Why Every Couple Needs A Joint Account

June 16, 2015

I was recently talking to a couple that I initially thought was talking to me about their debate over getting a joint account. But as each of them spoke, they may had been looking at me but what they were saying was clearly directed at the other person until they forgot I was in the room and they just started arguing. I then remembered some guidance my buddy Kelley, a fellow financial planner, wrote about joint accounts and shared the following guidance from her: Continue reading “Why Every Couple Needs A Joint Account”

What Is Your Family Vision?

May 19, 2015

Okay, I am somewhat of a geek. One of my favorite channels is HGTV. I am fascinated by how they can turn a home that looks like something out of a horror movie into a dream home. Continue reading “What Is Your Family Vision?”

Do You and Your Spouse Have Different Money Philosophies?

April 14, 2015

My husband and I facilitate a class for newly married couples. In light of today’s environment, I am finding that many of the “newlyweds” range from young couples in their 20’s to executive in their 40’s to grandparents in their 60’s. Surprisingly, the biggest conflict is the same with all the couples: different money philosophies. Continue reading “Do You and Your Spouse Have Different Money Philosophies?”

Don’t Turn Divorce Into A Costly Donation

March 23, 2015

When marital relationships come to a messy end, it can be difficult for the couple to find anything to agree on. One thing that men and women going through divorce generally do agree on is that arguing about money is a top predictor of divorce. Research suggests that arguments about money early during a relationship increase the likelihood of divorce. Many individuals who have gone through a divorce can attest to the fact that money quarrels don’t always end after the divorce proceedings have ended. In today’s blog post, my colleague Paul Wannemacher explores the financial impact of this emotional life transition. Continue reading “Don’t Turn Divorce Into A Costly Donation”

How to Manage Money as a Couple

February 24, 2015

I was talking to a young married couple who was fighting over money. What fascinated me the most was that they just got back from their honeymoon. The ink is not even dry on their wedding certificate and they are already screaming divorce. They then came to me for advice. As l listened, it sounded like my husband and myself during our first year or marriage and I shared some of the lessons learned in how to manage money as a couple, especially when you are very different people. Continue reading “How to Manage Money as a Couple”

The Price of Inattenton

January 02, 2015

As we look back at the previous year, I have started thinking about people I’ve talked to this year who have left an impression on me. One of the more memorable people that I was able to have conversations with started with a story that was disturbing on a few levels, but has come to a relatively happy conclusion. The fun part for me was getting updates on her progress and seeing the change in her voice, posture and energy level as things got better.  Continue reading “The Price of Inattenton”

Don’t Let Debt Destroy Your Marriage

December 19, 2014

Sometimes when I meet with someone to walk through their finances, I get the distinct impression that our conversation is going to have a significant impact on their life. I had one of those conversations recently with a couple who was very seriously considering separating and divorcing. One of the biggest factors in the stress and tension that is damaging their marriage is how they deal with money or…don’t deal with it.  Continue reading “Don’t Let Debt Destroy Your Marriage”

Should You Split Up With Your Spouse In Retirement?

August 19, 2014

Some couples could benefit from a split strategy in retirement but I don’t mean breaking up with your loved one.  The Wall Street Journal‘s MarketWatch blog recently highlighted a split strategy for couples when deciding on the best time to take Social Security benefits. One spouse (the lower income earner) takes benefits as early as possible, which is at age 62.  The other spouse would wait until age 70 to take their own benefit but at their full retirement age (66 to 67 – depending on your year of birth) would claim the spousal benefit based on the lower income earning spouse. Continue reading “Should You Split Up With Your Spouse In Retirement?”

When the Wedding Bells Stop Ringing

June 18, 2014

For centuries, June has been the most popular month for weddings.  The idea of two people vowing to share the rest of their lives together always puts a smile on my face, but are these two souls that have now been joined as one fully prepared for what lies ahead?  I should think that a person that says “I do” does so with no thought of some day thinking “I don’t,” but the reality is that many of these newlyweds won’t be together in 20 years. Continue reading “When the Wedding Bells Stop Ringing”

Kimye Coupling Do’s and Don’ts

June 10, 2014

As much as I try, it is hard to avoid hearing or reading about the extravagant nuptials of Kim Kardashian and Kanye West.  the Kimye couple reportedly spent a cool $12 million on their Italian wedding.  While this trend-setting couple had the cash to spend on a gorgeous Florence location and $500,000 JUST on her dress, most of us have a smaller budget.  With summer as the most popular season for weddings,  let’s talk about weddings and financing them. Continue reading “Kimye Coupling Do’s and Don’ts”

Are You Committing Financial Infidelity?

