DN115 with Talaat and Tai McNeely- How to Tackle and Beat Debt as a Couple

What do you think will happen if two different people of different financial upbringing and goals get married? Would that spell trouble? Well, that was the beginning of the marriage life of our guests for today, Talaat and Tai McNeely. Talaat grew up in South side Chicago with great upbringing. Although he was given what he needs, although not necessarily what he wants, he also did not get early financial education. After graduating high school, he left the house at 17 and went straight to military where he splurge in his desires on branded clothes, car and stereos and all the stuff he thought he needed. Before knowing that he is in $30,000 in debt.

While Tai, on the other hand, was born in extremely frugal parents. With five siblings, she assumed that all shopped at thrift stores. She also became frugal, went into college debt-free and bought her own vehicle at 17 years old and paid it in 13 months. She thought she’s going to marry a man with the same financial mindset. Not long, she discovered her husband lied about his debt situation.

How they team up, tackle and beat debt is very inspirational and I believe all of us will get valuable insights that we can apply in our own lives. It is a blessing to be able to peek into their minds, get a glimpse of their proven ways of beating debt and building wealth, together as a couple. Are a couple that are trying to build a business, or are trying to make your business a success? Definitely take heed to this power couple as they uncover their mindset shift, business secrets and parenting and relationship tips to help you build the life of your design.

Here’s What You Missed

• How to make the communication open for financial issues in marriage

Knowledge Nuggets

Talaat and Tai tried a lot of side hustles first before really discovering the best business for them, that provides not just good money, but is also good for their family. Discover their family journey to building wealth today!

[4:06] Talk to your kids about financial issues. Don't assume that they’ll just learn it overtime. Because they may interpret it in the wrong way that will lead to a pitfall. Educate yourself first and pass the right knowledge to the next generation.

[9:29] Once we got married it was he and I. You married a all of him/her. Not just his good traits. You should get to know each other really well. When you discover something that you did not know beforehand, tackle it together.

[10:17] You can't tell your children one thing, but do another. You should teach by example. Your children are watching you. When splurging them with their wants, do it in moderation and find balance. Make sure you are having the conversation about financial literacy. Make sure they see your  action and hear your voices.

[14:26] Be honest and authentic when talking to your children. They will learn from both sides of the coins. They learn from the good and the bad. You don’t need to be perfect in their eyes, children can appreciate imperfection. They are not looking for the perfection, they look for structure, discipline and order. 

[16:30] Hybrid approach in tackling debt. Majority of your focus should be on debt but you should also look for ways where you can invest. You can even start a business but not necessarily get into debt in order to have a business.

[18:21] Every dollar of debt that you pay off is an increase to your net worth. it's a dollar for dollar investment when you're paying off debt.

[21:40] Communication is a two way street. When you are trying to sell your customer some products or service, it is your duty to bring it to them in a way that they can receive it. Be sure to have an online presence in many other fashions, be it videos, blogs, graphics, etc. The world is not going to get less digital.

[22:21] You need to have an online presence where you own the real estate. Like instead of only having your business in Etsy and Facebook where they can easily erase your account, build your own website. Don’t build your brain or your real estate on somebody's else’ land. Build your email list.

[26:07] If you have a dream or if your spouse has a dream, honor it. Start with honor and respect. Then have a better conversation. You should both want this dream. Continue to have updates to not have resentments. Honoring, upfront identifying rules, and updating each other. Communication and reevaluating are the keys.

[34:24] Have a calculated risk. Even though thing didn't work out, never put your livelihood in jeopardy. Take a measured amount of money and a measured amount of time to go after it.

[41:09] Within your combined plan, we have ‘his and her money’. “We have access to the accounts we have and we have a dollar amount that we can spend that I do not need to have the spouse's approval. We are in the same page, but we don’t do all of it together.”

[46:31] Index funds: It's just you matching the markets. So whatever the market is doing, that's what your money is doing.

[52:34] Whether you believe you can or whether you believe you can't you're right. So change your belief system. We all have obstacles. Start with the belief system.

[53:53] Perfection is a destiny killer. A lot of times people are giving excuses on why they can't start and why they can't start now. =If you continue to fill your mind with those excuses, you will still be in the same place that you are next year.

Important Reads and Links

Recommended books:

Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter

I Will Teach You to be Rich by Ramit Sethi

Simple Path to Wealth by J L Collins

Talaat and Tai Website:                            https://www.hisandhermoney.com/about/

Talaat and Tai Facebook:                          https://www.facebook.com/hisandhermoney/

Talaat and Tai Instragram:        https://www.instagram.com/hisandhermoney/

Talaat and Tai Twitter:                              https://www.instagram.com/hisandhermoney/

Talaat and Tai Youtube:                            https://www.instagram.com/hisandhermoney/

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