Wednesday, March 29, 2006

Financial article for Married People

Well, since it is "marriage theme" week, for married couples out there who are having issues with finances, here's the article for you.

"Marriage and Money: Get It Right"

"NEW YORK (MONEY Magazine) - Some economists argue that marriage makes financial sense precisely because it allows each partner to specialize in what he or she does best. But you can get into trouble if you use Mars and Venus notions as an excuse not to talk about what's up with the money."

I remembered discussing this with a friend about the idea of marriage "boosting" one's finances.

Funny advice for "him:

· Use plain English. Do you pepper money discussions with talk of market cycles and P/E ratios? Jargon, and the whole investing-as-sport mentality that goes with it, is a conversation killer for many women. When you talk about money, just talk; don't show off. Focus first on what you both hope to accomplish, only then on how a specific investment will help get you there, says financial planner Mary Claire Allvine.

That is, use plain english if your wife is dumb.

· Get the facts. Money is a hugely emotional topic. (Duh.) Defuse it by making sure you both know what's going on with your debt, assets and income. You can debate through eternity who flashes the plastic with more reckless abandon. How best to pay off a specific credit-card balance given your monthly income and expenses is a question you can actually resolve.

Finances do affect the marriage in a big way if both sides have different ideas of managing finances. Finances shouldn't be a taboo in the marriage. Share your feelings and discuss.

Hmm. This article seems to assume that the wife knows nothing and is passive in the financial relationships. Married women out there, step up and know your finances! After all, you are going to live longer than your husbands and you do not want to tap on your grandson's shoulder asking him to help to balance your checkbook that is 6 months behind.

Anyway, if you think your money fights are serious, check this out.

3 Comments:

Anonymous Brian said...

"This article seems to assume that the wife knows nothing and is passive in the financial relationships"

I think this article directed toward women who do not know anything about finances. There are a lot of women like that. Granted there are a lot of guys like that too, and they should seek help. This article really doesn't apply to the SavvyWolf who does her own financial decisions every day, this is for women who have left this to their men for too long, and need to at least know what's going on.

3:44 PM  
Blogger Pamela said...

Right. Like I said at the beginning of the post, this article is aimed toward married couples, so it does not apply to me. :P

3:49 PM  
Blogger MattG said...

I'd say there are equally as many men (read: husbands) that know very little about a families finances as there are women.

My wife is extremely aware of our finances and knows (as I do) how much money we owe, have, and spend on a daily or at least weekly basis.

But if the author is right in saying that there are _more_ women than man that don't know much about their finances, then it couldn't hurt for everyone to get together on this stuff. Credit Card and other debt are real realtionship (and self-estreem) killers.

Since marriage is under attack in our country, it's no surprise that money and divorce are discussed in a cause and effect relationship. Sadly, people tend to love their money more than the people around them. Prenups anyone?

2:19 PM  

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