Joint Investing Important Financial Questions to Answer Before Marriage
9418
Society > Marriage
Mar 1, 2007
Mika Hamilton
Joint Investing Important Financial Questions to Answer Before Marriage
Marriage is on of the most important decisions you will make in your life. If you are lucky enough to have found someone you want to spend the rest of your life with, make sure you take the steps to ensure your marriage success. Nearly 50% of all marriages end in divorce. Even more staggering is that about 90% of marriage breaks have their origins in money problems. It is important to have a joint financial plan which both parties agree to and are comfortable with. Fully understanding what the financial future holds is important. When questions arise within the marriage the ?plan? can be used to address and mediate these problems.
The first question that needs to be asked is ?Who is responsible for handling the money?? This is a question that most people never consider before tying the knock. There is often an assumption that the other person is handling everything and then you find out that no one is controlling your finances. It is important that, as a couple, if you are planning on investing, that you have the financial stability to be able too. Make sure you decide on who is going to handle the checking, savings, investment, and emergency accounts. Who will be responsible for doing the investment research and monitor your growth. In addition, plan on having regular meetings in which you chat about your finances and investments. Couples usually do not discuss money unless they are in the middle of an argument and obviously nothing can be resolved then.
Another issue that will directly affect if, when, and how you invest is if both people are going to work. If both people are going to work will it be full or part time. This is important because having a budget and knowing exactly what your expenditures are, will reveal what available funds you have to invest. Additionally, if you have children who will be staying home with them? Obviously two incomes can allow for more investing however a single income, if used correctly, can be manipulated in such a way that it covers all necessities, a few luxury, and long term investment.
The topic of joint or separate checking accounts is a conflict which a married couple probably won't see until well into their marriage. At that point the problem is unresolvable. Make sure you decide if you will have joint checking, savings, investment accounts or will each person have their own. Many people share a joint checking and saving which money from both incomes is deposited into for household expenses. Then there can be joint investment accounts which will benefit the whole family. Due to companies offering their employees 401K and IRAs, those should be kept separate.
Make sure you chat about what each person's long and short term goals are. After ten years of marriage you don't want to find out one person has longed to retire early and sail around the world while you have envision something much less adventurous. Knowing long and short term goals will allow your financial advisor to diversify your investments in such a way that each of your retirement dreams can be achieved.
Most pre-marriage planning has to do with the wedding. Very few people have the foresight and the will to actually plan a marriage. Take the time and effort to openly discuss money and investments. Being true partners before marriage and solving the conflicts before they happen will not only make your wedding day less stressful but may, in the end, save your marriage.
The first question that needs to be asked is ?Who is responsible for handling the money?? This is a question that most people never consider before tying the knock. There is often an assumption that the other person is handling everything and then you find out that no one is controlling your finances. It is important that, as a couple, if you are planning on investing, that you have the financial stability to be able too. Make sure you decide on who is going to handle the checking, savings, investment, and emergency accounts. Who will be responsible for doing the investment research and monitor your growth. In addition, plan on having regular meetings in which you chat about your finances and investments. Couples usually do not discuss money unless they are in the middle of an argument and obviously nothing can be resolved then.
Another issue that will directly affect if, when, and how you invest is if both people are going to work. If both people are going to work will it be full or part time. This is important because having a budget and knowing exactly what your expenditures are, will reveal what available funds you have to invest. Additionally, if you have children who will be staying home with them? Obviously two incomes can allow for more investing however a single income, if used correctly, can be manipulated in such a way that it covers all necessities, a few luxury, and long term investment.
The topic of joint or separate checking accounts is a conflict which a married couple probably won't see until well into their marriage. At that point the problem is unresolvable. Make sure you decide if you will have joint checking, savings, investment accounts or will each person have their own. Many people share a joint checking and saving which money from both incomes is deposited into for household expenses. Then there can be joint investment accounts which will benefit the whole family. Due to companies offering their employees 401K and IRAs, those should be kept separate.
