1 00:00:00,320 --> 00:00:03,000 Speaker 1: Brought to you by the reinvented two thousand twelve Camray. 2 00:00:03,240 --> 00:00:09,840 Speaker 1: It's ready. Are you welcome to stop? Mom? Never told 3 00:00:09,840 --> 00:00:17,440 Speaker 1: you from house to works dot Com either, And welcome 4 00:00:17,480 --> 00:00:20,880 Speaker 1: to the podcast this Smalling And I'm Kristen Kristin. Today. 5 00:00:20,880 --> 00:00:23,439 Speaker 1: I wanted to start off with some advice given to 6 00:00:23,560 --> 00:00:27,240 Speaker 1: us by a wise philosopher by the name of Beyonce Knowles, 7 00:00:27,440 --> 00:00:30,720 Speaker 1: you mean Fears. I think she was Sasha first when 8 00:00:30,720 --> 00:00:33,800 Speaker 1: she gave me this advice. Um it says it was 9 00:00:33,840 --> 00:00:36,360 Speaker 1: two pronged advice. First to the ladies it was put 10 00:00:36,400 --> 00:00:39,279 Speaker 1: your hand up, and then to the men it was 11 00:00:39,479 --> 00:00:42,480 Speaker 1: if you like it, put a ring on it. Now 12 00:00:43,080 --> 00:00:46,400 Speaker 1: I started thinking about how Beyonce recently married Jay Z. 13 00:00:47,200 --> 00:00:50,080 Speaker 1: They put the ring on it. They're both independently wealthy, 14 00:00:50,159 --> 00:00:51,680 Speaker 1: so I don't think they had to have the same 15 00:00:51,720 --> 00:00:55,800 Speaker 1: conversations that other ladies might have to have about bank accounts, 16 00:00:55,840 --> 00:00:58,160 Speaker 1: about you know, where they're gonna live, who's gonna put 17 00:00:58,200 --> 00:01:01,720 Speaker 1: the down payment on the house, ecetera, etcetera. And it 18 00:01:01,800 --> 00:01:03,520 Speaker 1: got me thinking about this article we have on our 19 00:01:03,560 --> 00:01:06,360 Speaker 1: site called is marriage a good investment? Because I think 20 00:01:06,400 --> 00:01:10,080 Speaker 1: for someone like Beyonce, it doesn't really matter, right, Beyonce 21 00:01:10,160 --> 00:01:12,959 Speaker 1: can Mary who she wants exactly. It doesn't matter. Beyonce 22 00:01:13,120 --> 00:01:16,760 Speaker 1: is a good investment. But back to the article, is 23 00:01:16,800 --> 00:01:20,360 Speaker 1: marriage to a good investment? Full disclosure, It was written 24 00:01:20,360 --> 00:01:23,560 Speaker 1: by a married man, yep, and he comes to the 25 00:01:23,640 --> 00:01:26,240 Speaker 1: conclusion that, yeah, it's a good investment. Yeah, overall, you know, 26 00:01:26,280 --> 00:01:28,920 Speaker 1: there's some pros or some cons But but Kristen, we're 27 00:01:28,920 --> 00:01:31,360 Speaker 1: single ladies. We have come to the same conclusion if 28 00:01:31,400 --> 00:01:34,000 Speaker 1: we had written the article. I don't know, Molly, from 29 00:01:34,000 --> 00:01:37,360 Speaker 1: the research that we've done, we might be at a 30 00:01:37,440 --> 00:01:40,919 Speaker 1: conflict with uh with this article a little bit okay, 31 00:01:41,080 --> 00:01:43,920 Speaker 1: like your first point on me, let's hash it out. 32 00:01:44,360 --> 00:01:49,840 Speaker 1: First of all, cost of a wedding average cost eight 33 00:01:50,040 --> 00:01:54,360 Speaker 1: grand I don't understand that, Molly. I will buy my 34 00:01:54,520 --> 00:01:57,480 Speaker 1: gown from a thrift store and serve little debbies at 35 00:01:57,520 --> 00:02:00,320 Speaker 1: my reception. I'm not paying twenty eight thousand dollars for 36 00:02:00,440 --> 00:02:03,640 Speaker 1: a wedding. I hope I can play this podcast back 37 00:02:03,680 --> 00:02:06,520 Speaker 1: for you someday, should your wedding ever get out of hand, 38 00:02:06,600 --> 00:02:08,799 