[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:04.59,0:00:08.57,Default,,0000,0000,0000,,You've been dating for a while now,\Nand things seem to be going well.
Dialogue: 0,0:00:08.57,0:00:12.07,Default,,0000,0000,0000,,You have the same hobbies,\Nyou both love dogs and kids,
Dialogue: 0,0:00:12.07,0:00:14.86,Default,,0000,0000,0000,,and neither of you\Nlistens to dubstep.
Dialogue: 0,0:00:14.86,0:00:19.26,Default,,0000,0000,0000,,It might be time for someone\Nto pop the big question...
Dialogue: 0,0:00:19.26,0:00:21.98,Default,,0000,0000,0000,,"What's your credit score?"
Dialogue: 0,0:00:31.18,0:00:35.05,Default,,0000,0000,0000,,Nothing kills the mood like prying \Ninto your partner's financial history,
Dialogue: 0,0:00:35.05,0:00:37.71,Default,,0000,0000,0000,,so it's not surprising\Nthat many young couples
Dialogue: 0,0:00:37.71,0:00:40.82,Default,,0000,0000,0000,,will spend hundreds of hours\Nplanning their weddings
Dialogue: 0,0:00:40.82,0:00:43.78,Default,,0000,0000,0000,,but almost none preparing\Ntheir financial merger.
Dialogue: 0,0:00:43.78,0:00:45.47,Default,,0000,0000,0000,,And that's kind of a big deal.
Dialogue: 0,0:00:45.47,0:00:50.61,Default,,0000,0000,0000,,Nearly one-in-three couples say finances\Ncause the most stress in their relationship,
Dialogue: 0,0:00:50.61,0:00:53.86,Default,,0000,0000,0000,,followed distantly by intimacy,\Nchildren and in-laws.
Dialogue: 0,0:00:53.86,0:00:56.54,Default,,0000,0000,0000,,More than a third of \Nmillennials in relationships
Dialogue: 0,0:00:56.54,0:00:59.43,Default,,0000,0000,0000,,fight about money \Nat least once a week!
Dialogue: 0,0:00:59.43,0:01:02.62,Default,,0000,0000,0000,,Which is troubling, because couples\Nwho disagree about money
Dialogue: 0,0:01:02.62,0:01:07.14,Default,,0000,0000,0000,,once a week or more were over 30%\Nmore likely to get divorced
Dialogue: 0,0:01:07.14,0:01:09.31,Default,,0000,0000,0000,,than those who disagree\Na couple times a month.
Dialogue: 0,0:01:09.31,0:01:11.70,Default,,0000,0000,0000,,A lot of this marital strife\Ncan be avoided
Dialogue: 0,0:01:11.70,0:01:15.69,Default,,0000,0000,0000,,just by having a few honest\Nconversations before tying the knot.
Dialogue: 0,0:01:15.69,0:01:17.94,Default,,0000,0000,0000,,It can be hard\Nto broach the subject,
Dialogue: 0,0:01:17.94,0:01:20.64,Default,,0000,0000,0000,,so to make it easier for all\Nthose young lovers out there,
Dialogue: 0,0:01:20.64,0:01:25.24,Default,,0000,0000,0000,,here are five financial topics you should\Ndiscuss with your future partner.
Dialogue: 0,0:01:25.24,0:01:25.97,Default,,0000,0000,0000,,Number 1
Dialogue: 0,0:01:25.97,0:01:29.76,Default,,0000,0000,0000,,What do you earn, what do you own,\Nand what do you owe?
Dialogue: 0,0:01:29.76,0:01:34.14,Default,,0000,0000,0000,,It can be difficult to reveal\Nthis information,
Dialogue: 0,0:01:34.14,0:01:35.14,Default,,0000,0000,0000,,but it's best to just \Nrip the band-aid off.
Dialogue: 0,0:01:35.14,0:01:39.70,Default,,0000,0000,0000,,After all, lack of money is not\Nas bad as lack of communication.
