Author: Adam Werner
Congratulations on the nuptials! In the eyes of your family and friends (and the US Government) the two of you are officially a family! New doors have now opened and it’s important to take the time to ensure you’re headed in the right financial direction. Here are some key things to do in order to save money and create a sound financial foundation for your marriage.
You may lose your job, you may get into an accident, you may have a leaky bathroom…If something like that happens, you don’t want to be forced to tap into your retirement savings or take on more debt. So create a Reserve Account to give yourself a buffer. The general rule of thumb is 3-6 months of living expenses.
Each of you may have 401(k)s, IRAs, brokerage accounts, or nothing at all. Make sure to discuss the following together:
If the unthinkable happens, some basic instructions can be extremely helpful for your loved ones. Below are some of the basic documents you should have.
It’s an unfortunate reality that money and financial concerns are one of the top causes of divorce in this nation. Start your marriage with a solid foundation by addressing these items EARLY! For additional information and advice, talk to us! We’re happy to help or even start the conversation.
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