Till Debt Do Us Part: Merging Accounts After Marriage


– A big hand, I’m here with my friend and financial expert, my
girl, Lynn Richardson. (audience applauds)
– Hey! – Lynn’s new book is called
“Your Man & Your Money” and today, Lynn and I are gonna help this lovely young couple solve
their financial problems. Please welcome Nic and Carly. (audience applauds) – Alright, Lynn, let me ask you this: What would you say is the biggest mistake that couples make when it comes to money? – Well, we’ve all heard
that women are from Venus and men are from Mars,
but when it comes to money it’s still about communication and so usually women are from planet shop and men are from planet stop. Am I telling the truth?
That’s usually how it goes? Yeah, yeah
(audience applauds) – And so it’s up to couples
to learn the money game and communicate on the same planet (laughs) so that you can accomplish your goals. – Now, Carly tell us
how you two got together – Well, I’m originally from New Jersey and I came out to
California to visit a friend back in March 2016 and my last day that I was here, she took me out to a bar and the second I walked
in the bar, I noticed him. So we ended up talking,
we exchanged numbers, and then we did long
distance for two months. I saved up money and he was like “why don’t you just move in with me?” and I was like yeah,
sure, let’s go for it. So I moved in. (audience applauds) – Thanks! I moved in with him, we
dated for about 8 months, then we got engaged, and then
we did a year long engagement, and we got married November 12th of 2017. – Shortly after she moved in with me, we sat down at the table,
spread out all our credit cards, and built a spreadsheet to
see where we stand financially and I like to joke that
Carly ruined my credit because her engagement ring
was $5,000 on a credit card and also student loans were a big problem. I have $15,000 left on mine and Carly has $60,000 left on hers. – Wow. Okay Lynn, I know you took a look at these guys’ monthly expenses. Did anything stand out to you? – Well, you actually have to use credit. It’s like a muscle, and
if you don’t use it, you do not build that muscle. So, the good news is your
credit is not ruined. You can pretty much get anything. A house, a car, start a
business, or do anything. But when I looked at your
income and expense report, I saw that you were spending
$200 a month on groceries – [Steve] $200 a month on groceries? – [Lynn] Only $200 a month on groceries. – Yeah – I’m confused. Are you eating sunflower
seeds? Syrup sandwiches? – We eat a lot of Ramen (laughs) – Ramen noodles? Okay
so you all are serious about this money thing? – Yeah, we’re trying really hard. I want you to feed
yourselves.Don’t you agree, Steve? – Yeah.
(audience applauds) – I think they need to feed themselves. So, really you have a frugal budget I was really proud of the way that you’re spending your money, but I need to know what else are you spending money on? Because it didn’t look realistic. What else are you spending money on? I know there’s gotta be something. – I heard from the producers through Nic that your family of 2 is
about to get a little bigger? – Yup! Carly is now 3 months pregnant so we’re really excited, first baby. So, depending on the
help we get here today maybe we’ll think of naming
the baby Steve or Lynn (laughter) – [Lynn] Okay. Hey, that’s a great name. – So, did you have a question? – Well, I just wanted to know what else you’re spending money on,
there’s gotta be something. Are there any luxuries? Are there any– – Yeah so, when we were getting married I figured if she gets a real nice dress then maybe I should get
something nice for myself so I went out and got
myself a very nice fur coat. (audience laughs and applauds) – [Lynn] See! See what I’m talking about? – Ohh. Ohh. Nic a pimp? Okay, Nic! – Okay so we might need to sell that and put that in the baby
fund, how ’bout that? Okay. Alright. You’re doing really good. You’ve got about $5,617 in monthly income and you’re spending right now about $4,685 on all of your bills. So you’ve got a difference in cash flow of about $752 and we’re gonna show you how to split that up so that you can increase your savings
and reduce your debt. – Okay so Lynn, based on the
numbers that you’ve seen, how much debt do Carly
and Nic currently owe? – Well, right now you’ve got total outstanding debt of $112,612. And that’s a very, very manageable number. And so what we’re gonna do is, we’re gonna take your monthly income. Right now you’ve got
$5,617, you’ve got expenses. So you have a difference
of $752 that you can use. We’re gonna add $560 every
month to your savings account. Right now you have $9,000 in savings, when you add $560 to it, you’ll have about $22,000 in two years. That’s good, right? (audience applauds) – $22,000, so you can buy a home, you’ve got money to fall back
on and so on and so forth. And then you’re spending
$684 on credit cards, you’re gonna add $192 to that and you’re gonna be credit card free in two years. And then you’re gonna take that money that you were spending on credit cards and apply it to your students loans and you’ll be out of student
loan debt in four years. – Wow! – Completely! Completely.
That’s unheard of. And Steve, this is why
this is so important for couples to actually
understand the money game. What kind of cars are
you driving right now? – I have a 2001, which I call her Betsy. She’s kind of like a
clunker, she’s two door, doesn’t have any air conditioning in LA, and sometimes her turn signals
work, sometimes they don’t. – That’s a hooptie. A hooptie is a old, ghetto,
reliable car, right? (audience applauds) That’s what a hooptie is
and so here is the deal You cannot drive a hooptie on my watch You need a reliable car, correct? (audience applauds) – So I’ve made arrangements with one of my financial partners for you to get a rebate on a brand new car with a lease for less than $250 a month
because you need a car. (audience applauds) – [Steve] This right here
is what you’re gonna get. So Lynn, do you have any
advice for Carly and Nic when Carly goes on maternity leave? Because that’s gonna
happen pretty soon, right? And that’s gonna leave
them with just one income. – Well, you must have
a home based business. You should start it now
because when you have a home based business, you get to take normal expenses, like your cell phone, and your car lease, and you get to now write it off because
it’s for business use. But what’s bigger than
that, what a lot of people don’t know, you can hire your child to work in your home based business, you can pay that child
up to $6,000 a year, and now that’s a tax write off to you. And the money that you now pay the child, that’s what you use for diapers, and formula, and school
clothes, and school supplies. So what’s happening is
you’re taking the same money you were gonna spend anyway, moving it to another column, and now you can get your money back. Now, that’s winning. – [Carly & Nic] Wow! (audience applauds) – I think that’s a good
idea, put your baby to work. Hey, people are doing it. Thank you, Nic. Thank you, Carly. Good luck with the new
baby, congratulations. – [Carly & Nic] Thank you. – Special thanks to Lynn
Richardson, everybody. Nic and Carly aren’t the only ones here leaving with some financial advice. Everybody in the audience is going home with a copy of Lynn’s book
“Your Man & Your Money” We’ll be right back. (upbeat music)

