The Silent Partner

In many households, one partner naturally becomes the financial decision-maker. That’s perfectly fine — but the other partner still needs to be involved and aware of how the money and debts are managed, especially if something unexpected happens. In this Monday Money Minute, Jonathon Taylor walks through five things every couple should have in order.

Video transcript

Hello everyone, Jonathon Taylor here for the Patriot Asset Advisors Money Minute. I want to talk to you today about the silent partner. As a financial adviser, I find that in many couples one person tends to be the financial decision-maker — and that’s fine — but the other partner needs to be involved and aware of how the money and debts are managed. So let’s go over five items I think everyone needs to have.

1. Budget. Do you have a formal budget? Is it written? Is it up to date? Very critical.
2. Cash flow. We know money comes into the account and money goes out of the account — what are those dates, and when are payments made?
3. Payments on auto. Are they manual? How are they paid?
4. How to log into the accounts. You might have some of those written down and some in your mind — that’s great, but your partner needs access to them.
5. Two-factor authentication. The thing that’s popped up recently: yes, I know my partner’s login, but they have two-factor authentication that goes to their phone, or a secure login app. Those things must be shared.

So folks, take care of these five issues in your relationship and things will go smoothly. Let’s always plan for the worst-case scenario, and it’ll be a lot smoother if that happens. Also, go to our website, patadvisors.com — we have a lot of information there, and you can always reach out with any questions. Thank you for your time.