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How can I find financial harmony with my partner?
Season 6 Episode 349
Are money fights destroying your marriage? Ralph Estep Jr. tackles this pressing issue by sharing a powerful story of transformation for a couple struggling with financial conflicts. He delves into crucial year-end tax moves that could save you thousands, as well as practical advice for turning a side hustle into a thriving business. With insights on charitable giving strategies and smart deductions, Ralph provides a seven-step blueprint to end financial disputes in marriages once and for all. Join the conversation to discover how aligning financial goals with shared values can lead to harmony, financial success, and help you find financial harmony.
https://www.askralphpodcast.com/find-financial-harmony/
Podcast Timestamps:
00:00 Episode Overview
01:55 Bible Verse
02:15 Financial Conflicts in Marriage
05:52 Mark and Lisa's Transformation
06:41 Seven Strategies for Financial Harmony
10:39 Income Tax Planning
16:09 Small Business Tax Tips
18:05 Retirement Contributions: SEP IRA and Solo 401k
20:24 Forming an LLC or S-Corp: Tax Implications
24:52 Financial Planning and Accountability
28:33 Live Q&A and Contest
34:46 Final Thoughts
Takeaways:
- Money conflicts can be detrimental to relationships; try money date nights to improve communication.
- Shared financial goals with distinct responsibilities can help couples align their financial strategies.
- Establishing a three account system may ease financial tensions between partners.
- Pray together and study scripture to guide financial decisions in your marriage.
- Taking time to reflect on purchases can reduce impulse spending and financial conflict.
- Consider forming a business entity early to minimize self-employment tax liabilities.
Links referenced in this episode:
- Ask Ralph Insiders Community https://mailchi.mp/askralph.com/group
- Ask Ralph Show Live https://askralphpodcast.com/live
- What is your question that you would like to ask Ralph? Send Your Question here: https://justaskralph.com/
- Join our email list and get a free copy of “Mastering Your Finances” at https://askralph.com/
Companies mentioned in this episode:
- Amazon
- Nerd Wallet
- Bankrate
- Goodwill
- Salvation Army
- AMVETS
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