Date : June 25, 2019
Category : Financial Planning
By Clay Zachry, CFP®
Financial planning can be a tense topic for many married couples, but these steps¹ will make your conversations about money more productive and beneficial for both of you:
What do you dream of doing? Whether retiring early, starting a business, building investment accounts, starting (and raising) a family, creating a charity, owning and maintaining a home, traveling extensively or any other scenario, work together to narrow broad concepts to specific touchstones and objectives. Use these conversations to tweak spending and savings habits, and re-commit to the core values of your financial union.
Classify your shared financial goals into short-term and long-term objectives. Periodically assess your progress and the ways you are working toward them –whether through separate and/or shared activities. Such distinctions can help pinpoint your financial strengths and weaknesses as a couple, and help you fine tune your efforts.
As your financial vision begins to take shape, consider working with an experienced financial professional to help turn your vision into a reality. An ongoing relationship with right trusted investment advisor will likely provide you with the clarity you need when it comes to investment strategy, financial planning and estate planning. An advisor will also provide guideposts in the event your financial union becomes strained by unforeseen circumstances.
Whether you are preparing to wed or “the rest of your life together” is well underway, contact us to explore how we can help you develop a comprehensive financial strategy.
1. Hicks, Coryann. “How to Invest Together and Stay Happily Married.” U.S. News & World Report, 26 February 2019. //money.usnews.com/investing/investing-101/articles/how-to-invest-together-and-stay-happily-married
2. Stritof, Sherri. “Financial Advice Married Couples May Not Want to Hear.” The Balance, 30 November 2019. www.thebalance.com/financial-advice-for-married-couples-2302874