as our climate continues to change. Hurricanes aren't going to go away, so we have to be prepared to live with the after effects.

It's important to know your risk by identifying what type of FEMA zone you live in and what the likelihood is of a storm. Hopefully you've done some research, but if you're new to an area, talk to your neighbors about how storms have impacted your neighborhood in recent years.

If you are in a flood risk zone, you need to know the degree of severity and what that means for your area, so be prepared by knowing what you will likely need to do.

Additionally, if a hurricane begins to form in the Atlantic, Gulf or Caribbean, make sure you stay up to date with the NOAA path tracker so you can know where the storm is and where it might end up. Don't spend too much time listening to random "experts" online and instead focus your attention on the actual data presented by NOAA's National Hurricane Center.

Create An Emergency Evacuation Plan

The most important thing to do in an emergency hurricane situation is to listen to your local officials. If a mandatory evacuation order has been issued, listen to that order. It's not smart to try to decide whether or not you think a storm will actually hit your area badly.

If an order has been issued, make sure you know the evacuation routes and whether or not they will be opening additional lanes on the highway. It's best to leave at less busy times, if possible, and not wait until the last minute when the entire town is trying to drive out. 

TO READ MORE:    https://www.yahoo.com/news/creators/lifestyle/story/storm-is-on-the-way-heres-what-you-need-to-do-to-prepare-your-home-and-your-family-192126619.html

4 Secrets of the Truly Wealthy, According to Dave Ramsey

4 Secrets of the Truly Wealthy, According to Dave Ramsey

Caitlyn Moorhead   Wed, August 27,   GOBankingRates

One of Dave Ramsey’s most consistent pieces of financial advice is that wealth-building isn’t necessarily tied to how much money you make, but rather how you manage what you have. Many people assume that earning a higher income automatically leads to wealth, but Ramsey points out that a disciplined approach to spending and saving is far more important. Truly wealthy people live below their means and when they do spend money, they don’t advertise it.

Essentially, saving consistently is more important than the size of your paycheck or what you splurge on. Known for his no-nonsense approach to personal finance, Ramsey has helped millions of people get out of debt and take control of their financial futures. But what separates those who simply earn a good living from the truly wealthy?

According to Ramsey, “When you quit worrying about what people think and you’re actually living life for you and your family — that causes you to make completely different purchases and live a completely different lifestyle.” Here are key principles that truly wealthy people understand and practice consistently.

They Don’t Dress To Impress

The wealthy don’t leave their financial futures to chance. They create a plan, stick to it and regularly review it, which doesn’t leave a lot of wiggle room for extravagant purchases like designer clothing. Think about some of the billionaires you see in the news — many aren’t dressing like a million bucks even though they have more than a billion bucks.

Ramsey would recommend taking baby steps toward building an emergency fund, paying off debt or investing for retirement well before you spend thousands of dollars on pants or shoes. The truly wealthy know where their money is going each month and it’s not hanging in their closet.

They Don’t Share Their Vacation Pictures

Ramsey is a strong advocate for long-term investing and wealth-building strategies. However, once someone has grown their wealth to be in a place where they are considered rich, they tend not to advertise how much they have or are spending.

Some of the most lavish and luxurious expenses can include trips the wealthy take, but the truly wealthy don’t let you know about those.

Ramsey said, “They enjoy nice vacations but they seldom post them for you to see on Instagram because they didn’t take you on vacation. They wanted to go on vacation.”

They Keep Their Holiday Spending in Check

Generosity is a hallmark of the truly wealthy, and giving often brings even more fulfillment than financial success. However, that doesn’t mean they spend everything they can afford to during the holiday season.

TO READ MORE:   https://www.yahoo.com/finance/news/4-secrets-truly-wealthy-according-110551464.html

Kevin O’Leary: Top 2 Financial Rules From My Mom That I Still Follow

Kevin O’Leary: Top 2 Financial Rules From My Mom That I Still Follow

Gabrielle Olya  Sun, August 24, 2025 GOBankingRates

“Shark Tank” star Kevin O’Leary has built his wealth through entrepreneurship and savvy investing, but he credits his mother for setting him on the right financial path. There are several money lessons his mother taught him throughout his lifetime that still shape how he approaches finances today.

