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Why should couples not buy a house together before marriage?
There are no legal protections, and it becomes difficult to untangle ownership if the relationship ends.
Why is it important to keep insurance and investing separate?
Combining them results in paying more for a policy and getting a poor investment return.
Why is it unwise to borrow from a 401k to buy a house?
It risks losing control of your retirement funds if you leave your job and can lead to financial stress.
Why is it important to eliminate debt before focusing on savings?
Eliminating debt reduces monthly expenses, making it easier to save and less stressful if you lose income.
Why should someone avoid universal life insurance policies?
They are expensive and provide poor investment returns compared to separate insurance and investment options.
Why is it important to have a term life insurance policy?
Term life insurance is cheaper and provides better coverage for those dependent on your income.
Why is it important to focus on your own financial situation when helping family members?
Controlling your own finances first allows you to be in a better position to help others without compromising your own stability.
Chapters
Rachel and Jade discuss the financial and legal risks of buying a house before marriage, emphasizing the importance of waiting until after marriage to combine finances and assets.
- No legal protections when commingling money before marriage.
- Difficult to untangle shared assets if the relationship doesn't work out.
- Financial stress of home ownership can add unnecessary pressure early in a relationship.
Shownotes Transcript