Xpansion Code Radio

Episode 21 - Money Rules - (Family)

Episode Summary

Creating money rules that apply to your family.

Episode Notes

In Loral Langemeier book Wealth Cycle Investing, on page 57, She talks about money rules and taking control. Your money rules are determined by your current situation and financial objectives, and they help you decide what to do.

Money Rules for Family Spending:

• Will you combine your money and pay all bills out of the joint account?
• Will you have separate accounts for certain bills or for discretionary spending?
• How will you decide on large purchases?
• How much can you each spend without notifying the other person?
• How will you handle money with your children?
• What is your philosophy on debt?

Money Rules for Family & Money:

• Will you loan family members money? If so, how will you structure the payback terms?
• How will you document it?
• If you loan family money, how will you handle the situation if they are not able to repay it?
• Will you borrow money from family? If so, for what reasons?
• How will you repay it? What if you cannot repay it?

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