May 13, 2014

Have you ever cheated or lied to your spouse or significant other regarding a financial matter? Amazingly, 1/3rd of adults who combine their finances with a partner admit to committing financial infidelity, according to the June edition of Kiplinger’s Magazine.  The article highlights a recent survey that found that of those who reported a financial deception, 3 in ten had hid cash, a purchase, a bill, or even a bank account from their significant other, while 13% reported more significant lies such as how much they earned or how much they owed.   Continue reading “Are You Committing Financial Infidelity?”

A New Way For Couples to Manage Their Finances in 2014

December 30, 2013

The holidays present numerous financial challenges, not to mention the positive and negative stress associated with spending some quality time with friends and family. (Insert your own mental image of Cousin Eddie from Christmas Vacation here.) Generosity is a wonderful characteristic to possess, but if left without monitoring, it can lead to overspending and debt. Additionally, travel costs can be expensive if you hit the road or the occasionally friendly skies to be with family.  There is a well documented outbreak of financial stress and regret that occurs every January in our consumer-driven culture when the reality of holiday spending arrives in the form of a credit card statement. Continue reading “A New Way For Couples to Manage Their Finances in 2014”

A Valentine’s Day Investment

February 11, 2013

Valentine’s Day is coming up this week and for many instead of feeling excited about a romantic evening, they feel pressure!  Feeling trepidations about a highly publicized day of romance is definitely understandable.  But on the other hand, Valentine’s Day is an opportunity for couples to strengthen their relationship. That in and of itself is valuable but from a financial planner’s point of view, it’s also an investment. Continue reading “A Valentine’s Day Investment”

5 Unromantic Reasons to “Put a Ring On It”

November 08, 2012

I’m amazed at how often I speak to people who have lived with a significant other for many years and even have children together but haven’t tied the knot. Now, I’m not trying to make a religious or moral argument for marriage. In fact, I’m a bachelor myself. Rather, I think it’s important for these couples to understand the various financial implications of “living in sin.” Continue reading “5 Unromantic Reasons to “Put a Ring On It””

Should Married Couples Have Separate Accounts?

September 19, 2012

Susan and I have been married for seventeen years, and when we were first married, we decided to pool our financial resources and have one checking account. This made sense since at the time, we shared all of our expenses. In fact, for most of our married life we have maintained a joint checking account, but several years ago, I asked Susan to open her own checking account. With all of the different inflows and outflows of money, it was getting harder and harder to keep track of how much was available at any point in time, so I asked her to open a separate account as a way for us to keep better track of how much we could spend on food, clothing, and other expenses associated with running a household of four kids on a daily basis. Continue reading “Should Married Couples Have Separate Accounts?”

Money and Marriage: The Missing Manual

September 03, 2012

It is commonly known that money is the leading cause of marital problems. As a financial planner working with couples for over 25 years, I have seen why. Couples often take the wrong approach to love and money, thinking that love and money don’t mix.    Continue reading “Money and Marriage: The Missing Manual”

A Tale of Two Choices Part 2: Which is Right?

June 01, 2012

Last week I wrote about 2 young men who are living very different lifestyles.  One is frugal now and is saving substantial sums of money and the other is living for the day with the assumption that when he gets married and settles down, there will be plenty of time for saving later.  As I was writing it, I was reminded of the epic tortoise v. hare race.  In the blog post, I raised some questions about the lifestyles and choices that these men are making.  Some of those questions are at the very heart of the field of behavioral finance and some of the questions could lead some of us to “judge” the choices that they are making.  This is where understanding each guy and how they are “hardwired” regarding financial decisions can be helpful.  Continue reading “A Tale of Two Choices Part 2: Which is Right?”

Financial Lessons From 17 Years of Marriage

May 16, 2012

On Sunday, I sat next to a guy on the plane who was heading to Las Vegas for his honeymoon. Now why I was sitting next to him and not his wife I’ll explain in a moment, but I love meeting young couples that have decided to tie the knot and embark on what I consider one of the greatest journeys known to man. I learned that he and his spouse had actually been married for a year, but this was the first time the two of them were able to get away. The fact that the trip was planned at the last minute because of their busy schedules explains the separation in seats, so I insisted on trading seats with his wife so that the two of them would be together (which landed me in the exit row – sweet!). As I sat back in 9C, I began thinking about how this would probably be one of a thousand challenges they would face together, both financially and non-financially, as a couple. Continue reading “Financial Lessons From 17 Years of Marriage”