"Marriage is far more than a romantic arrangement; it has legal and financial ramifications as well.". Personal finance expert Liz Pulliam Weston writes not just as someone who has covered issues surrounding couples and money for years. She is also as someone who's been happily married for more than a decade.
"I've learned that you don't have to have the exact same approach to money to succeed (I'm a saver; hubby's more of a spender), but you do have to be willing to listen to each other, compromise and put a plan into action."
Here are some of the business skills that Liz thinks are most important in a successful marriage:
- Do your due diligence: You can't make a plan for your partnership until you understand your starting point, which is where you stand financially right now.
- Determine your goals for your partnership: Successful businesses tend to have business plans, outlines of what they hope to achieve in the coming years. .
- Create a plan to attain those goals: You'll probably discover that you have to prioritize. You'll probably discover that you have to prioritize. To save enough for retirement, for example, you may wind up contributing a bit less to your kids' college funds. Or your desire to get out of debt may mean putting off that cool vacation.
- Work out your conflicts: No one is always right -- not in business, not in marriage, not in life. Partners have to figure out ways to communicate and compromise. When business partners reach an impasse, they may bring in a coach or mediator to help them through the conflict.
Read Liz's article in full on MSN Money. Liz is the Web's most-read personal-finance writer and winner of the 2007 Clarion Award for online journalism.
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