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Hi Everyone,

After my Today show segment on Wednesday, I did a LIVE CHAT on Today.com to answer relationship money questions from readers that included a host of inquiries on how couples can put their financial houses in order.

The key, I told them, is being honest about financial challenges and getting both members of a couple to do their part. This can be difficult for some and I hope my advice helped those who joined the chat and will now be helpful to any of you facing similar issues in your relationship.

Check out some of the questions and answers below and to access the transcript of the ENTIRE Q&A CLICK HERE.

G. Money asked me:
"My wife and I have been married for 15 years. We both are spenders. We have accumulated a lot of debt. We have about a $110,000 mortgage, $35,000 2nd mortgage, $12,000 personal loan and $10,000 in credit card debt. How do we tackle this debt? Also, how do we change our bad spending habits?"

MY reply:
"All financial progress begins with telling the truth and you just did that, so well done. I think you need credit counseling. I would go to www.debtadvice.org, and get a referral to a non-profit credit counselor to review what your bad habits are and what you can do to change your behavior. Also go to the library and get Debt Free For Life, my new book and simply work the plan I lay out, it can help you get on the right track to crush your debt and change your life. Good luck to you! You can do this, and you can change."

Khang asked:
"She wants a joint bank account; I don't. She's a spender, I'm the saver. Can you help me resolve conflict with my future wife?"

I Replied:
"Khang, welcome to marriage...lol. The truth is we almost always marry our financial opposite. Check out my book "Smart Couples, Finish Rich." In this book I teach couples to first work on discovering their core values, and planning their dreams together. Then I turn to your finances. The best place to start is on organizing your financial documents at home with my Finish Rich File Folder System. You can actually find this on my website also at www.finishrich.com. Next you should work on finding your couples Latte Factor, where you spend small amounts of money on little things that you can both give up. And then it's time to work on a 'pay yourself first plan', where you agree to set aside a fixed percentage of your income off the top of your income before you spend anything. Lot's to consider, but trust me you really can do this--and being on the same page with your money will change your life! Good luck to you!"

The reality is that couples that plan together when it comes to their money--have a much better chance of staying together and living and finishing rich.

To read the transcript of the entire Q&A CLICK HERE.


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David Bach
Founder, FinishRich Media, LLC.
9 Time New York Times Bestselling Author
Author, #1 New York Times Best-Seller, The Automatic Millionaire
Author, #1 New York Times Best-Seller, Start Late, Finish Rich
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