Speaker 1: and and and other things are gonna be out of hand. Like, 39 00:02:08,880 --> 00:02:14,160 Speaker 1: let's not even approach kids expensive. Forget about kids, they're 40 00:02:14,160 --> 00:02:17,200 Speaker 1: too they're too expensive. Things like divorce are expensive. But 41 00:02:17,320 --> 00:02:20,720 Speaker 1: if you're let's say, you know, you've got the choice single, ladies, 42 00:02:20,919 --> 00:02:23,640 Speaker 1: stay single, get married. First thing that comes to my 43 00:02:23,720 --> 00:02:26,880 Speaker 1: mind is cost of living in terms of rent, month 44 00:02:26,960 --> 00:02:29,280 Speaker 1: to month costs of living. Yeah, obviously it seems it'd 45 00:02:29,280 --> 00:02:32,560 Speaker 1: be much cheaper to have two people splitting those costs. Yes, Molly, 46 00:02:32,680 --> 00:02:36,480 Speaker 1: you are correct, Dan ding Ding. For a couple and 47 00:02:36,520 --> 00:02:39,560 Speaker 1: a single person living in New York City, all right. 48 00:02:40,360 --> 00:02:43,000 Speaker 1: For a couple, nine point three percent of their gross 49 00:02:43,040 --> 00:02:47,400 Speaker 1: monthly income is going to rent. Single person not so 50 00:02:47,520 --> 00:02:52,440 Speaker 1: cheap of their gross monthly income going to pay rent. 51 00:02:52,560 --> 00:02:54,799 Speaker 1: That's a big difference that hurts. So should we get 52 00:02:54,800 --> 00:02:59,480 Speaker 1: married not for the rent? And that um that that 53 00:02:59,720 --> 00:03:02,519 Speaker 1: valueation was done by Forbes magazine, who made a whole 54 00:03:02,520 --> 00:03:04,920 Speaker 1: other list of things that married people can split. You 55 00:03:04,960 --> 00:03:08,280 Speaker 1: can split your cable television bill, your telephone bill. You're 56 00:03:08,280 --> 00:03:12,680 Speaker 1: gonna pay less for food. Um, you get better car 57 00:03:12,720 --> 00:03:15,119 Speaker 1: insurance because you get in a lower risk rating. Yeah, 58 00:03:15,160 --> 00:03:17,360 Speaker 1: you can get you can get couples of health insurance. 59 00:03:18,080 --> 00:03:19,680 Speaker 1: There's a lot of things that can be split and 60 00:03:19,760 --> 00:03:21,920 Speaker 1: made cheaper. And then when you look at some of 61 00:03:21,960 --> 00:03:25,600 Speaker 1: the things single people are paying for with their hedonistic 62 00:03:25,680 --> 00:03:31,760 Speaker 1: single lifestyle things like clothes, going out, gym memberships. We're 63 00:03:31,800 --> 00:03:34,760 Speaker 1: spending more on things like that. All that stuff kind 64 00:03:34,800 --> 00:03:37,040 Speaker 1: of starts to go away once you once you get married, 65 00:03:37,080 --> 00:03:40,720 Speaker 1: because you need to buy the big ticket items, right 66 00:03:40,880 --> 00:03:46,000 Speaker 1: and you can let yourself go yes, sweatsuits, little debbies again, 67 00:03:47,760 --> 00:03:50,640 Speaker 1: but you're right, there are big ticket items that married 68 00:03:50,680 --> 00:03:53,360 Speaker 1: couples start purchasing, which which do start to even things out. 69 00:03:54,040 --> 00:03:56,960 Speaker 1: You're gonna buy house, probably you're gonna buy your first 70 00:03:57,040 --> 00:03:59,680 Speaker 1: house or a condo, and you're probably going to need 71 00:04:00,000 --> 00:04:03,080 Speaker 1: furniture to fill that house. Um, and it probably won't 72 00:04:03,120 --> 00:04:07,120 Speaker 1: consist of paid by number pictures and thrift store furniture 73 00:04:07,160 --> 00:04:10,400 Speaker 1: like my house no more, no more thrift ng on 74 00:04:10,440 --> 00:04:12,880 Speaker 1: the