Life Cycle Planning ? Newly Weds
Laura and Paul Write: Paul and I have recently gotten married. We are both very comfortable talking about money and we want to build a healthy financial foundation. What financial tips do you have for newlyweds?
ANSWER:
Congratulations! I want to command you both for taking a pro-active role in building a healthy financial future. As a Financial Planner and a Divorce Financial Analyst, I know first hand that money is one of the top things to cause friction in the relationship and how it can impact the stability of marriage. So here are some tips to help you get your marriage off to a solid start:
* 1) Begin the conversation about money today! * 2) Have a discussion about the money messages you received during childhood to understand and appreciate the money attitudes you each bring into the relationship * 3) Be open and honest, and put everything on the table with respect to any existing financial obligations * 4) Decide how financial decisions will be made and how disagreements over money will be handled * 5) Determine how roles will be divided * 6) Set financial goals * 7) Execute financial plan because not having one is like ?sailing without a compass’
