One of the biggest wealth building hurdles is marrying someone without truly considering the lifelong financial impact of the decision. The person you choose to marry and when is the most important financial decisions you will ever make.
Tina Turner’s song, “What’s love got to do with it?” is probably the mantra that one should consider prior to considering and walking down the aisle of marriage. Choose the wrong spouse and the love of your life could turn into the one constantly frustrating your dreams, ambitions, and goals.
Committing your life to someone who is willing to work toward mutual financial interests and goals should be a key factor in selecting a spouse. If you are working toward retirement and your spouse is cruising along in life with no financial goals in mind then eventually resentment and problems may overshadow your love and marriage. So, choose your partner carefully.
If planned well, couples who collaborate on money matters can benefit from a wide range of financial rewards over a lifetime. Assuming both parties are working, it’s cheaper for two people to live together than live apart, marriage allows for risk pooling – example, if one of you loses a job, it may be easier handle some of financial obligations if your spouse is still working.
One action that could go a long way toward building marital wealth is talking with your partner or spouse about wealth and retirement and putting the common points into a documented actionable plan.
One of the major goals a couple should strive for is using money in a way that will generate more money for the partnership. You want to drive to the point of flipping the money equation from working for money to having money work for your marriage or partnership.
Remember choice wisely in marriage when it comes to finances. It can be the difference between standing on solid financial ground or standing on sand!