furnishing because you're making a life together, right, you 75 00:04:12,920 --> 00:04:16,600 Speaker 1: want to have stuff that will last. Um. But but 76 00:04:16,640 --> 00:04:20,279 Speaker 1: that's additional expenses too, right, because you've got the house maintenance, 77 00:04:20,320 --> 00:04:22,719 Speaker 1: you've got insurance, and you know, married people are buying 78 00:04:22,800 --> 00:04:26,320 Speaker 1: large bearing these costa. According to for of all home 79 00:04:26,320 --> 00:04:30,560 Speaker 1: owners are married. Um. But that doesn't mean that single 80 00:04:30,560 --> 00:04:33,360 Speaker 1: people can't take advantage of this home buying as well. 81 00:04:33,680 --> 00:04:37,000 Speaker 1: Single people can actually benefit more than married people from 82 00:04:37,000 --> 00:04:41,160 Speaker 1: the tax breaks from from from buying property. Right, so 83 00:04:41,200 --> 00:04:44,200 Speaker 1: they have um a lower deduction basically than a married 84 00:04:44,200 --> 00:04:47,080 Speaker 1: couple would have. So if they do buy a house, uh, 85 00:04:47,160 --> 00:04:48,880 Speaker 1: it works out better than the long run for them. 86 00:04:48,920 --> 00:04:52,200 Speaker 1: And thanks to that deduction. Let's say, you know, if 87 00:04:52,200 --> 00:04:54,240 Speaker 1: you're a single woman and you buy the house, you 88 00:04:54,279 --> 00:04:58,040 Speaker 1: take advantage of the tax deduction, and you save as 89 00:04:58,080 --> 00:05:00,599 Speaker 1: you would as though you were a married couple, you 90 00:05:00,640 --> 00:05:03,360 Speaker 1: can actually end up, you know, just as financially secure 91 00:05:03,360 --> 00:05:05,600 Speaker 1: as that married couple would. Right, you can beat your 92 00:05:05,600 --> 00:05:08,320 Speaker 1: married neighbors basically, which is what every single woman wants 93 00:05:08,360 --> 00:05:11,039 Speaker 1: to do, especially when you consider that our married neighbors 94 00:05:11,600 --> 00:05:14,080 Speaker 1: do get a hit when they pay their taxes, their 95 00:05:14,120 --> 00:05:16,880 Speaker 1: income taxes. There are only two ways to file your 96 00:05:16,880 --> 00:05:19,560 Speaker 1: taxes when you're married. You have to either file jointly 97 00:05:19,760 --> 00:05:22,400 Speaker 1: or separately. But married can't just be a single income 98 00:05:22,440 --> 00:05:26,799 Speaker 1: making your way in there. And basically by being married, 99 00:05:26,839 --> 00:05:29,960 Speaker 1: if you file jointly, you're gonna pay probably an extra 100 00:05:30,000 --> 00:05:33,320 Speaker 1: thousand dollars each then you would if you were single 101 00:05:33,360 --> 00:05:35,800 Speaker 1: and you file separately been married, you're each going to 102 00:05:35,880 --> 00:05:38,640 Speaker 1: pay about three thousand more than you would if you're 103 00:05:38,680 --> 00:05:41,640 Speaker 1: single for you know, more than six thousand dollar difference 104 00:05:41,800 --> 00:05:44,000 Speaker 1: just by being a couple, right, And these things are 105 00:05:44,040 --> 00:05:47,520 Speaker 1: gonna gonna change depending on your income bracket. The higher 106 00:05:47,920 --> 00:05:50,680 Speaker 1: income bracket you're in, the more the more taxts that 107 00:05:50,720 --> 00:05:53,320 Speaker 1: the married couple is going to get because um new 108 00:05:53,400 --> 00:05:57,680 Speaker 1: tax codes have sort of lessened that. That meant marriage 109 00:05:57,680 --> 00:06:00,560 Speaker 1: penalty for people in in the lower tax brackets. But 110 00:06:00,600 --> 00:06:02,480 Speaker 1: once you start making