My Fiancé Is Amazing, but…

[Music] brought to you by the every dooll app start budgeting for free today Megan is with us Megan is in Louisville Kentucky Hi Megan welcome to the ramsy show hi thank you so much for having me I'm in the parking lot of the dry cleaners I just picked up my wedding dress awesome Y how fun thank you I'm getting married on the 1 of January and I'm so excited should be congratulations thank you so much um so my fiance is amazing he's incredible but um he's not that great with money which is why I'm calling sorry so um we've been together for a while and um over the course of the last maybe year um he revealed that he's in a lot of credit card debt um about $58,000 worth yeah um so in February of this year I actually took out a home equity loan um at prime rate so what is that 8.5 I think well wait a second you said he's not that great with money you're taking out helocs what are you taking out a Helo for yeah I mean I knew where we were going I knew we were forever and I knew I wanted to just nip this in the bud so he cut up his credit card and we put all of his money um we Consolidated all of his credit card debt into a helck and he's been making steady payments since then to me to pay on that Lord Jesus okay okay so um he commits to about $1,000 a month to paying that off and um we're predicting about a four and a half year to five year payoff of all that no no no what do you make oh I only make $60,000 a year and he makes 120 okay so you make $180,000 you have $58,000 in debt we are not waiting six freaking years you're doing this next year okay okay we we have made some mistakes he yeah had a bunch of credit card debt and was overspending apparently he has stopped that I hope it sounds like you made a mistake of financing someone that you weren't married to debt you're getting ready to fix that in about a week thank you God so you'll be safe at that point and uh we don't want to spoil the wedding with too much of this talk but as soon as you guys get home from the honeymoon now it's we have $58,000 in debt and we need to pay that off with our $180,000 income as fast as we can and that means we ain't doing nothing till we get this mess cleaned up do you guys have any either one of you have any money yeah so I actually have about $55,000 in stocks that I got as um bonus from a job I previously had that I've never touched so time to touch it after after you're married cash that out and pay this off great okay that's what I was hoping you were GNA say but I wasn't sure if that's a wise decision so it's a wonderfully wise decision now here's the trick the two of you from uh This Day Forward are going to lock arms and not borrow money and be on a budget together and communicate a lot more about money than you had been yes in other words his spending stays above his income and the credit cards grow back because the habits didn't change then the advice we just gave you might not have been smart agreed yes that makes sense did I hear you say it's a scary topic yes it's it's a little nerve-wracking to uh confront his you know weak links you know the fact that he like spend a lot of money it's you too because he he did rack up that credit card debt but listen it was not a smart choice to roll it into a HELOC I'm not going to lie about that so I think you both have something some things to learn here I think we should give them Financial Peace University yeah if we give you the class will you go through it together so you got a book to work from I would love for him to have those resources and for me to be a part of that as well I think that would be amazing let me help you that's not how it works okay he doesn't need the resources we need to go through the class together so we are doing this stuff together not not Dave's going to school him up I understand I completely understand I'm just listening to your verbiage kiddo so yeah okay you hang on we're GNA give this too you as a wedding gift and a Christmas present and since we abused you right before your wedding I know we just yelled at her right before the wedd it's just but she's picking up her wedding dress calls from the cleaners and we yell at her so nobody yelled at her we love her we want her to win true but we kept I kept telling her she was just as as well she is she is they both I won't say the s word they both did silly things a silly the SW word oh my gosh they both did stupid things dve there we go come on on it there we go it's okay we love her and she's going to win she she's smart she makes good money he makes good money if but listen the thing is what we want for you this is the number one money and money issues or the number one stress point in marriage Megan and you're getting married so we want you guys to have real clean open honest dialogue around this both of you uh we don't want touchy subject we don't want you you know you're not shaming him uh we both are looking at this and saying okay from this point forward we're not using credit cards from this point forward we're going to agree on a budget and we're going to stick to the budget that we both agreed to it's it's a marital contract uh from this point forward we're going to save up and pay cash for things cuz you're dumping $60,000 of money that you brought into the marriage against his mistakes yeah and so the two of you together need assurances that the two of you together are going to move forward in very clean stuff the old wedding vows most people know in sickness and in health for richer for poor and sickness in health the old wedding vows in the book of common prayer say unto thee all my worldly Goods I pledge oo and so that indicates this Unity this Oneness in the marriage where we're sharing everything not your debt my debt not your checking account my checking account not your income my income it's our our hour our hour our when you get married you are French we we we it's ours okay that's what you're doing and there's a Oneness to that and by the way not only is that a beautiful and romantic and wonderful Mar thing where the communication is very high and the quality of the relationship is very high the uh interesting part also is the data tells us from studying millionaires that it increases the probability of you becoming wealthy vastly the number of people that become wealthy while dragging a misbehaving spouse is almost zero it's almost zero so this this idea that you work together it's like we're going to do this together we're going to raise kids together when you when you argue about what how to treat you know how to make the kids behave the kids are the only ones that lose you know and you argue about how to make the money behave the money loses you know so getting on that same page is a big deal and that's not just aimed at Megan that's aimed at all of you out there this time of year some of you are home for Christmas you got a little time on your hands you need to sit down with each other and go hey this is what's going on it this be some confession is good for the soul time for some of you some of you got to come clean on I'm kind of ashamed I've been doing this and I'm I'm really been doing some stuff I don't like and I know you're not going to like it and I don't even want to talk about it but we're going to talk about it that's the that you need to do some of that throughing the holidays some of you create your free every dollar budget today the simplest way to budget for your life