Financial Success Tips…from the Pros.

Here’s some great insights from financial professionals on how to have financial success in your marriage:

“Having a system where both parties have access to the same financial information creates a couple environment of transparency. If both people know what is going on regarding certain financial matters, there can then be a more informed discussion about what needs to be done moving forward like what to spend money on, where to save it, how to invest it, etc.”

John Bodrozic, Co-Founder – HomeZada

 

 

“The best thing couples can do is to be full partners on everything including finances. Neither one should be in control. They should each have access to all financial information. They should agree on the budget lines and amounts, including savings. Discussing finances can be difficult, because nobody wants to feel like they are asking their parents for money or being judged about what is important to them. Each person should feel free to state what is important to them as far as clothing and activities, and should listen carefully to the other without insulting them for what they want to spend money on. If we spend over our budget for the month, we need to cut back somewhere else to make up for it. It’s that simple and that difficult. We all think life will be easier in every way when we get married. Unless we are reasonable, have good communication, and respect each other, that won’t happen. One of the big rules to remember when you get married is: Take your money and cut it in half. Take your expenses and double them. If the other guy takes out the garbage, consider yourself lucky.”- Joan Fradella, Divorce Thru Mediation

 

“When dealing with couples especially when one is obviously more dominant, I ask questions to the quieter spouse first which avoid them just agreeing with the other partner. If I don’t feel like I’m getting the full answer, I press with follow-on questions such as “is it more important for you to stay in in your house or have more income to spend on travel”? Yes or no questions or where there’s only two or three choices instead of open-ended questions. I remind the dominant partner that the most expensive thing that they can do is divorce and that money matters are a leading cause.” – Rob Schultz, NWF Advisory Services

 

“The best financial advice I have for couples is to draft a prenup BEFORE you get married. Even if you decide not to sign the prenup, you’ll be required to disclose all assets and debts to each other. As a next step,you should share each other’s income and expenses. That will lead to a
discussion on saving and investing vs spending. My husband and I have a prenup and although we have argued about many things during our eight year marriage, we have very few conflicts over
money.” – Laurie Itkin, The Options Lady

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