"If you ask married people why their marriage works, they are probably not going to say it’s because they found their financial soul mate. But if they are lucky, they have." So writes Tara Siegel Bernard in a New York Times article The Key to Wedded Bliss.
Recognising that not everyone is married to a financial twin, Tara offers readers a number of guidelines that will help couples become more compatible, and ultimately more prosperous, when it comes to money.
Here are just some of Tara's tips for couples:
- TALK AND SHARE GOALS: Before walking down the aisle, couples should have a talk about their financial health and goals. They should ask each other tough questions: Do we want children? When? Who will care for them? Will they go to public or private school? What kind of life do we want? When will we retire?
- BE SUPPORTIVE OF CAREERS: Having a supportive partner helps you professionally, which should trickle down to your mutual bottom line.
- RUN A HOME LIKE A BUSINESS: Make a budget and keep track of earnings, expenses and debts. And structure your business as a partnership; when it comes to making big financial decisions and setting goals, do it together.
- INVEST IN YOUR MARRIAGE: Spend it — time and money — together. Invest in the heart and soul of the relationship.
An excellent article. Read it in full.
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