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Life Transitions in Love and Marriage

By Edited Mar 15, 2016 0 1

BE PREPARED FOR LIFE TRANSITIONS ;

Life is full of events and surprises, and it is easy in time of bliss---------or of great stress------ to lose control of your finances and make decisions that could stand in your way for a lifetime. Getting married , having kids, changing jobs, and going through divorce require proper focus on finances.

NOTHING STAYS THE SAME ;

Throughout your life, there will be periods of steady income and gaps between those periods . There will be times of unusual or abnormally high expenses ------ a college education to pay for, wedding , family moves , divorce , and early death of a spouse . All that effects your personal finances and personal finance planning .

LOVE AND MARRIAGE ;

Financially, getting married can be one of the best things to happen to you. Your " sole proprietorship" becomes a partnership , with two productive entities working together to achieve goals, whatever they migh be . Even if your spouse doesn't have a job and does not contribute to your income , the effort provided in caring for property , raising children and managing affairs so that you can be more productive represents a great value .( Alert ) If the two don't clarify their roles in the marriage, the seed of failure begin to sprout. In this topic the financial roles are what's important , and it's worth examining some of the ideas and principles that make for an effective financial partnership in marriage .

SET JOINT GOAL ;

It's great if you've already discussed your financial goals prior to getting married. An open and friendly discussion of short - medium , and long term financial goals is healthy and necessary- otherwise, both partners may be marching to a different tune . If one spouse wants to save to retirement and pay off the home , and other spouse doesn't care about retirement and would rather spend the money on a vacation home , that's a problem . As a couple , you need to sit down and discuss your goals , and then find a way to compromise.

QUESTION ?

Should you protect your own credit in marriage ? ANSWES = YES . If something happens to one spouse , or there is a divorce , the second spouse will have trouble establishing credit .

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Comments

Mar 22, 2011 5:07pm
FinancialPeaceJourne
Great article. It is funny how one spouse is normally the saver and one is the spender. This can cause great conflict if spouses don't communicate.
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