Marilyn, Lauren and Betty had fun with the idea of marrying into money with their 1953 movie “How to Marry a Millionaire.” More than 50 years later you would be surprised how many people think their money problems will go away because they will marry rich- or simply get married. And its not just women looking for that “good provider.” More and more guys are hoping their mate will come with financial benefits.
Think beyond the sugar momma or daddy. Sometimes it is not about marrying into a fortune- but marrying to dissolve yourself of any financial responsibility. You are willing to bring home the bacon- but don’t want to think about if there is enough to cover the bills, add to investments or – god forbid- taxes. Who do you know – who would rather leave the money stuff to someone else- because they have more interesting things to do with their time? No matter what your gender or your income, life is (over the long haul) a lot easier if you invest in your own financial education.
If you are in a relationship and have let your partner take the lead with the finances— then think about getting more involved. The bottom-line, a man is not a financial plan. And guys– women aren’t one either. No matter how many breadwinners you have in your household– you both need to be in the loop. I understand that there is usually someone in a relationship who likes the financial planning and the other partner might hate it. That is fine. But things happen and you need to know the basics to make sure you can make it on your own with- or without your mate. The two D’s we hate to talk about -death and divorce- happen. This applies to both men and women.. married or partners.
Start with the basics– get a notebook that has all of the important phone numbers account names and numbers and beneficiary info in one place. If you don’t have a will– get one and keep a copy in that notebook. It is a simple way to get in the loop. Just remember to update it as things change.
I also suggest you have a money meeting at least once a year. That is when you review all the retirement funds, investment funds, debt and any other big financial issues. This is a real meeting — with no kids, no interruptions allowed. Go over the information and talk about the specifics of your family’s financial health and strategies for improving it in the coming year.
Good luck and look for more money tips on my show We Owe What?
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