Dialogue: 0,0:01:39.70,0:01:41.97,Default,,0000,0000,0000,,According to one study,\N4 in 10 couples
Dialogue: 0,0:01:41.97,0:01:44.42,Default,,0000,0000,0000,,don't agree on what \Ntheir partner's income was.
Dialogue: 0,0:01:44.42,0:01:49.13,Default,,0000,0000,0000,,And 10% of them got the number\Nwrong by $25,000 or more.
Dialogue: 0,0:01:49.13,0:01:53.29,Default,,0000,0000,0000,,Good planning is impossible if each\Nof you only has half the information,
Dialogue: 0,0:01:53.29,0:01:56.83,Default,,0000,0000,0000,,and getting everything out on\Nthe table will only strengthen trust.
Dialogue: 0,0:01:56.83,0:02:00.04,Default,,0000,0000,0000,,Philip and I suggest having\Nthis talk in two parts.
Dialogue: 0,0:02:00.04,0:02:03.66,Default,,0000,0000,0000,,Send each other an email with\Na simple breakdown of your finances
Dialogue: 0,0:02:03.66,0:02:08.44,Default,,0000,0000,0000,,and then a few days later come together\Nin a non-judgmental frame of mind
Dialogue: 0,0:02:08.44,0:02:11.74,Default,,0000,0000,0000,,to discuss the human story\Nbehind those numbers.
Dialogue: 0,0:02:11.74,0:02:13.20,Default,,0000,0000,0000,,Number 2
Dialogue: 0,0:02:13.20,0:02:16.52,Default,,0000,0000,0000,,How was money dealt with\Nin your household growing up?
Dialogue: 0,0:02:16.52,0:02:21.23,Default,,0000,0000,0000,,As much as we don't\Nlike to admit it,
Dialogue: 0,0:02:21.23,0:02:25.39,Default,,0000,0000,0000,,we are heavily influenced by\Nthe environment we were raised in,
Dialogue: 0,0:02:25.39,0:02:27.81,Default,,0000,0000,0000,,so learning about your \Npartner's family traditions
Dialogue: 0,0:02:27.81,0:02:28.81,Default,,0000,0000,0000,,can offer a lot of insight and \Nunderstanding into their financial habits.
Dialogue: 0,0:02:28.81,0:02:30.71,Default,,0000,0000,0000,,Did they grow up \Non a tight budget?
Dialogue: 0,0:02:30.71,0:02:34.31,Default,,0000,0000,0000,,Did one parent run the show \Nor did they share responsibility?
Dialogue: 0,0:02:34.31,0:02:37.04,Default,,0000,0000,0000,,Were they ever taught \Nto balance a checkbook?
Dialogue: 0,0:02:37.04,0:02:40.92,Default,,0000,0000,0000,,The second part of this conversation\Nis figuring out what traditions
Dialogue: 0,0:02:40.92,0:02:44.45,Default,,0000,0000,0000,,you each grew up with \Nthat you don't want to replicate.
Dialogue: 0,0:02:44.45,0:02:48.98,Default,,0000,0000,0000,,Maybe your partner's parents\Nstruggled with debt
Dialogue: 0,0:02:48.98,0:02:51.36,Default,,0000,0000,0000,,so it's very important to them\Nto not get into that same quagmire.
Dialogue: 0,0:02:51.36,0:02:52.36,Default,,0000,0000,0000,,Number 3
Dialogue: 0,0:02:52.36,0:02:55.43,Default,,0000,0000,0000,,What will be yours, mine and ours?
Dialogue: 0,0:02:55.43,0:03:00.27,Default,,0000,0000,0000,,It's becoming more common for couples to\Nkeep separate accounts even after marriage.