I mean a couple is going 111 00:06:02,520 --> 00:06:04,320 Speaker 1: to be making a decent amount of money, it's not 112 00:06:04,360 --> 00:06:06,000 Speaker 1: gonna be too hard for them to to hit those 113 00:06:06,040 --> 00:06:08,720 Speaker 1: higher tax brackets. So yeah, you're gonna take a hit. 114 00:06:09,120 --> 00:06:11,039 Speaker 1: But you know, the thing to consider is that, you know, 115 00:06:11,080 --> 00:06:13,840 Speaker 1: this our corner site basically looks at the couple as 116 00:06:13,839 --> 00:06:15,680 Speaker 1: a whole. And if we want to take you know, 117 00:06:15,720 --> 00:06:18,600 Speaker 1: a female's perspective on it, when females get married, they 118 00:06:18,600 --> 00:06:21,440 Speaker 1: take a huge hit in terms of their wages, especially 119 00:06:21,440 --> 00:06:23,880 Speaker 1: once they have children. I was reading a study that 120 00:06:23,920 --> 00:06:26,760 Speaker 1: was published in the New York Times that found that 121 00:06:26,800 --> 00:06:29,520 Speaker 1: when men get married, they start making much more. They 122 00:06:29,560 --> 00:06:32,120 Speaker 1: have more incentives to make money because they might have 123 00:06:32,160 --> 00:06:34,000 Speaker 1: a family and they want to support their family by 124 00:06:34,000 --> 00:06:37,479 Speaker 1: those big ticket items, whereas women do not get the 125 00:06:37,520 --> 00:06:40,599 Speaker 1: same benefit in their wages. Like it or not. Even 126 00:06:40,600 --> 00:06:44,040 Speaker 1: though women have made plenty of career advancements, we are 127 00:06:44,080 --> 00:06:46,680 Speaker 1: still more likely to stay at home to take a 128 00:06:46,680 --> 00:06:49,360 Speaker 1: break from our careers if we get pregnant. You know, 129 00:06:49,720 --> 00:06:51,840 Speaker 1: some women decide not to go back to work, and 130 00:06:51,880 --> 00:06:54,799 Speaker 1: they're much more likely to lose money in the process. 131 00:06:54,800 --> 00:06:56,760 Speaker 1: And when they do decide to go back to work, 132 00:06:56,800 --> 00:06:59,440 Speaker 1: they're not going to be making on average, is much 133 00:06:59,760 --> 00:07:02,640 Speaker 1: money me as a man's same position would be making. 134 00:07:03,000 --> 00:07:06,080 Speaker 1: So for you know, I think this question of whether 135 00:07:06,160 --> 00:07:08,120 Speaker 1: or not a marriage marriage is a good investment is 136 00:07:08,160 --> 00:07:12,200 Speaker 1: really a more pertinent question for for the woman to ask, right, 137 00:07:12,240 --> 00:07:14,400 Speaker 1: because it does sound like men benefit a lot more 138 00:07:14,440 --> 00:07:17,880 Speaker 1: from this, uh the scenario than women do. But I'm 139 00:07:17,920 --> 00:07:19,760 Speaker 1: not saying you shouldn't get married. I think that we 140 00:07:19,800 --> 00:07:21,920 Speaker 1: can go over a few tips for married women that 141 00:07:21,960 --> 00:07:25,920 Speaker 1: can help you put your financial priorities back on track, right, 142 00:07:25,920 --> 00:07:28,680 Speaker 1: because I think I think you know, single or married, 143 00:07:28,720 --> 00:07:32,480 Speaker 1: as long as you're financially savvy, you can end up okay. 144 00:07:32,480 --> 00:07:35,480 Speaker 1: But there are five common mistakes that married women make. 145 00:07:35,800 --> 00:07:39,520 Speaker 1: Socialists comes from smart money dot Com and Molly. According 146 00:07:39,560 --> 00:07:43,440 Speaker 1: to this article, the single largest mistake that married women 147 00:07:43,480 --> 00:07:48,040 Speaker 1: make when it comes to household finances is handing over 148 00:07:48,160 --> 00:07:51,400 Speaker 1: the purse strings. Letting the man you know, deal with 149 00:07:51,440 --> 00:07:54,239 Speaker 1: the finances. He pays the bills, you do the dishes. 