- 10 Ways to Ramp Up Your Social Media PresencePosted 2 years ago
- 4 Business Lessons Learned from the Late,
Great Steve JobsPosted 2 years ago
- How to Stand Out in a Flooded MarketPosted 2 years ago
- Business Networking: Following up with a Thank You NotePosted 2 years ago
- Update Your Inner Circle for Consistent GrowthPosted 2 years ago
Four Keys to Financial Success for Couples
When it comes to finance and investing, there are some general rules for couples to follow to achieve stability, happiness, and long-term success. These rules fall into four areas: saving and investing future, day-to-day management, emergency and estate planning, and emotional support.
On the topic of saving and investing, the most important thing you can do as a couple is establish common goals and priorities. Whether those goals are saving for your first home or investment property, your childrenís education, the business youíve always dreamed of owning, or retirement, it is vital that you both be in agreement as to the level of precedence for these goals and that you adjust your spending and saving habits accordingly.
Next is day-to-day management. If you notice that one person tends to be better at keeping track of expenses and financial records, it is ok to have that person handle the payment of bills, but you should plan to meet at least monthly to discuss your financial goals and progress.
When it comes to emergency planning, you should always make sure that you have a cash reserve and adequate disability and life insurance to replace any loss of income for your household. Additionally, each person should know where important information and documents are held including account numbers and contact information for your financial advisors. In the event they are needed, each spouse should be able to easily access all financial statements, safe deposit boxes, and insurance and trust documents. Too often emergencies happen where one partner is forced to take over the coupleís finances and is totally ill-prepared. Donít let this happen to you.
On the estate planning side, most couples should opt for living trusts over wills to save on estate taxes and speed the distribution of assets to heirs by avoiding the long process of probate.
Lastly, when it comes to emotional support, you should always strive to encourage your spouse and their dreams. If they are experiencing problems, rather than being negative and belittling his or her efforts, it will be more fruitful to figure out ways to support their dreams and make them a reality.
Remember, every person deserves a better life and the love and support of those they care about most. So, operate from a unified front and take these important actions today to secure your familyís future. Those who share common goals and objectives will always achieve more.