Life Transitions in Love and Marriage
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 .
Yes
No
Flag
Comments
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.
You must be logged in and verified to post a comment. Please log in or sign up to comment.