June is a very popular month for weddings which is probably what prompted me to write a previous post onFinancial Considerations for Newly Wed Couples. If you are getting married this month, or anytime soon, I understand fully that you have a lot on your mind, but this is also the best time to begin working on the financial building blocks that will define your life as a married couple.
In all the hustle and bustle of the wedding planning, have you taken the time to determine what your investment strategy will be?
Here is a quick bullet list of the things that you and your fiance or recent wedded spouse should take into consideration.
Identify your goals. People can enter into married bliss at various stages of life. No matter your age, or if you are marrying for the first or second time, both you and your spouse will have a set of goals that you want to achieve together. For instance, do you need to save for a down payment on a house? Do you need to build up a college fund for your children? Or do you want to begin building up resources for an early retirement so you can relax and enjoy life? This is the time to define those goals and begin working towards them together.
Discussyour debts and assets. One surprise neither of you wants is to find out that your mate is deep in debt. If there are financial issues, you need to know about them from the beginning so a plan can be crafted that will reduce or eliminate the debt. Once you have that out of the way, you can begin your long-term investment plans.
Determine if you have the same or wildly different investment styles. While you probably have much in common with each other, it may well be that one of you is quite aggressive in terms of saving or investing while the other is more cautious or conservative. This is "need-to-know" information so you can determine what your investment strategy will be.
Build and grow your emergency fund. One of the best and earliest investment moves that you can make as a couple is to build a fund that contains 6-12 months worth of living expenses in a liquid account. With the current economy, this is more important than ever! If one of both of you becomes jobless your future could become fraught with stress and anxiety. Guard against that by aggressive savings in the early days of your marriage.
Give yourself a wedding gift by making the right investment moves right from the very beginning of your marriage. By doing this early, you will give yourselves a gift that will benefit you for years to come.
So plan your investments as carefully as you planned your wedding and enjoy your lives together.
Smart Investment Moves for Newlyweds
By: Theodore Henderson
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