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Love, Marriage and MoneyJohnette Duff The f-word. Finances. Combining love and money may be the biggest stumbling block on the path of true love, creating more rifts in relationships than in-laws, drug and alcohol addiction, or infidelity. Financial power struggles challenge even the most solid partnership. Unfortunately, money too often equates to control in a relationship. The delicate balance of power between you is dependent on the successful combination of love and money. In the majority of relationships today, both members contribute financial resources. Despite the strides women have made toward financial equality on the job, though, men still have greater earning power. In general, with more disposable income, men invest more money and take greater risks than women. Women as a whole are more conservative in their investments because it takes them longer to earn the money. Money attitudes are also influenced by age, family upbringing, religion, and each persons own unique financial trials and errors. Everyone has opened a bank account, paid the rent or mortgage, kept the telephone and electricity turned on. When you make the decision to share your life with someone, though, such mundane issues suddenly become complicated. Do you keep separate bank accounts or do you put all the money in one account How do you split monthly expenses Do you each pay a portion or do you pay bills out of a joint account Should you be able to sign on your partners bank account Did one of you bring assets to the relationship that the other uses, such as a car or a home, for which expenses should be shared Financial advice for couples over fifty varies significantly depending on age, economic status and dependents. Every situation is different, but the following is general advice for everyone. Many modern couples keep their finances separate, while others opt to pool all their funds. Making the decision on the day-to-day handling of what was formerly “his” and “her” money can be a tough one. There are benefits to keeping separate property funds separate and maintaining certain assets in one name only, which well explain in more detail in the next chapter. Keeping other monies separate may create logistical problems, though, along with a diminished sense of common goals for the future. Combining your funds also gives a couple greater borrowing and investment power. Determining a financial plan that works might take months; many couples struggle for years before reaching a balance. Defining and discussing your money styles is the first step, setting goals is the second. Review your financial picture. Are you both satisfied with your knowledge and control of “your” money and “our” money Are you both knowledgeable about banking, insurance, investments, credit cards The routine business of a new life together should include the following:
You may need to consult your banker, your employer, your insurance agent, your accountant, your attorney or other professionals to accomplish these tasks. Your goal in tying the fiscal knot is to protect your spousal rights and save money. Begin your research before the wedding and make sure you follow through. Loveandthelaw.com should be your first stop - it’s an easy and inexpensive way to stay informed.
| ![]() | ![]() | ![]() | RELATED ARTICLES Junk Mail Junk mail works. Why does it work How does it work Profits With Rental Properties So you are interesting in becoming a landlord Investing in rental properties can be an exciting and very profitable business. Not only can real estate provide current income through rental property but it also can increase your personal wealth or networth. Make no mistake, this is not a sure thing to easy money and investing in real estate is not for everyone. There are risks as with any business or investment but with careful research and the help of a real estate professional you can find the right property in the right location for maximum return on your investment. Unilateral Disarmament - The First Step to Improving Communications with Your Teenager Many times, we are so conditioned in how we speak that we do not realize whether or not we are effectively communicating with our teens. This is especially true when they upset us. 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ON BENJAMIN FRANKLIN: Drowning in Debt Tips and Tricks for Getting Out of Hot Water with Creditors Do you, like millions of other Americans, feel like you’re sinking in an ocean of credit card debt Well, fear not--there are many options for reducing your debt way before you have to be concerned about receiving notices or daunting telephone calls from debt collectors. The important thing to remember is to be proactive in handling your credit card debt. Unmanaged debt can ultimately lead to lawsuits, loss of property, and tarnished credit reports. Write, Publish and Market a Book with No Out-of-Pocket Money Do you dream of having a book published, but don’t know where to turn Already have a book, but unsure of how to promote it Looking for cost effective high-return strategies to market your book If you answered yes to any of these questions, then the following information is for you. 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