Dialogue: 0,0:03:00.27,0:03:02.56,Default,,0000,0000,0000,,Maybe they're afraid of \Nlosing independence,
Dialogue: 0,0:03:02.56,0:03:04.10,Default,,0000,0000,0000,,maybe they just haven't\Ngotten around to it yet,
Dialogue: 0,0:03:04.10,0:03:09.73,Default,,0000,0000,0000,,but they might be missing out\Non some benefits of a joint account
Dialogue: 0,0:03:09.73,0:03:10.73,Default,,0000,0000,0000,,like easier organization \Nand transparency.
Dialogue: 0,0:03:10.73,0:03:15.69,Default,,0000,0000,0000,,If you and your partner decide\Nto keep separate accounts,
Dialogue: 0,0:03:15.69,0:03:18.06,Default,,0000,0000,0000,,make sure that you're not creating\Nplaces where secrets can hide.
Dialogue: 0,0:03:18.06,0:03:22.62,Default,,0000,0000,0000,,About one third of spouses admit \Nto committing financial infidelity,
Dialogue: 0,0:03:22.62,0:03:25.38,Default,,0000,0000,0000,,which means intentionally\Ndeceiving your partner
Dialogue: 0,0:03:25.38,0:03:27.84,Default,,0000,0000,0000,,about how you're\Nspending or managing money.
Dialogue: 0,0:03:27.84,0:03:32.65,Default,,0000,0000,0000,,Of those, 16% ended up in divorce\Nexpressly because of it.
Dialogue: 0,0:03:32.65,0:03:35.66,Default,,0000,0000,0000,,And remember, you don't need\Nto have separate accounts
Dialogue: 0,0:03:35.66,0:03:37.84,Default,,0000,0000,0000,,to enjoy \Nfinancial independence.
Dialogue: 0,0:03:37.84,0:03:42.39,Default,,0000,0000,0000,,Julia and I have agreed on a set amount\Nof personal splurge money per month.
Dialogue: 0,0:03:42.39,0:03:46.91,Default,,0000,0000,0000,,It's always equal and we can do\Nwhatever we want with zero discussion.
Dialogue: 0,0:03:46.91,0:03:51.64,Default,,0000,0000,0000,,It gives us space to be ourselves without\Nfear of lectures or petty squabbles.
Dialogue: 0,0:03:51.64,0:03:52.90,Default,,0000,0000,0000,,Number 4
Dialogue: 0,0:03:52.90,0:03:55.96,Default,,0000,0000,0000,,How much do you want\Nto spend on kids?
Dialogue: 0,0:03:55.96,0:03:59.44,Default,,0000,0000,0000,,While most couples will talk about\Nwhether they want kids,
Dialogue: 0,0:03:59.44,0:04:03.19,Default,,0000,0000,0000,,far fewer will discuss \Nthe massive financial impact
Dialogue: 0,0:04:03.19,0:04:05.44,Default,,0000,0000,0000,,- which can start\Nbefore they're even born!
Dialogue: 0,0:04:05.44,0:04:08.35,Default,,0000,0000,0000,,About 15% of couples \Nstruggle with infertility,
Dialogue: 0,0:04:08.35,0:04:11.08,Default,,0000,0000,0000,,and the cost of a common\Nfertility treatment in the U.S.
Dialogue: 0,0:04:11.08,0:04:13.97,Default,,0000,0000,0000,,ranges from about\N$12,000 - $15,000.
Dialogue: 0,0:04:13.97,0:04:18.22,Default,,0000,0000,0000,,The average private adoption\Ncosts almost $40,000!
Dialogue: 0,0:04:18.22,0:04:20.89,Default,,0000,0000,0000,,Once you've got the kid, \Nyou have to decide about daycare,
Dialogue: 0,0:04:20.89,0:04:24.18,Default,,0000,0000,0000,,public school versus private,\Nand of course, college.
Dialogue: 0,0:04:24.18,0:04:26.67,Default,,0000,0000,0000,,Right now, the average cost\Nof sending a child
Dialogue: 0,0:04:26.67,0:04:31.10,Default,,0000,0000,0000,,to a 4-year public university\Nis around $100K.
