Everyone makes financial mistakes, even those that we trust with money the most. Rachel “Money Honey” Richardsto many people online is the epitome of someone who has their finances locked down. She grew a massive real estate portfolio in her twenties, hit financial freedom before thirty, and has written bestselling books that others use to increase their financial acumen. And although Rachel still is a financially free money nerd like no other, her recent divorce changed most of what she knew.
Through a few simple mistakes, Rachel’s recent divorce dragged on longer, cost more, and left more up to chance than she would have liked. After going through the pain, struggles, and anxiety of leaving the marriage, Rachel wants everyone, whether single, dating or married, to not make the same mistakes she made. These mistakes are often small, and can be easily overlooked, but making them could be deadly to your finances and allow an unplanned divorce to bury you.
But this isn’t all advice on what to do before or during a divorce. Rachel shares personal advice on red flags you should look for when starting a relationship, how to separate your finances so you keep what is yours, and why overlooking a prenup can be one of the worst moves to make when starting your marriage. No one plans for a divorce, and Rachel didn’t as well. So happily ever after or not, these life-saving moves are ones you should be thinking about making.
In This Episode We Cover
The “misaligned vision” that led to Rachel and her ex-husband’s divorce
Red flags to watch out for and an instant sign that a relationship may not work out
Losing 50% of your real estate portfolio to divorce and how to protect against it happening again
What most couples get wrong about marital assets and how they’ll get split during a divorce
Rachel’s four biggest money mistakes that you should NEVER make when married
The trust cost of divorce and how much Rachel had to pay to separate
And So Much More!
Links from the Show
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Finance Review Guest Onboarding
Mindy's Twitter
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Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Check Out Mindy’s 2022 Live Spending Tracker and Budget
Prenups, Projects, Prolific Spending, and Planning for 2022 w/ Carl & Mindy Jensen
Why You’re (Probably) Wrong About Prenups
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-364
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