Whether you’re just starting out on life’s financial journey or well on your way, couples can benefit from having a plan. It’s been said that any road can take you to any destination but there is a specific financial destination that we want to end up at. What we want and where we’ll end up will be determined by our plan. I know it sounds cliché but the truth is if you fail to plan, by default you’ve planned to fail. Outside of our family budget, there are other elements that families sometime neglect. Lets take a look at some planning elements that will help you accomplish your goals.
The challenge of started a family is not easy. If a first marriage takes work, a second marriage with blended families will take a compounded effort. The failure rate for second marriages is higher than for first. And third marriage, higher yet. Other than the all to common prenuptial agreement that dictates how assets will be divided after divorce, very little financial planning goes into these life altering decisions that have profound impact on everyone involved in the beginning. What would happen if more financial planning took place before we said "I do"? Why is it that we spend more time attention and planning on weddings and honeymoons than we do our future? We all know the statistics.
If you want to make your financial dreams come true in love the first, second or (unfortunately) third time around try following these three simple steps:
Are you financially ready to retire?
If something happens to you, what happens to your loved ones?
It's alright to ask for help.