Dialogue: 0,0:04:31.10,0:04:34.96,Default,,0000,0000,0000,,It's projected to be double that\N18 years from now!
Dialogue: 0,0:04:34.96,0:04:39.38,Default,,0000,0000,0000,,Of course, this is an ongoing conversation\Nthat you'll be having for many years,
Dialogue: 0,0:04:39.38,0:04:44.20,Default,,0000,0000,0000,,but it's important to weigh the financial\Nimpact of these choices as early as possible.
Dialogue: 0,0:04:44.20,0:04:45.14,Default,,0000,0000,0000,,Number 5
Dialogue: 0,0:04:45.14,0:04:48.30,Default,,0000,0000,0000,,What are your financial goals\Nin order of priority?
Dialogue: 0,0:04:48.30,0:04:51.64,Default,,0000,0000,0000,,Sharing your financial goals with\Neach other can actually be kinda fun!
Dialogue: 0,0:04:51.64,0:04:54.79,Default,,0000,0000,0000,,But in our experience, taking on\Ntoo many goals at once
Dialogue: 0,0:04:54.79,0:04:57.69,Default,,0000,0000,0000,,can make it less likely\Nyou'll achieve any of them.
Dialogue: 0,0:04:57.69,0:04:59.83,Default,,0000,0000,0000,,If one of you is focused\Non buying a house,
Dialogue: 0,0:04:59.83,0:05:03.07,Default,,0000,0000,0000,,and the other on starting a business,\Nneither of you may get very far.
Dialogue: 0,0:05:03.07,0:05:06.65,Default,,0000,0000,0000,,But if you join forces and agree \Non what to tackle first,
Dialogue: 0,0:05:06.65,0:05:09.22,Default,,0000,0000,0000,,both of you will get where \Nyou want to be faster.
Dialogue: 0,0:05:09.22,0:05:14.52,Default,,0000,0000,0000,,A 2015 study asked couples for their best\Npiece of financial advice for newlyweds.
Dialogue: 0,0:05:14.52,0:05:18.72,Default,,0000,0000,0000,,The top two suggestions were to save\Nas early as possible for retirement
Dialogue: 0,0:05:18.72,0:05:21.59,Default,,0000,0000,0000,,and to make all\Nfinancial decisions together.
Dialogue: 0,0:05:21.59,0:05:26.44,Default,,0000,0000,0000,,Not all of these conversations will result\Nin firm agreements, but when they do,
Dialogue: 0,0:05:26.44,0:05:32.22,Default,,0000,0000,0000,,make sure to write them down in a sort of\NFinancial Constitution and then sign it!
Dialogue: 0,0:05:32.22,0:05:34.14,Default,,0000,0000,0000,,It might sound \Nunromantic,
Dialogue: 0,0:05:34.14,0:05:36.55,Default,,0000,0000,0000,,but it's all too easy \Nfor two people
Dialogue: 0,0:05:36.55,0:05:39.00,Default,,0000,0000,0000,,to remember the same\Nconversation differently!
Dialogue: 0,0:05:39.00,0:05:41.75,Default,,0000,0000,0000,,And you can always jointly \Ndecide to amend your constitution!
Dialogue: 0,0:05:41.75,0:05:43.59,Default,,0000,0000,0000,,It's not set in stone.
Dialogue: 0,0:05:43.59,0:05:45.69,Default,,0000,0000,0000,,Of course, \Nif you're already married,
Dialogue: 0,0:05:45.69,0:05:49.50,Default,,0000,0000,0000,,you may have skipped over a few\Nof these questions - but take heart!
Dialogue: 0,0:05:49.50,0:05:53.44,Default,,0000,0000,0000,,It's never too late to bring them up\Nand turn a fresh page.
Dialogue: 0,0:05:53.44,0:05:55.45,Default,,0000,0000,0000,,And that's our two cents!