“We're saying, all right, how about you go follow your dreams. How about you quit that job you hate, even though you're going to make less money at another job. Go make the change. It is very rewarding. It is also very hard, because the standard of mental models fight against it.”

In this episode of Healthy Love and Money, our host Ed Coambs welcomes Dr. Jay Zigmont of Childfree Wealth. Jay shares his fascinating journey from healthcare and academia into the world of financial planning, specifically catering to the unique needs of childfree individuals. Ed and Jay explore how traditional financial advice often overlooks this significant portion of the population and discuss the importance of reprogramming financial strategies to align with a childfree lifestyle.

Ed and Jay highlight the concept of the "life script" and the importance of helping clients design their lives first, then aligning their finances to support those personal goals. This conversation emphasizes prioritizing meaningful life experiences over traditional financial goals that may not resonate with childfree individuals.

They also explore the critical aspects of long-term care planning for childfree individuals, the importance of having power of attorney and a will, and the significant financial impact of being single. This episode is packed with valuable information for anyone interested in understanding the unique financial planning needs of the childfree community and encourages listeners to reflect on their own financial and life decisions.

Key Topics:

• Welcome, Dr. Jay Zigmont! (01:45)
• Financial Planning for Childfree Individuals, Challenges, and Reprogramming Standard Models (02:33)
• Alternative Family Structures and Societal Pressures to Conform to the Traditional Life Script (08:13)
• Personalized Financial Planning for Childfree Individuals and Couples (12:53)
• Community Building for Childfree People (14:58)
• Common Mistakes and Challenges in Financial Planning for Childfree People (19:07)
• Long-term Care Planning for Childfree People (29:33)
• Wrap-Up and Jay’s Parting Advice (35:48)

Resources:

• ChildFreeWealth.com
• Portraits of ChildFree Wealth (book)
• ChildFree Wealth Podcast

Connect With Healthy Love and Money:

1. Schedule your free 30-Minute Discovery Call About Therapy-Informed Financial Planning™.
2. Learn about your money and attachment style with this short Attachment Style Quiz.
3. Buy the Double Award Winning Book: The Healthy Love and Money Way.
4. Hit Follow on Your Favorite Podcast Player To Get the Latest Episodes.

“I can’t emphasize enough with blended families, you are going to have differences and you’re going to have things that you work through, and there’s a healthy way to work through it, and there’s an unhealthy way.”

What happens when you blend two families, each with its unique dynamics and histories? Our host Ed Coambs sits down with Mikel Van Cleve, a PhD student at Texas Tech University who focuses on blended families and financial planning. Mikel shares both his academic insights and personal journey of merging his family with his wife Heather, each bringing two children from previous relationships. They discuss the essential role of communication and explore strategies for managing different parenting styles and co-parenting with exes.

Ever thought about the financial complexities of blended families? Marrying someone often means factoring in their financial history, including obligations like alimony or child support. Mikel’s real-life anecdotes illuminate how ongoing changes, like an ex-spouse's remarriage, can impact the family system, making the need for clear communication and adaptable strategies all the more critical.

From setting boundaries to navigating favoritism and conflicts, Ed and Mikel’s conversation offers a roadmap for creating harmonious relationships. They touch on the vital need for tailored estate planning to ensure fair inheritance and explore the emotional landscape that accompanies these financial decisions. Whether you're part of a blended family or just curious, this episode provides invaluable insights into fostering a nurturing environment for everyone involved.

Key Topics:

• Mikel’s Blended Family Story (02:27)
• Financial Management in Blended Families (04:20)
• Challenges and Strategies for Blended Families (10:49)
• Legal Rights around Blended Families (15:57)
• Estate Planning for Blended Families (20:47)
• Understanding Blended Families’ Unique Dynamics with Your Financial Planner (26:35)
• Blended Families and the Dangers of Favoritism (31:34)
• The Importance of Open Communication in Blended Families (37:05)
• Strategies for Growth in Blended Families (43:58)

Resources:

• Mikel Van Cleve on LinkedIn

Connect With Healthy Love and Money:

1. Schedule your free 30-Minute Discovery Call About Therapy-Informed Financial Planning™.
2. Learn about your money and attachment style with this short Attachment Style Quiz.
3. Buy the Double Award Winning Book: The Healthy Love and Money Way.
4. Hit Follow on Your Favorite Podcast Player To Get the Latest Episodes.

“Perfection is not a standard that can be met, but improvement absolutely is. Know that the IRS doesn't expect you to be perfect. The IRS mandate is to collect the substantially correct amount of tax, not the exact amount.”

Managing taxes can be an emotional rollercoaster, especially when one partner is self-employed. In this part 2 episode, Hannah Cole from Sunlight Tax joins again to share her journey, filled with stressful moments and heated arguments, all stemming from her initial lack of tax knowledge. She and Ed debunk the myth of tax perfection and focus on the importance of continual learning and improvement, particularly for freelancers who grapple with tracking profits and losses. Discover how couples can achieve financial harmony by understanding each other's financial responsibilities and the unique pressures faced by the primary breadwinner.

Freelancers and sole proprietors often find themselves lost in a maze of tax complexities. Many stumble into freelancing and are suddenly expected to master bookkeeping and tax management. Hannah reveals practical tips on the appropriate levels of bookkeeping and the tools to use based on the scale of one's business. This conversation empowers freelancers to manage their finances with confidence and avoid common pitfalls.

Financial transparency between spouses is critical, especially when dealing with joint tax returns and the nuances of self-employment taxes. Hannah and Ed dive into the different fee structures of financial advisors and the necessity of estimated quarterly taxes for freelancers. Hannah’s insights demystify the tax process and provide actionable advice for alleviating tax-related anxiety. Listen in for a revealing discussion that will help you take control of your financial well-being and foster a healthier financial relationship with your partner.

Key Topics:

• Taxes, Financial Intimacy, and Couples’ Knowledge Gaps (02:18)
• Financial Management for Small Businesses: Profits and Losses, Owner’s Compensation, and Equity (04:42)
• Accounting for Freelancers and Small Businesses (11:59)
• Financial Literacy, Bookkeeping, and Gender Dynamics in Personal Finance (16:42)
• Financial Advisor Fees and Transparency (25:54)
• Joint Tax Returns and Financial Transparency in Marriage (29:22)
• Quarterly Tax Payments (34:04)
• Wrap-Up and Parting Wisdom: Aim for Improvement, Not Perfection (39:02)

Resources:

• Sunlight Tax
• Sunlight Podcast

Connect With Healthy Love and Money:

1. Schedule your free 30-Minute Discovery Call About Therapy-Informed Financial Planning™.
2. Learn about your money and attachment style with this short Attachment Style Quiz.
3. Buy the Double Award Winning Book: The Healthy Love and Money Way.
4. Hit Follow on Your Favorite Podcast Player To Get