(This post is the first post of the series, “Marriage: The Most Important Investment of Your Life”)
How many engaged couples have a frank, open discussion about finances prior to marriage? Do you know your fiancé’s credit score, how much he has saved for retirement or emergencies? Have you spoken with your future wife about her money personality and her lifestyle expectations in the short, intermediate and long-term? What about joint or separate accounts? Would you dare broach the most taboo finance topic of all – a prenuptial agreement?
To those readers who could answer these questions confidently and without hesitation, you are ahead of the game. Your challenge will be to keep the dialogue open as your financial situation evolves. To those readers who have given the topic little attention, all is not lost. While I would not recommend calling your fiancé tonight and demanding a prenup, here are a few suggestions for easing into a discussion of your financial future.
- Use a mutually agreed upon goal as the starting point.
- Acknowledge that any plan you make will be modified in a few years.
- Push without being pushy.
I’ll continue with more details about these suggestions in my next post. I hope that keeps you in suspense.
About the Blogger:
Keith has been married for 3 years and is a proud father of one. He is pursuing his MBA degree at Chapel Hill and will graduate in 2011 with a vision to help people reach their financial goals. A native of Washington, D.C., Keith is a CFA charterholder and co-founder of IT’S TIME, an organization dedicated to help youth excel academically, socially and professionally.