Monday, February 9, 2009

Nine Financial Things you should know before you get Married

Marriages are on the cards these days. It is a season of love, season of closeness and season of marriages. Many couples talk about serious things before they get married to each other, say for example, the most important being honeymoon, how many children will they have, what will they do after retirement etc. But with these things they often tend to forget the most essential thing to talk about and that is "Money".

I was reading wall street journal, when I came across my favorite columnist Jeff Opdyke's article Love and Money. In that article the author has listed Nine financial things that the couples should know about each other. The points I have taken from his articles but the explainations are mine. I really liked that article and thought would share with my to be marrying readers. It goes this way:

1.) How do you manage your assets and liabilities?

If anyone among the couple brings loads of debt with him/her now, it will cause great problems in future. So it will be great if you sort out and talk about these things before marriage so that there is no confusion later on.

2.) How do you manage your extra debts?

Debt is something nobody will like to have it. It is something that comes naturally. It is important to decide earlier which items you will fund as cash and which as debt. Whatever decision has been made follow it for the rest of the life.

3.) Do you have a solid financial History?

This is kind of a touchy question. It is not necessary that both of you are of same financial background. Therefore it is important to be an honest person when it comes to your financial History. Tell him/her very frankly what was your past in terms of money matters.

4.) Should we go for Prenup?

Personally i will never recommend anyone to have a prenup. This is for them who are confident enough that they will do 2-3 marriages in future. Having a prenup or not entirely depends on the couples.

5.) Do you have any financial aspirations?

This basically implies for future planning. In a way it is important to know that what you will do when you get retired. Will u start your own business, or you will go on a world tour. Deciding these things before marriage is important for a successful relationship.

6.) What are your career plans?

Before marriage it is important for both of you to know that how important one feels for other's career. It happens many times that the women wants to study even after marriage, but not acceptable by the guy. So plan out this thing before marriage itself.

7.) How will you divide the financial planning?

To consume the extra time, it is important to divide the duties among each other. Say for example, girl will be responsible for all household finances, whereas guy will be responsible for everything other than household finances.

8.) How many checkbooks will we have?

One is more than enough. It will help you to keep the track of your finances conveniently. It will make your finances less complicated.

9.) Do you understand the real importance of Money?

While asking this question, keep a smile on your face or else the person sitting infront of you will bring out different meaning out of it.

Before starting any relationship, I will advise all of you to visit a financial coach and plan out your finances with him. Last but not the least I would like to wish " all the best " to the married couples. If you really feel that this article is worth following then do not forget to leave your comments. All comments will be accepted with honor.

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