009: Why You Need 14 Different Bank Accounts with Talaat and Tai McNeely of His and Her Money

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Who are Talaat and Tai McNeely?

Alright, let’s meet today’s Master of Money.

Talaat and Tai McNeely “America’s #1 Money Couple”, are Financial Educators that are on a mission to get couples on the same page financially, and to experience the joys of financial freedom.

They are co-authors of Money Talks: The Ultimate Couple’s Guide To Communicating About Money. They are also the hosts of the top rated podcast, “The His and Her Money Show“.

Their website, HisandHerMoney.com has been featured in numerous publications such as FoxNews.com, MSN.com, and Business Insider.

Listen on to find out why they use 14 different bank accounts to manage their money, how they married their finances even though they were financial opposites, their failures and goals around real estate, their thoughts on kids and money, and more. Stick around after the interview for my biggest takeaways.

Related: Teaching Kids About Money [The Complete Guide]

Listen to This Episode with Talaat and Tai

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I hope you enjoyed that. A big thank you to Talaat and Tai for giving us the gold today.

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Show Notes

[02:30] – #1 thing they do that’s made the biggest difference to their finances.
[06:40] – Everything they have an account for.
[09:30] – How the checking account acts as the distribution account.
[10:45] – Dealing with dining out.
[12:00] – How to find a good bank to work with.
[15:30] – What they do about automating retirement savings.
[17:15] – When/how they became masters of their money. Talaat’s hard knocks.
[19:50] – Joining finances as financial opposites.
[21:45] – Setting financial goals as a couple. Debt freedom in one year.
[23:00] – What it felt like to be debt free.
[26:30] – Their home purchases.
[29:00] – How they balanced debt payoff and retirement.
[30:40] – The tools they used (and goal setting) to get out of debt and manage their money.
[32:00] – What they’re not good at.
[35:10] – Careers and transitioning to a one income family.
[36:30] – Kids and money. Leaving a legacy.
[38:15] – The importance of life insurance and balancing college savings for kids.
[42:40] – Goals for the future. Paying off the mortgage. 60% completed.
[45:45] – The wealth building account.
[46:40] – Looking back on the journey so far.

Show Sponsor

This episode was sponsored by our guide to figuring out where to get your taxes done. In a recent article, I outline this decision, including the different prices for each service. Head to ptmoney.com/where-to-get-taxes-done/ to check it out.

Links/Terms/Concepts from the Show

• 90s Bulls Role Players
• Video detailing their 14 accounts.
• Capital One 360
• Illinois Returning Veterans’ Homestead Exemption
• Automatic Millionaire
• Rich Dad, Poor Dad
• The Two-Income Trap by Elizabeth Warren
• Dave Ramsey
• Flipping Houses
• Life Insurance Rider for Kids
• Mystery Shopping
• Furniture Flipping
• John Maxwell
• His and Her Money YouTube Channel

3 Takeaways from My Interview with Talaat and Tai

1. Managing money as a couple doesn’t have to be 50/50. It needs to be coordinated.

The 90s Bulls weren’t just successful because of Jordan. He took the lead role, but many others contributed to their ultimate success. When it comes to managing money as a couple, you don’t have to be 50/50. But you still need to act as a team.

Know your roll. Ask yourself these questions: Do you know what each other is doing? Are you working towards the same goals even though one person may be doing more of the details? That’s okay!

2. One little win can change your entire perspective on finances and life.

When it comes to your money, one little win can change your entire perspective. They paid off Talaat’s debt in year one. Talaat said, “If we can do this, there’s nothing we can’t do!”

Had they been thinking about the entire journey towards financial independence, they might never have started. They began with one small goal and when they achieved it, they used the feeling of success to propel them forward.

3. “Sometimes you win, and sometimes you learn.”

John Maxwell said it: “sometimes you win, and sometimes you learn.” Tai and Talaat have been applying that principal (seeing failures as learning experiences) in their financial life. Talaat said, “we’re always willing to learn.”

Speaking of, one of the things I learned new in this episode: you can possibly add your children onto your life insurance policy through a rider. Do you have the mindset needed to make the most of your mistakes?

Full Transcript

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This show is part of the FinCon Podcast Network and was produced by Steve Stewart.