Tag: financial planning

Healthy love and compatibility in any relationship are wonderful qualities that can take you a long way. If your attitudes about money matters don’t match, however, warning bells could be ringing.

Have you had "The Talk" yet? You know, that talk about money?

Have you talked about those taboo topics like a personal budget, spending and debt issues? Do you know where that special someone in your life stands when it comes to savings, planning and overall financial awareness?

An important thing for all newlyweds to consider is how to successfully marry your finances. Studies show that no matter how much a person makes, fights about money are among the biggest frictions in a marriage and top contributors to divorce. While everyone sees financial well-being differently, there are things you can do to ensure that friction is minimized, so that you can spend more time doing the things you love and building a life together.

When the stock market is crumbling, people get scared. They are reminded of the terrible economic times of the 2008 Great Recession.  There are fears that the one headed our way could be even worse. With that in mind, we must examine what we learned from that Great Recession in 2008 and ask if we should put those lessons to use right now, keeping in mind that the well-being of our family depends often on the house we own and live in.

When meeting with your financial planner, tax attorney or estate attorney it is not unusual to be intimidated. Don’t be. This is your life and your assets, and you need to be in charge. I tell all my clients the person sitting on the other side of the desk from you should be making an effort to get to know you as a person not just as a new engagement and likewise you should be doing the same with them. It should not consist of them asking you questions about your assets, net worth and family. It should be more than that, much more.

After a couple has tied the knot the excitement of a new life begins—and in case money wasn’t discussed during the courtship of your relationship, it’s a must now to start preparing for a secure financial future together. While in the infancy of your marriage I suggest you sit down to develop a financial strategy that will help secure the long blissful financial road ahead.

With proper planning, couples can ensure that their finances add value to their marriage, rather than detract. Ideally, couples should work toward financial stability to help their wealth grow along with their love over time.

In continuing on in the six-part series on financial planning, part three addresses the review of one’s portfolio—what you should expect from your financial advisor as he/she goes over it with you—and what you should have prepared and ready in the way of paperwork prior to a meeting with them.

A quick review: The first installments in this series covered questions you should come to expect your financial advisor to ask you when taking you on as a client in order to become familiar with your financial situation. In the second segment, I discussed what questions you may want to answer as you go about planning for retirement.

Anticipating the birth of your first baby is at once exciting and intimidating. Along with the countless joys this new little person brings comes the insistence that you plan your family’s financial future wisely. Still, rather than be daunted by the facts—according to recent estimates, raising a child from birth to age 18 costs on average about $230,000—and that doesn’t include the cost of sending them to college.  It’s best to start at the beginning with a reasonable budget, thoughtful planning and a long-term dedication to savings.