Make sure you chat about what each person's long and short term goals are. After ten years of marriage you don't want to find out one person has longed to retire early and sail around the world while you have envision something much less adventurous. Knowing long and short term goals will allow your financial advisor to diversify your investments in such a way that each of your retirement dreams can be achieved.
Most pre-marriage planning has to do with the wedding. Very few people have the foresight and the will to actually plan a marriage. Take the time and effort to openly discuss money and investments. Being true partners before marriage and solving the conflicts before they happen will not only make your wedding day less stressful but may, in the end, save your marriage.
Content Provider: http://www.traffichelp4u.com
More Articles & Tutorials and a Free Investing For The Beginner E-Course at www.Global-Investment-Institute.com
Write a Review
Add to My Favorite
Refer it to Friend
Report Article
Other links owned by this user
Global exchange tded funds are not as complicated as the name implies. Below are some easy steps to creating a successful and profitable ETF portfolio. For anyone who is interested in any type of investing is it important first create and maintain a
Category:
A good tax shelter is hard to come by, but the perfect shelter may be right in front of your eyes. There are many companies which are encouraging people to spend their hard earned money on investments in tropical places where it will be kept safe and
Category:
Many new over zealous investors will tie up almost all their liquid assets into their stock portfolios, leaving little money for those unexpected costs of life like car repairs, doctors bill, or an increase in property taxes. When an investor over
Category:
Many people are calling for a new energy bill to be passed rough congress. This is because of e new grow in e demand of transportation coupled wi increase gas prices. The United States domestic oil production is slowly decreasing which means
Category:
Investing is all fun and games until someone goes broke. One hard reality which ever investor has to come to terms with is that you are not always going to gain. In a matter of six months, with bad decisions, a stock portfolio can be completely
Category:
Choong which investment is right for is a complicated decion. While you can seek advice from financial profesonal, ask for tips from family and friends, and do research ? in the end the decion is solely your own. This can be an extremely scary
Category:
Marriage is on of the most important decisions you will make in your life. If you are lucky enough to have found someone you want to spend the rest of your life with, make sure you take the steps to ensure your e success. Nearly 50% of all
Category:
While it may be the car of your dreams, it is important to remember that investment in a car is not really an investment at all, unlike an investment in a house. The longer you own a house the more it is worth both in terms of equity and appreciation.
Category:
Forex is the currency trading market which is the biggest and most quickly evolving markets in the world. Currently it has a daily turn over of of 2.5 trillion dollars which is actually one hundred times larger then the NASDAQ. Different markets are
Category:
The average consumer will probably never develop enough wealth that protection and management is a consider. However, examining what must be done to secure the culmination a life's worth hard work and investment can be extremely revealing. Many
Category:
When investors think of the person and success they would most like to emulate, Warren Buffet's name is top on the list. He is seen an extremely successful and moral investor that has made his money through dedication and
Category:
In today's current investment markets, there has been an increase in the number of individuals deciding and adhering to an investment plan. Perhaps this is caused by the drastic increases in the cost of living or the profound insecurity about the
Category:
Investing in oil and gas begins, like all other investments, with sound research. Establishing which oil and gas stocks should be invested in is the first step. Many people believe that oil and gas stock offer a higher yield on investments places on oil
Category:
Other links at Society > Marriage
Even healthy relationships can use the help of marriage counseling and here's why.
Category:
Everyone has heard the old adage that marriage is all about compromise. That should not always be the case, though!
Category:
All couples go through difficult times, when outside pressures just get the better of them and things start to go badly at home, and they aren't necessarily signs of problems in the marriage.
Category:
This article explains the causes of irrational anger in relationships and how to eliminate them.
Category:
As ciety becomes culturally intertwined, it becomes more common to see marriages between individuals of different racial background. How are these marriages surviving and even flourishing? In me countries the prejudice and stigma are
Category:
Site Sponsor
Directory Statistics
Articles: 68228
Categories: 501
Yahoo Entertainment
