As I prepare for my youngest son’s marriage (mazal tov to him and his wonderful bride!), I can’t help but reflect about the hundreds of couples I’ve met over the years as a financial professional. I’d like to share some tips I’ve learned from watching financially successful marriages:
For newlyweds: What are you bringing into your marriage?
Consider the assets and debts you each bring into the marriage. Start off married life by being totally open about your assets and how you can best use them. At this stage, your most important asset may be your earning potential, so be sure to invest efforts in your education to build an enjoyable and profitable career… that hopefully will help change the world for the better.
Continue the conversation that you started when dating: Regularly ask each other what you both really want. How do you envision your future?
What did you say?
Many marital challenges are caused by a lack of communication about finances. Often, conversations about money are about more than finances. Make sure to listen carefully to hear beyond the discussion of numbers.
Spouses need to follow a mutually agreed financial plan in order to achieve their fiscal goals. While retirement seems years away, today’s goals should include paying your bills, giving tzedakah, and recreational activities that bring you closer!
Who’s in charge?
How are you going to divide the mundane tasks of paying bills and balancing your budget? You may both agree that one of you is specifically responsible for financial matters. It’s not a problem if one partner prefers not to be too involved in day-to-day money management. But whatever you do, make these decisions together. In a healthy marriage, one partner shouldn’t control the spending or income of the other.
It’s a date
Get together regularly to review if you’re on track to meet your financial goals. Do you need to reallocate your spending/saving? By making decisions together, your financial security will strengthen, and hopefully, both your money and your love will grow!
Oh, and maybe the most important thing: regularly thank your spouse for working hard, both in and out of the house!
If you ever need financial advice, you can always reach me at the office 02-624-2788.
Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd. www.profile-financial.com. He is a licensed financial professional both in the U.S. and Israel. Call (02) 624-2788 for a consultation on how to set up your American assets to meet your financial goals. Securities offered through Portfolio Resources Group, Inc. Member FINRA, SIPC, MSRB, FSI. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates. Neither PRG nor its affiliates give tax or legal advice.
Published December 30, 2021.