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Saying “I Do” To Your Partner’s Finances.

February 11, 2011

One of my favorite tv shows is Who the Bleep Did I Marry? on the Investigation Discovery channel. Women and sometimes men, tell their tales about the shocking trickery and deception brought upon them by their spouses. Some cases deal with secret identities and infidelities while many focus on hidden finances. While one spouse thought the other was handling the finances responsibly and believed they had security, the other spouse was secretly pushing them into bankruptcy and even taking illegal actions to keep their financial secrets safe. I recently read an article from Msn Money about the 6 money questions to ask your fiance before saying I do. To avoid having your story air on the ID channel, take a look at my 3 favorite questions and while it may be awkward asking about finances it can save you major troubles down the road.

  1. How important is saving money to you? If having a savings is a priority for you ideally you would want to be with someone who feels the same way. The answer to this question can help you gain a lot of insight into your partners financial life. If savings isn’t important it can be safe to assume that things like emergency funds and retirement plans haven’t been taken care of.
  2. If someone gave you 1,000 dollars, what would you do with it? If your partner says pay rent in advance or cut down on personal credit card debt, you have a winner. If the answer is going to Atlantic City and hope lady luck visits, you might want to rethink things. Don’t get me wrong, every now and then there is nothing wrong with some frivolous spending but not so much when you have mountains of debt to handle.
  3. Do you want kids? Scary I know but the cost of raising a child can be as much as $350,000. Whoa. From a financial standpoint, the desire to have children will change the way you spend and save your money. As a couple this is something that will change your lives forever on many levels so aside from the emotional want for children, taking a look at the fiscal responsibility needed to raise them is almost a no brainer.

At GAI (www.gunwel.com) we can help  to answer all your financial questions and even set up savings plans. Our motto is, You work hard for your money, let us work smart to help you keep it!  Let us show you how fun and safe saving can be! Give us a call at 212-979-6830 or stop by for a visit!!

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