Life Stage Financial Challenges for Couples
“If you can find a path with no obstacles, it probably doesn’t lead anywhere” Frank A. Clark
Objective: To discuss and share issues and strategies that can help lessen the worry and burden that money can cause for couples at various stages of a relationship.
1. For the newly engaged or newlywed: what are common issues that need addressed?
Strategies:
2. For blended families/remarried couples: there are additional areas to address.
Strategies:
3. For cohabitating couples/same sex couples, there are even more hurdles to leap over.
Strategies:
4. The financial spouse and the non-financial spouse. This can be troublesome.
Strategies:
5. One partner has a different risk tolerance than the other one.
Strategies:
6. Uncovering what is behind your financial decisions: smartaboutmoney.org (handout)
Strategies:
7. Saving Vs. Spending Vs. Debt: how are finances tracked? The Ultimate Financial Plan Handout: cash flow, budget, net worth.
Strategies:
8. When a family business is involved, what are necessities to ensure against relationship risks?
Strategies:
9. Two spouses work, one leaves the workforce for some reason (disability, loss of job).
Strategies:
10. Estate documents: wills, DPOAs, advanced directives, minor children, etc….Why/How?
Strategies:
11. How to discuss retirement savings and retirement. Myretirementpaycheck.org (handout)
Strategies:
12. Loss of a spouse due to divorce or death can be devastating.
Strategies:
13. Failure to plan = planning to fail. Why do most people not have a written comprehensive, objective, financial plan and what are the risks with certain plans? We spend tens of thousands of dollars on vacations but not a small relative amount on a solid financial plan.
Strategies:
14. The hiring process nightmare: there is a significant difference in suitable (commission) investments versus best interest fiduciary (fee only) investments. Even the fee only field has risks: does your fee only advisor not accept commissions but accept other fees including referral fees to or from fellow professionals?
Strategy: Review of the Focus on Fiduciary Questionnaire Handout.
