DISQUS

MillionDollarJourney.com · 2 years ago

Couples really under estimate the importance of financial computability. I think I read somewhere that the number #1 source of argument between couples is money related.

FT

invest4life · 2 years ago

Thanks, you bring up some great points that any couple in a serious relationship should consider

Golbguru · 2 years ago

It's ironic, but asking these questions might reduce your chances of getting hitched in the first place. ;)

In my opinion, money isn't the #1 *source* of arguments - it's the #1 *excuse * for arguments. The source is usually a general non-compatibility - which is more visible when it comes to money.

Having said that, it is extremely essential that couple discuss some of the points mentioned above - may be not while courting - but sometime later as the relationship matures.

Brenna · 2 years ago

I recently got married and these questions are good to bring up prior to any talk of marriage. Although, once engaged the real question about finances and what you and your partner really think about money would be: “What’s the budget on the wedding?� And who’s paying for the wedding? Do you feel comfortable getting into debt or more debt for one day of celebration for other people? These questions will be sure to bring out the true perceptions or thoughts about money when thinking of getting married.

My husband and I have always agreed on our finances even prior to getting married. Our relationship has always depended on honest and open communication on everything. This is my take on the 10 questions and further questions to ask yourself and your partner:
1. At what age do you want to retire? How do you want your retirement years to be like? How will you get there?
2. If you are a young couple, say straight out of college�you’re probably have incurred some school loan debt. Be sure to ask and be on the same page as far as definition of what is an asset and what is a liability. Assets bring in money and liabilities take money away.
3. Combining or keeping separate accounts: a question to ask or to know about you and your partner would be: “Are you a saver or a spender?� This may guide whether to have separate accounts or to combine accounts. Take this a step further and decide how to deal with separate credit cards: do you authorize the other person, eliminate duplicate accounts for similar credit cards or do you establish a total new account for both people?
4. The question here would be more like: “What are our future investments?� Planning for the future such as how much you want to retire on or how soon you want to retire on will also decide tolerance on investments.
5. If living by paycheck to paycheck – a budget is in place. This “budget� is a fluid target that makes you and your partner aware where the money is going. Using Quicken or Microsoft Money will help not only see where the money is coming in and going out but also makes tax time easier. These programs also are able to pull out reports which can help as well.
6. Paying for bills should involve both people – this will lead to understanding of money, double-checking to make sure bills are paid prior to the deadline and more aware of money in general.
7. Risk tolerance will vary from time to time and adaptability is the key. Open communication is important and there’s nothing wrong with having one person being riskier than the other. Although, before any drastic changes occur an emergency fund should be established for any setbacks.
8. Health insurance: this should be a priority especially if thinking about having children. Getting the best service for the premiums will probably reduce costs later on. If one person is working – consider getting disability insurance because accidents can happen and you or your partner does not want to be caught off guard when bills can not be paid for. When looking at life insurance – consider whether term, annuity or variable is right for you.
9. Checking credit reports will also indicate how well your partner takes money seriously or whether they have established any credit at all. Remember credit checks are done for cars, jobs, renting, and getting loans. This is your real life report card so it is important to check yearly.
10. Do you know the difference of “bad� debt versus “good� debt? How will you and your partner tackle added on debt? Having a plan to get out of an existing debt will reduce any financial stress. Always expect to have bumps in the road and be creative in trying to get out of “bad� debt.