Lucky you . . . you found LOVE

Valentine’s Day is on a Friday and President’s Day is Monday this year, so why not make it a 4 day weekend of romance. Go to your favorite restaurant, take a walk down memory lane and stoke or rekindle the sparks that brought you two crazy lovebirds together.  Then use those memories to fuel a commitment to each other.  Commit to removing finances as a source of conflict in your relationship, for the remainder of the year, and for years to come.

There are many benefits that enable married couples to double their lifetime wealth.  Here are a few examples:

1. Health coverage can be provided through the working spouse’s job. With recent government policy changes, this can be a huge savings.  This gives couples the option to choose the policy that provides the best coverage for the least amount of cost.
2. Home and auto insurance policies are frequently cheaper, because married couples are viewed as more stable.
3. Larger pools of assets allow for more diversification.  You have leeway to explore investments you might not consider with smaller accounts.

Just because you say, “I do”, doesn’t mean these benefits magically appear in your financial life.  But couples that recognize the potential and commit to the work are very successful.

Steve and Liz came to me for help with preparing for their lives together.  These newlyweds were in their late 30’s and this was the first marriage for both of them. As we reviewed the services offered at Favored in our “getting acquainted” meeting, we uncovered the true reasons Steve and Liz were sitting in my office.

• When growing up, Liz had parents that argued over money and then presented the “country club façade” to family and friends.
• Steve had a stay at home mother and a father that made around $250,000 per year; until he lost his job.  Steve could still vividly remember the contrast between abundance and scarcity during his childhood.

As you can imagine, they began to discover that they had different motives for seeking my services.  Liz was concerned with avoiding arguments over finances in their marriage as well as having integrity between their home and public lives.  Steve was concerned with providing a stable lifestyle for his family.

This short meeting started Steve and Liz down the pathway that few couples embark on.   Next week I’ll share the 2 main hurdles that Steve and Liz, and most couples, have to overcome to start reaching their goals.

In the meantime, spend some time with your spouse answering these questions.