“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.
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“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

“I think you need to hold space and have empathy for yourself, about looking at it [taxes] and attempt to look at it as information and as neutral, even though you're probably going to have these stories that swirl in your head.”

How can understanding taxes strengthen your marriage? Our host Ed Coambs tackles this intriguing question alongside Hannah Cole, an artist turned tax educator. Hannah's journey from shying away from the business and taxes side of things to becoming a beacon of support for self-employed individuals is nothing short of inspiring. You’ll find yourself nodding along as Ed and Hannah discuss the common feelings of judgment from tax professionals and the vital role empathy plays in making money conversations less awkward and more productive.

Facing the emotional turbulence of tax season can be daunting, especially within the context of a marriage. Hannah helps us navigate this rocky terrain by shedding light on the vulnerability and shame many feel when revealing personal financial details. Ed and Hannah reflect on the need for a more human-centered design. By emphasizing the importance of relational support and empathy, the aim is to alleviate the anxiety often accompanying financial discussions and improve mutual understanding between partners.

Hannah and Ed also explore the concept of financial innocence and the idea of money as a neutral tool. They discuss practical advice on understanding self-employment tax, paying estimated quarterly taxes, and the consequences of neglecting these responsibilities. The discussion touches on the psychological and moral development necessary for a balanced perspective on money and the importance of confronting deep-seated fears about feeling broken or flawed. Tune in next week for a continuation of this rich, informative discussion designed to make financial conversations more approachable, empathetic, and productive.

Key Topics:

• Welcome, Hannah! Taxes, Artistry, and Financial Intimacy (02:03)
• Importance of True Understanding for Personal and Business Growth (04:27)
• Design Flaws in the Tax System (12:40)
• Taxes, Representation, and Financial Literacy (16:50)
• Tax Responsibility and Challenges for Married Couples (22:01)
• Money Agency and its Impact on Financial Decision-Making (27:49)
• Psychological and Moral Factors Behind Money (32:28)
• Tax Debt, Empathy in Accounting, and Avoiding Scams (37:31)
• Tax Fears, Comfort, and Growth with a Tax Professional (43:27)

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...