150 00:07:54,920 --> 00:07:57,200 Speaker 1: Big mistake. Well, even if you're not doing the dishes, 151 00:07:57,400 --> 00:07:59,920 Speaker 1: you know, just maybe one person is handling the bill. 152 00:08:00,000 --> 00:08:03,280 Speaker 1: Where this really needs to be sort of a joint partnership. Um, 153 00:08:03,320 --> 00:08:05,080 Speaker 1: you know, go over the bills together. It might take 154 00:08:05,080 --> 00:08:07,600 Speaker 1: a little bit more time, but both parties need to 155 00:08:07,640 --> 00:08:10,240 Speaker 1: go what's going in, well, what's coming in, what's going out? 156 00:08:10,520 --> 00:08:12,160 Speaker 1: Where that money is going right? And a lot of 157 00:08:12,160 --> 00:08:15,160 Speaker 1: times if you do run into financial problems, a couple 158 00:08:15,200 --> 00:08:18,840 Speaker 1: working together rather than a person working independently, UM, will 159 00:08:18,920 --> 00:08:21,840 Speaker 1: be more successful at um you know, finding a solution 160 00:08:22,080 --> 00:08:24,240 Speaker 1: than just you know, if one person is just doing it. 161 00:08:24,320 --> 00:08:26,360 Speaker 1: And the next tip I I really liked was you 162 00:08:26,400 --> 00:08:30,120 Speaker 1: need to have some individual accounts, especially a credit card. Right, 163 00:08:30,160 --> 00:08:32,040 Speaker 1: I mean you think about, oh, well, we got married, 164 00:08:32,120 --> 00:08:35,520 Speaker 1: let's just let's merge everything, let's pull from one pot. 165 00:08:35,840 --> 00:08:38,280 Speaker 1: That's a bad idea and bad idea you need to 166 00:08:38,360 --> 00:08:40,560 Speaker 1: keep in addition to I mean, a joint account is 167 00:08:40,559 --> 00:08:41,960 Speaker 1: a good thing. You need to have a joint account 168 00:08:41,960 --> 00:08:44,520 Speaker 1: at the same time you you and your spouse need 169 00:08:44,559 --> 00:08:48,160 Speaker 1: to have individual accounts as well. Right this article Kristen's 170 00:08:48,200 --> 00:08:50,600 Speaker 1: mentioning has sort of a heartbreaking story about a woman 171 00:08:50,720 --> 00:08:54,800 Speaker 1: who um was basically just listed as a designated user 172 00:08:54,840 --> 00:08:57,280 Speaker 1: on her husband's credit card account, and so when they 173 00:08:57,320 --> 00:08:59,880 Speaker 1: broke up, she didn't have any credit rating of her own. 174 00:09:00,520 --> 00:09:03,200 Speaker 1: But so if you, if you are married, keep your 175 00:09:03,200 --> 00:09:05,560 Speaker 1: own credit cards so that in the unlikely event no 176 00:09:05,600 --> 00:09:09,160 Speaker 1: one plans for a divorce. I hope, um, you have 177 00:09:09,280 --> 00:09:12,839 Speaker 1: credit built up. And now, Molly, let's also talk about 178 00:09:12,880 --> 00:09:15,800 Speaker 1: what happens with uh, you know, with motherhood. Okay, you 179 00:09:15,840 --> 00:09:19,480 Speaker 1: get married, decent chance that you will have a kid, 180 00:09:19,760 --> 00:09:22,120 Speaker 1: so you'll have to take at least a few weeks 181 00:09:22,120 --> 00:09:24,920 Speaker 1: off of of work, and some women decided to stay 182 00:09:24,920 --> 00:09:27,120 Speaker 1: home for the first couple of years. What have you. 183 00:09:27,360 --> 00:09:29,880 Speaker 1: The most important thing that you can do during that 184 00:09:29,960 --> 00:09:32,680 Speaker 1: time is really try to keep your career skills fresh 