Here are two of the financial rules O’Leary learned from his mom that he thinks everyone should follow.

Keep Your Own Financial Accounts — Even in Marriage

When you get married, you may want to merge all of your finances — but O’Leary learned from his mother that this is not the smartest approach.

“My mother taught me a lot about financial independence,” he told GOBankingRates while discussing his partnership with HelloPrenup, an online prenuptial agreement platform. “She was married twice but kept a secret account from both of her husbands her entire life.”

O’Leary said that his mother started saving 15% of her pay when she was very young and kept that money completely sequestered during her marriages.

“She helped my brother and I through school [with that money],” O’Leary said. “She really believed that in a marriage, both spouses should have their own financial identity. They should never give that up because you don’t know it’s going to happen in marriage.”

TO READ MORE:  https://finance.yahoo.com/news/kevin-o-leary-top-2-201622431.html

The Real Reason Couples Fight About Money

Rachel Cruze: The Real Reason Couples Fight About Money

August 25, 2025  by  Jaime Catmull

Question #2 of GOBankingRates’ Top 100 Money Experts Series

What’s the best way to handle financial disagreements in a relationship?

Who doesn’t love a story that ends with “and they lived happily ever after”? Whether it’s a fairy tale or a rom-com, everyone swoons when the pair that belonged together all along finally heads off into the sunset hand in hand.

Yet the story usually ends at this point. There’s no mention of what that happily ever after really looks like — sharing space, juggling busy schedules and navigating arguments about money.

Part of merging your life with someone else’s means integrating your finances. Depending on your upbringing, personal history and beliefs, you could be bringing some very different money mindsets to the table — and serving up a perfect recipe for conflict.

Fortunately, according to Rachel Cruze, bestselling author and financial expert, achieving that “happily ever after” is possible — even when you’re still figuring out how to manage money as a couple.

GOBankingRates caught up with Cruze to ask why couples fight about money and what they can do to achieve their own financial harmony.

It Goes Deeper Than Dollars and Cents

Sometimes, a fight that seems like it’s all about money isn’t just about dollars and cents. Cruze explained that most financial disagreements stem from deeper emotional issues, like trust, communication and feeling disconnected from your partner.

 “I always say: Money touches every part of your life, from what groceries you buy to the dreams you have for your future,” she said. “So if there’s tension in how you’re handling money, it’s going to spill over into everything else. That’s why I’m such a big believer in working together, not separately.”

Understanding that there are emotional and philosophical factors at play in how you and your partner think about money is key to having practical, productive conversations about your finances. Cruze’s advice? “Stop hiding, start communicating, and get on a plan together.”

TO READ MORE:  https://www.gobankingrates.com/money/real-reason-couples-fight-about-money-how-to-fix-it-rachel-cruze/?hyperlink_type=manual

7 Morning Money Habits To Start Your Day the Frugal Way

7 Morning Money Habits To Start Your Day the Frugal Way

Caitlyn Moorhead  Sun, August 24, 2025  GOBankingRates

Adopting a frugal lifestyle doesn’t have to mean overhauling all of your financial habits. Making a few tweaks here and there to how you spend, save and invest could greatly improve your chances of building wealth.  Whether your goals include funding retirement accounts, paying off debt or just improving your financial health overall, sometimes the way you start the day is the best indicator of how you will finish the personal finance race. The morning offers a unique opportunity to set the tone for a day filled with wise financial decisions, such as these seven morning habits that can help you live more frugally.

Embrace a Home-Brewed Coffee Routine

If before you even open your eyes you are thinking about ways to spend money on coffee, your daily financial plan may already be off to a rough start. Yes, the allure and aroma of a cafe coffee can be strong, but the daily expense adds up quickly.

By switching to home-brewed coffee, you can save a significant amount of money each month, which will perk up your financial future. Invest in a good coffee maker and discover the joy of brewing your own. This is not only more cost-effective, but also allows you to experiment with different blends and flavors.

