happy couples get together everyday worldwide. Most are
busy joining households, families and even pets! But far
more ominous and given far less thought is joint finances.
Numerous research studies have spoken about finances as
a major bone of contention among couples before and after
marriage. Let us look at some tips that you may want to
consider before saying I do!
Discuss your finances beforehand. Like most things in life,
preparation is the key. It is, of course, important to be
as honest about your financial position as any other matter,
with your spouse-to-be.
You should candidly discuss your credit history, outstanding
loans, savings and any other investments.
This financial summary will help determine what your combined
equity and debt will be. This is crucial to your ability
to make future large purchases such as a home, a car and
so on. This information will assist you as a couple to be
better prepared for the future.
Like investing on your own, as a couple you should talk
about your goals and objectives, these are critical to determining
your now-joint financial future. As you would have read
many times, determining your own short and long-term goals
would be the basis of any investment portfolio.
Impending marriage usually means individual goals give way
to a couples together goals. It is imperative
therefore, to assess whether you really want the same things.
Ideally, this is a question best answered before the journey
down the aisle.
Once you have assessed your financial status inclusive of
all loans, investments etc, and you now have a true picture
of what you are working with, you are now better equipped
to make intelligent decisions regarding your joint goals.
Feel free also to get help with your strategy, remember,
trained investment advisors are readily available to help
you achieve your goals.
For younger couples, you can afford to be more aggressive.
Consider investing in equities/stocks and other instruments
with a long-term perspective.
For the more conservative (ie risk-averse) couple, you may
prefer to invest in unit trust funds. While for the more
mature couple, fixed income securities with guaranteed yields
may offer the best option.
Whatever the choice for you as a couple, bear in mind that
both parties are now required to accommodate the financial
personality, skills and even burdens of each other.
It is recommended then that you examine your joint financial
goals carefully beforehand, that may help you to determine
what you are in fact saying I do to!
* UP next: focus on groups
information contained in this article has been obtained
from sources DB&G believes to be accurate and reliable.
All opinions and estimates constitute the authors
judgment as of the date of the article. No warranty as to
the accuracy, timeliness or completeness of this article
and as to the opinions based thereon is given or made by
DB&G. DB&G and/or its employees or directors and/or
any associated person may have an interest in, or interest
in the acquisition or disposal of, the securities or class
of securities mentioned herein. Call 1-888-CALL DBG if in
doubt about the content of this article. Decisions based
on information contained in this article are your sole responsibility.
* For further information, contact: Lisa-Maria Alexander
Country Manager at [email protected]