185 00:09:32,720 --> 00:09:36,600 Speaker 1: and somehow stay involved and not completely just fall off 186 00:09:36,640 --> 00:09:39,080 Speaker 1: the bandwagon, so that when you know, say five years 187 00:09:39,080 --> 00:09:40,400 Speaker 1: down the road, if you want to pick back it 188 00:09:40,480 --> 00:09:42,000 Speaker 1: up in your job, you're not going to have to 189 00:09:42,040 --> 00:09:45,600 Speaker 1: be you know, climbing back up the ladder, right. And 190 00:09:45,600 --> 00:09:47,200 Speaker 1: there are some easy ways to do this. Sit don't 191 00:09:47,200 --> 00:09:50,199 Speaker 1: involved just going whole hardly back to work. You could volunteer, 192 00:09:50,320 --> 00:09:53,120 Speaker 1: you could still get a networking events. Just keep keeping 193 00:09:53,120 --> 00:09:58,680 Speaker 1: your doors open and always remember safer retirement, right, even 194 00:09:58,720 --> 00:10:00,720 Speaker 1: if you've got a joint account. You know, a lot 195 00:10:00,800 --> 00:10:03,079 Speaker 1: of women have had sort of the account knocked out 196 00:10:03,080 --> 00:10:05,640 Speaker 1: from under them at the last minute. You've got to 197 00:10:05,640 --> 00:10:07,760 Speaker 1: save your own money. Yeah, and and it's sort of 198 00:10:07,840 --> 00:10:10,360 Speaker 1: a grim reality that we have to face. But we 199 00:10:10,440 --> 00:10:13,520 Speaker 1: have a fift divorce rate. You know, flip a coin 200 00:10:13,800 --> 00:10:17,720 Speaker 1: and you you could end up divorced and on average 201 00:10:18,040 --> 00:10:21,800 Speaker 1: a woman's standard of living decreases by twenty seven percent 202 00:10:22,440 --> 00:10:25,000 Speaker 1: after a divorce. That's a huge hit. And imagine if 203 00:10:25,040 --> 00:10:28,400 Speaker 1: you also have children. It's going to make a big difference. 204 00:10:28,440 --> 00:10:31,960 Speaker 1: If you have um you know, kept your credit history 205 00:10:32,520 --> 00:10:35,440 Speaker 1: alive and you have fresh career skills and you're still 206 00:10:35,520 --> 00:10:38,120 Speaker 1: making money and have your own you know, financial identity 207 00:10:38,240 --> 00:10:41,400 Speaker 1: squared away. Because even if you're not facing losses like that, 208 00:10:41,559 --> 00:10:44,680 Speaker 1: divorce is expensive. It is very expensive. That is one 209 00:10:45,080 --> 00:10:48,360 Speaker 1: con and the pro con column for his marriage good investment, 210 00:10:48,920 --> 00:10:52,839 Speaker 1: the possible cost of divorce. Many things to think about. 211 00:10:53,080 --> 00:10:54,480 Speaker 1: And you know, if you serve a little debbies at 212 00:10:54,480 --> 00:10:55,920 Speaker 1: your wedding, do you think you have a higher or 213 00:10:56,000 --> 00:11:00,680 Speaker 1: lower rate of divorce? Christen? Oh, well, I'm gonna have 214 00:11:00,720 --> 00:11:03,720 Speaker 1: to ponder on that one, all right, Kristen. While you ponder, 215 00:11:04,080 --> 00:11:07,240 Speaker 1: I'm gonna direct our listeners over to the article is 216 00:11:07,280 --> 00:11:09,200 Speaker 1: marriage a good investment? And do you know where that 217 00:11:09,320 --> 00:11:12,640 Speaker 1: article is? Well, I'm gonna hazarded guests here and say 218 00:11:12,640 --> 00:11:18,760 Speaker 1: that it is on how stuff works dot com for 219 00:11:18,880 --> 00:11:21,720 Speaker 1: moralness and thousands of other topics. Does it How stuff 220 00:11:21,720 --> 00:11:29,080 Speaker 1: works dot Com? Brought to you by the reinvented two 221 00:11:29,080 --> 00:11:31,600 Speaker 1: thousand twelve Camray. It's ready. Are you