How can a foreign spouse help with money issues?
This is a question that came in from one of our subscribers, Veronica D. Thank you Veronica for your question.
Here is what Yuri and I did to get ourselves in a better financial situation:
1. Know the financial situation. First off we had to sit down and talk about what was going on financially and where we want to be in the next few years. We created goals about debt, credit, income and assets.
2. Create/Fix Credit. My credit was pretty bad so this limited our options on what we could do financially. We established Yuri’s credit by adding her to a new line of credit that I got (at Sam’s Club https://www.youtube.com/watch?v=JILMYWMmLxc). We made small purchases to increase her credit. We made sure we paid all my credit and loans down or off.
3. Get an Income. A foreign spouse can fix lots of money issues with a job, a business, or other assets that have an income. That extra income can help with debt.
4. Emergency savings. Have an emergency savings that you can uses when times get rough. This is not to be confused with long-term savings. This is money that is set aside only when you need it.
The main point is to be on the same page with financial issues. This was a big leap for us. Because we are both very independent and had very different views about money.
One thing that helped us get on the same mindset was a book called Rich Dad, Poor Dad by Robert Kiyosaki and another called 10X Rule, by Grant Cardone.
Joakim Karud https://www.youtube.com/user/JoakimKarud