Sheryl Garrett
Sheryl Garrett
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Newlyweds make decisions that affect each other. Young couples need to think about the unthinkable. If you have assets that you want your spouse to keep if you die, you need insurance.
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Give your student the opportunity to earn money while under your roof. Agree on a reasonable split of your child's earnings--save most for school, but don't forget some fun. Allow your child to make decisions on how to spend some of the money on a car or a trip to Europe. You want to start early so you can guide your children and have some influence over their decisions.
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There are about 1,100 laws that apply only to married couples that more than make up for the marriage penalty.
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Try to remove as much emotion as possible from the housing decision. When considering a house, go through it room by room and make a list of repairs that need to be done immediately and then add things you'd like to do if money were no object. Be cautious and do the math.
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This way, both spouses are kept in the loop, and there are no secrets. There's no blame, no shame. It's taking your financial pulse: Did we meet our goals? What can be done better? You don't want to beat each other up--you want to make the finances work better.
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The president of the college is suspended since Aug. 24 and I don't have a communication from the school?
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Both spouses need to be on the renters or homeowners policy.
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There are significant tax benefits to being married. In most cases, a married couple will pay less tax if they file jointly. The marriage penalty has been substantially reduced and generally isn't an issue until the combined income is $250,000.
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Lending practices have become so aggressive that many people are qualifying for mortgages above and beyond the old guidelines. I think the total house expense shouldn't exceed 28% of net income, and the mortgage plus other debt such as a student and car loan shouldn't be more than 36% of gross income.
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Secrecy can be a killer. Many couples get married in their late 20s or even early 30s and are used to being independent. Having separate accounts allows the couple to maintain some financial independence while being completely open about it.
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I think people are reluctant to talk about money because there's always a scorecard--a bank statement, a credit report, a pay stub--and if you screw up, it's right there. But with sex, it's easy to be Don Juan or Donna Juanita. I think the record of past transgressions in black and white is why money is our last taboo.
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Partnerships between industry and education are so very important in the lives of our youth. With this program, students will have a wonderful opportunity to gain practical knowledge and experience in careers pertaining to the automotive industry.
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Maybe it's a reaction to going overboard in the 1980s and 1990s, but I sense a lot of people are moving away from materialistic things (and) toward more thoughtful and meaningful holidays.
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Many young couples are so busy being romantic that they forget to talk about anything practical like personal finance. Money isn't a romantic subject, but marriage should be seen as entering into a financial as well as a romantic partnership.