Plan Your Meals

The food you have at home is here to remind you of the money you’ll save by not making the impulse buy of fast food or ordering out. Meal planning is not just a way to eat healthier; it’s also a fantastic strategy for not depleting your bank account.

Take a few minutes each morning to plan your meals for the day as the little time spent here can save you a large amount of money down the road. This habit prevents impulsive food purchases and helps you stick to a budget. Utilize leftovers and plan meals around what you already have, reducing food waste and grocery bills.

YOU TUBE VIDEO:  Saving without sacrifice

https://www.youtube.com/watch?v=2hLMTb1pFrI&embeds_referring_euri=https%3A%2F%2Fwww.yahoo.com%2F&source_ve_path=OTY3MTQ

Use Public Transportation or Carpool

With everything from tariffs to economic volatility increasing car costs to almost unmanageable amounts, it may be time to evaluate your daily commute and consider inexpensive options like public transportation or carpooling. These alternatives can significantly reduce your fuel costs and wear and tear on your vehicle.

It’s also an environmentally friendly choice that helps both future generations and the future of your retirement plan. And, if public transportation is efficient in your area, it can offer a stress-free time to read or relax before starting your workday.

Practice Energy-Saving Techniques

Speaking of doing better things for both the environment and your finances, mornings are a great time to implement energy-saving habits. Simple actions like turning off lights in empty rooms, unplugging unused appliances and using natural light can reduce your electricity bill.

Also, consider shorter showers to save on water costs. These small changes can lead to noticeable savings every time you pay your monthly bills.

TO READ MORE:  https://www.yahoo.com/lifestyle/articles/7-morning-money-habits-start-141706004.html

Experts Warn The Internet Will Go Down In A Big Way — And You'd Better Be Ready

Experts Warn The Internet Will Go Down In A Big Way — And You'd Better Be Ready

Geoff Williams  Updated Mon, August 25, 2025  HuffPost

It’s bad enough when the internet goes down for a few hours because your power went out after a storm, but what if the internet went down indefinitely, sort of everywhere? What if your state or an entire region of the country lacked the internet or electricity because of a cyberattack or something innocuous, like problems with an aging grid or the federal government forgot to pay a bill?

Do you have a plan for that?

Most people don’t. In fact, the Federal Emergency Management Agency surveyed 7,525 Americans for their 2024 report on disaster preparedness and found that 57% of the country isn’t prepared for, and isn’t planning to prepare for, a disaster.

************************************

That’s a shame because an internet or electric type of emergency is likely to occur one of these days, said Robert Siciliano, a security analyst and author of ”Identity Theft Privacy: Security Protection and Fraud Prevention.” “I don’t think it is a matter of ‘if,’ it is simply a matter of ‘when.’ The electrical grid, as we know it, is only about 120 years old. And it is scattered in such a way that local or regional brownouts or total failures are happening too often.”

Siciliano added, “Having backup food, water, batteries and power should be a consideration for everyone. The term ‘prepper’ has gotten a bad rap.” He said that if you want to function in the event of a regional or nationwide electric or internet outage, “I think at this point everybody should be prepping.”

So if you want to keep your tech during a period of digital upheaval, feel free to borrow these strategies.

Try and create a backup internet plan.

“Preparing for individual internet disruptions and power outages is straightforward – you need backup internet access methods and/or the ability to generate energy on your own,” said Sean Gold, who should probably hang out with Siciliano. Gold is a prepper and the owner of the website TruePrepper. Gold also has a degree in emergency management and was an emergency manager in the Air Force.

Gold said that the best way to not lose your digital life during an internet or electrical grid crisis is to assume it’s going to happen sooner or later and plan for it.

“A cellular hotspot is an easy way to get through a day or two of internet outages, but if the outage is widespread, then that plan is much less effective with the overloaded cell towers. Many preppers are starting to embrace Starlink and satellite ISPs even if they are in less rural areas,” he said.

