August 20, 2014

Marriage and Money

An overwhelming number of failed marriages cite financial troubles as a major factor in their breakup, but there are steps you can take to ensure that your finances don't pull you and your spouse apart. Watch David John Marotta's video Seven Financial Vows for Marital Bliss or read Matt Illian's series of five money and marriage exercises, Before You Say “I Do”.

Newlywed To Do List

Rush Hour

While you know about the duplicate wedding gifts to exchange or return, and your mother is reminding you to finish writing Thank You notes, you might not remember all the other things you need to do.

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The Tax Code’s War On Marriage

Marriage Penalty

Two different people can end up with very different amounts of tax owed, simply because of their marital status. You cannot argue this increased tax is their “fair share” simply because they are married.

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Newlywed Checklist: Name Change, part 3

wedding_rings_hands_t

When a woman gets married she often changes her name. Once you’ve changed your name at the Social Security Administration, the DMV, your employer and employer benefits, and your passport, it’s time for the last few changes.

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Newlywed Checklist: Name Change, Part 2

wedding_rings_hands_t

The DMV was my second stop in the name-change process because it makes subsequent name changes easier.

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Financial Questions for the Serious Couple

John & Alyson Ball

Studies show that couples argue most about finances. Being on the same page about finances will allow you to enjoy a life that focuses on your needs and goals and will help you achieve them smartly.

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Newlywed Checklist: Name Change

wedding_rings_hands_t

For $50 and a lifelong commitment, you can legally change your identity!

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One Successful Way To Find Happiness

MarriedWell_t

Some struggles are inevitable, but others are decided by who you marry. This kitten married well.

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Essential Financial Advice for College Graduates

Graduation Advice

As the wife of a 2013 college graduate and a 2012 college graduate myself, I can boldly say this was the most helpful advice given to me.

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Earned Income Tax Credit (EITC) Punishes Marriage

Wedding Couple

The maximum income for a couple is not double what it is for a single person. Your spouse’s income can disqualify you from credits you could have received if you had not been legally married.

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Financially Savvy Kittens on Goal Setting and Keeping

This kitten boldly shares her goals with others.

This kitten boldly shares her goals with others. Be more like this kitten.

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Crunching Numbers As Wedding Bells Toll

Wedding Couple

Many parents feel obliged to pay for their child’s wedding, but financial advisers can try to help keep the spending under control. About one in three mass-affluent parents believe it is their duty to pick up about half the bill for their first child’s wedding.

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How Does Marital Status Affect Your Federal Taxes?

Marriage Penalty

Laws have always regulated who may marry, the obligations related to marriage and children and whether and how a marriage can be ended. Governments have always put their own social agenda above the pluralism of personal choice.

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Before You Say “I Do”: Money & Marriage Exercise 5

Wedding Rings and Money

My wife and I have six of our eight grandparents who are living well into their 80s and 90s.

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Before You Say “I Do”: Money & Marriage Exercise 4

Bride & Groom -Sunset Kiss

Many people turn to religion when defining these shared values.

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Before You Say “I Do”: Money & Marriage

Bride & Groom -Sunset Kiss

Couples that fail to prepare for a shared money maturity will likely experience longer and sharper growing pains. Here are several things to talk about before tying the knot.

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Reconciling Couples’ Money Differences

Mars and Venus

Many couples have significant issues about money. Many people’s beliefs are holding them back from enjoying life to its fullest potential. Make sure someone asks you the right questions.

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Before You Say “I Do”: Money & Marriage Exercise 3

Wedding Rings and Money

I highly recommend that you plan to live on one salary for the first several years. This is a challenge that too few couples accept.

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Before You Say “I Do”: Money & Marriage Exercise 2

Bride & Groom -Sunset Kiss

Begin by reflecting on this question: “Imagine you are financially secure, that you have enough money to take care of your needs, now and in the future.

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Is Money Pulling You Apart?

Money Argument

Financial troubles and marital troubles go together. Does financial largess therefore also go with marital harmony? Do something romantic together: Engage a fee-only financial planner.

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Before You Say “I Do”: Money & Marriage Exercise 1

Wedding Rings and Money

Couples that fail to prepare for a shared money maturity will likely experience longer and sharper growing pains.

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Women are more afraid of becoming “bag ladies” than men

Bag Lady

Women are more afraid of becoming “bag ladies” than men, and it makes them approach investing and saving for retirement differently, assuming they have managed to tackle either of those chores.

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Radio: Organizing Your Finances to Best Love Your Spouse

David and Krisan Marotta

Do you think of being financially organized as a way to love your spouse? David and Krisan Marotta explain why you should.

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Countering Resistance

Castle With Moat

Client resistance is an inevitable part of the financial planning process. It’s a sign the advisor is doing his or her job.

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Monetary infidelity

Wedding rings and money

If money is among the most common causes of domestic spats, it probably shouldn’t come as a surprise that almost one in four Americans would try to hide money troubles from their spouses.

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The Wealth Blueprint for Financial Success

Disney Blueprint

I was asked to speak at the Leadership Development Center at the University of Virginia’s EAN Annual Conference on Thursday, August 4th 2001. I’ve collected links to all the resources I mentioned in that talk here in one place.

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Financial troubles hit home the hardest

Wedding rings and money

Money worries are harming marriages and impairing health, according to a quarter of 1,400 married individuals polled online recently by the National Foundation for Credit Counseling.

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Multiple Accounts: An Essential Management Tool

Colorful Drinking Glasses

To build real wealth, you need specific wealth management tools.Most families have less than half of the accounts they really need, and young newlyweds often only have a checking account.

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Video: Personal Debt – The Borrower Becomes The Lender’s Slave

Marotta Youtube

They say that as long as Americans keep spending, the economy will be strong and unemployment will remain low. “Spend now and pay later” is poor personal policy.

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Video: Family Budgeting

Marotta Youtube

Every year problems of debt and overspending frustrate millions of families. The problem has little to do with income, a lot to do with spending. Spending less than you earn is the essential foundation that creates the capital for investing and wealth building.

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Video: Seven Financial Vows for Marital Bliss

Marotta Youtube

An overwhelming number of failed marriages cite financial troubles as a major factor in their breakup. This is no surprise because the way we use our time and money reflects our values. Without a strong set of shared values, marriages drift apart. But, dealing with finances together can bring a couple closer. Here are seven principles of how you can build wealth and your marriage.

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Dorothy in Taxland: Tax on Marriage

Dorothy

As Glinda advises us, “It’s always best to start at the beginning,” and at the beginning of the tax return is determining your filing status. Two different people can end up with very different amounts of tax owed, simply because of their filing status.

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