35 Comments

  • 500 on a car? Could they not buy a really cheap one or is that insurance?

  • … or keep the fur coat, be an actual pimp & get out of debt in less than a year👍

  • Can they move and get a cheaper place? How about selling the car for a more reliable used car? Check out Dave Ramsey and apply some of those principles. Just thoughts

  • 200 a month for groceries lol I spend 450 a month just me my man and our one year old daughter.

  • (Mouth on the floor) She did not say all that………Yoooo………that is CRAZY advice. #SteveHarvey get #DaveRamsey. They already have a savings. Stop saving and throw ALL the extra money at the dept. The dept is collecting interest and GROWLING. What's the point of saving if they are going MORE into dept because of interest?

  • They need Dave Ramsey. Not this lady.

  • He didn’t need to spend $5000 on a ring.

  • Is am I telling the truth not am I tell the truth 0:46

  • 50 thousand dollar for school loan.

  • What kind of homebase business?

  • Lease payment does not include insurance…

  • Stop getting into more debt. Stop using money that doesn’t belong to you. Work to pay off that debt and save money

  • Dave Ramsey is a great solution for you guys

  • A rebate😂😂😂😂😂

  • that advisor is so stupid… they are already in debt and she is giving them 240 dollars if they buy a car? puuuleeseee.. get outta here with that

  • Its feasible IF they have steady income flow during the stipulated time frames. If something bad happens like joblessness which can throw a wrench into the works. Its nice to hear of such financial planning but bear in mind that unpredictable things do happens…

  • She did NOT just tell them to buy and car and start a business to cheat taxes, and "help" with debt….. i hope this poor couple didnt buy into her crap!

  • Omg!!! I had to sign in to youtune to say what everyone else is saying…RUN FROM THIS ADVICE!!!!! I dont care which financial advisor you use Dave Ramsey and Suzie Orman are two that I've used. But this lady, no ma'am! And why would she give them another bill of a leased car!!! Come on now, this is ridiculous!!! I hope they did not take this advise. Lynn, you probably need to go train with other financial advisor before giving out poor advice 🤦🏾‍♀️.

  • I'm a third year business student, not a pro, but still recognize that this is horrible advise. Steve, as you say.. " watch yourself ( or producers in this case )before you mess around and " get innocent people into more debt

  • Glad I watched this video. Will not be ordering her book. Bad advice.

  • My personal belief is that each person have their own and have one collectively…that way things are kept simple and no one has power over anyone😇👼😇

  • Never seen anyone asking money directly to Steve🤔🤔🤔… Steve is like what was ur question??😏😏you ain't gonna see a penny😂😂😂

  • Can't believe she continue to give them the same financial advice even after she heard they are expecting a baby.. That means their income ain't gonna be $5,617/M… and even if they are going to get 6k tax return they are going to have additional expenses

  • This is not good advice at all, she just bought the a house and a car with 100k in debt and a new baby smh

  • Yup starting my home based business in June 2019

  • Why would anybody buy a ring toy can't afford to purchase outright?

  • I took " put your baby to work" literally. My baby now has bad credit.

  • Bad financial advisor

  • Hey each couple's situation are different and you both gotta agree on what works for YOUR relationship. Once you both agree, you leave it at that. Now getting married without talking through your situations beforehand will just have to be worked out together now.

  • Dave would tell these numbnuts sell the car what do you mean you have put money aside for spending and entertainment. You're drowning in debt. Get rid of just those 3 and you just got yourself $671 extra a month plus the 7 something she s talking about They can pay off that $1080 loan in a month. They have no business in buying no house. You're welcome numbnuts. And Lynn is a even bigger numbnuts for giving them dumbass advise.

  • Omg, that poor man inherited so much debt from her.

  • she gives really bad advice.

  • So much owing on credit cards and 9000$ in savings waal savings 2% interest if that credit debt 12% plus and the financial expert did not talk about that. She even said put more money into savings
    Lordy lord

  • I hope and pray this couple has an amazing and outstanding and good family members and friends that are willing to help them out… that will shed a HUGE load off their backs… if their group of friends and family members throw them a baby shower and chip in with baby items especially the necessity for this couple… I promise you them trying to climb out of debt will be an easy feat to achieve but obviously if they do or don't… they need better jobs… like seriously…

  • Getting married is not worth going to debt over .

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