Sheryl Garrett
Sheryl Garrett
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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.
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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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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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Parents seek to raise their children to be self-sufficient adults. If children can vote, drive, order a drink and go to war, why do parents feel obligated to carry the full financial burden of their college education?
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Bailing your kids out of a self-inflicted financial mistake is going backward. A credit card can teach a kid when to stop spending. The lesson will be lost if parents keep bailing the student out.
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For most of us, it took years to develop bad financial habits, and it will take at least the same amount of time to create the good habits we want. People spend more time planning their annual vacation than discussing their personal finances. That's not healthy, especially for newlyweds.
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The concept of longevity could very likely be the most dangerous subject that financial planners and individuals project,
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A good family-law attorney or a good certified divorce financial analyst or certified financial planner is going to help you measure the value of the asset you think you want to keep.
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Don't leap until you know exactly what you can afford and how you'll afford it. Stretch, but don't dream impossible dreams.
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Don't fall for the pitch '15 months is as good as cash'?even if you have lawn furniture in your living room. Retailers know that most customers won't pay in full within 15 months, and they'll be charged interest from day one. So, if you sign up for such a plan, be sure to put one-fifteenth of the full payment in a special account each month and pay in full at the end of the interest-free term.
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There's nothing finite or tangible about an electronic transfer or use of a credit card. We don't feel the pain of parting with our cash, but we still get the high from making a purchase.
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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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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.
spend
What you can't see, you won't spend foolishly.