Of course, if you’re not a tech person, Gold might as well be talking in Sanskrit. So let’s do a quick translation:

TO READ MORE:  https://www.yahoo.com/news/articles/experts-warn-internet-down-big-110018125.html

A Financial Pro on Managing Money as a Couple

One of You Saves, the Other Spends — Now What? A Financial Pro on Managing Money as a Couple

August 16, 2025  by    Laura Bogart

What’s the best way to manage money with a partner? 

You’re sitting at the breakfast table with your partner. Gazing into their eyes, you think about how much you love them, how much they — to quote “Jerry Maguire” — “complete you,” and how fortunate you are to have them.

Just as you’re about to fall even deeper in love, they open their mouth to tell you they might have, ahem, put a little more on the credit card than they planned. Or perhaps to chide you for not taking your employer match on your 401(k).  

Ah, love. Ain’t it grand? It still can be — even if your money habits clash — when you learn how to balance different financial styles. That process might sound complex and uncomfortable, but according to Emma Johnson, founder of Wealthy Single Mommy and author of “The 50/50 Solution” and “The Kickass Single Mom,” it starts with something simple: listening to each other.  

GOBankingRates caught up with Johnson to get her take on how happy couples can stay happy couples when it comes to managing money together.

YOU TUBE:  https://www.youtube.com/watch?v=dqyl46S4HvM&embeds_referring_euri=https%3A%2F%2Fwww.gobankingrates.com%2F&source_ve_path=OTY3MTQ

 Respect Each Other’s Financial Independence  

One of Johnson’s first pieces of advice is to recognize that you and your partner are, well, your own people. You each had fully formed identities and managed your own money before you got together. Acting like a parent or boss with your partner’s finances can only breed resentment.

“Each partner needs some financial autonomy – money you can spend without checking in first,” Johnson said. “You’re both adults.” 

Therapists back this up. Given how often couples argue over money, it’s not surprising that services like Ascencion Counseling include financial advice right on their websites. To keep your financial independence while managing joint responsibilities, you and your partner need to communicate and plan together.

One common approach is to open a joint account for major shared expenses like rent, utilities and groceries, while keeping separate accounts for personal spending. Once you agree on how much each of you will contribute — ideally based on income rather than splitting everything 50/50 — you can still maintain individual control over your own separate accounts.  

This kind of setup gives each partner more confidence in their financial abilities while also minimizing potential resentment. That’s a win-win.

Love Each Other Through Your Differences  

TO READ MORE: https://www.gobankingrates.com/saving-money/savings-advice/one-saves-other-spends-financial-pro-manage-money-couple/?hyperlink_type=manual

Start These 6 Money Habits To Help Improve Your Finances

Rachel Cruze: Start These 6 Money Habits To Help Improve Your Finances

Jennifer Taylor  Fri, August 22, 2025  GOBankingRates

Your lifestyle might affect your financial future in more ways than you realize. Rachel Cruze, a personal finance guru, money expert and Ramsey Solutions personality, recently shared a video offering advice to help improve your finances — with a minimalist approach.

Sure, you’re aware that you should try to pay off debt, build an emergency fund or improve your credit score, but what day-to-day saving and spending habits could you start to boost your financial health? Here, Cruze has highlighted some ways to approach small financial decisions that can be implemented to simplify and improve the bigger picture of your finances.

Simplify Your Schedule

Too much rushing around and being busy affects your money and peace of mind, Cruze said. This isn’t healthy for you, so she advised scheduling your life more intentionally.

Slowing down can help improve your financial situation in a variety of ways. For example, you might have more time to make dinner, meaning you’re spending less on takeout. Or you could slow down when shopping to save another swipe on your credit card. The term “slow shopping” means thinking about each purchase carefully before buying, which can help pad your savings account.

Spend Money on Experiences Over Possessions

Instead of constantly using your money to acquire new possessions — especially those you don’t need — Cruze advised spending it on experiences. She said experiencing things with people you love will make you happier. Keep that in mind the next time you are creating a budget.

“Stuff will not bring you joy,” Cruze said.

Of course, she emphasized that you also need to make sure the experiences you book fit into your budget. She also noted that it’s fine to have some stuff, but just avoid continually buying things, as doing so won’t make you happy.

Live on Less Than What You Make

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