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Do Love and Money Go Hand and Hand? 

Marlon Jerez / Consultant in Economics and Financial Issues
Translated by Economic Adviser Soraya Nasrallah
 

Are you ready to go into marriage with the person you love? Or, are you married? If that is so, congratulations! I hope you have a long and happy life together. Apart from the emotional and moral compromises that will be made or have been done with your loved one, it is possible that your finances will also be united.  It would be quite unusual for both of you to have identical ideals toward your finances; after all, opposites attract. Even if you both have agreed on goals for the future, remember that to administering money together with another person is very different from administering money alone.  

So that financial decisions don’t affect your relationship with your loved one, you should take into account the following: 

1.      Take a compatibility exam: Many couples never discuss their goals before getting married which frequently brings about problems in a marriage. Finances are often the subject of discussion and fights! Usually the most common subjects talked between loved ones are: children, family, relatives and careers. One of the ways to minimize the damage that may be done in a marriage is to know ahead of time what one is getting into. Ministers and the like, offer premarital counseling in regards to finances and other important subjects. Don’t let passion blind you to important subjects that may destroy your partnership with your loved one.     

2.      Income Taxes: In some countries when you declare your taxes as a family and not an individual, it will offer certain advantages. It is important for a couple to review which is the most beneficial way to do their taxes.

3.     Discuss and establish goals together: Couples should dedicate some time, every year or several times a year, toward discussing each others personal and financial goals for the coming year to see if there are any differences. In order to have financial health it is advisable to Never Spend More Than What You Bring In!

4.     Decide whether to manage jointly or separately your finances: Some couples decide to manage separately their finances and others do so jointly. Managing finances jointly is a more common practice in society, since marriage is like a society where no longer there is a relationship of “him” versus “her”. Just because you both decide to jointly do your finances, does it mean that everything must be joined! For the sake of the marriage, one should not hide money from the other partner. Resources available should be properly used for the benefit of the couple. Also, just because one partner produces a larger income than the other; does not mean that the person with the greater income should assume control of all the income available from both persons.

5.     Agree as to which debts can be realized: There are debts that are not beneficial to a marriage and are considered unnecessary. For example: eating at the fanciest restaurants, drive the best cars, dress in brand names, place your children in the most expensive schools etc. Many couples get in trouble financially by placing themselves in heavy debt just to compete against their neighbors. Try to be compassionate with your loved one and don’t make your partner get things that are out of reach financially. The final result will be a healthy marriage! Try to take advantage of discounts in stores and purchase items that are continually used, like detergents etc., in large quantities so that you may save extra money!

6.     Coordinate and Maximize company benefits: If one or both individuals have company benefits it is best to figure out which benefits are the most beneficial for both persons. For example, if you both can get health benefits then you should choose the family plan that is less expensive and most beneficial for both.

7.     Make saving money a good habit: You should be in agreement with your loved one to set aside a part of the income toward savings on a monthly basis. This saving can be applied towards a variety of goals, like your children’s education, retirement, or traveling! The fact that couples do not talk about their finances and make an agreement as to how the income will be used, is the main cause of divorces. This is the reason why it is imperative for couples to take the time to discuss their finances and to establish current and future goals. By doing this you and your loved one will have a healthy financial and emotional future.  

Send your questions to Marlon@TheInvestor.tv or Info@TheInvestor.tv 

"Confidence is a habit that can be developed by acting as if you already had the confidence you desire to have." –  Brian Tracy                                   

 

 

 

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