Finding the person you want to spend the rest of your life with is tough enough, but combining finances on top of that? No easy task. When and exactly how much of your money to combine will be a personal decision, but it’s best to consider all the steps before heading into the process so
In the past, sharing finances was straightforward. Two people got married (usually young) and combined their money into a joint bank account. It’s always been easy to collaborate on finances. Millennial couples are different. They move in together sooner and marry later. They also carry record levels of student debt and typically earn dual incomes.
I have sat with clients on countless occasions where one or both spouses have told me defiantly, “I am taking Social Security at 62 because [fill in the blank].” Common rationales include: “The system is going broke.” “I’m going to be dead by 75.” “I need the money.” But in most cases a more accurate
Then: Breighanne and Devon Eggert appeared in our December 2007 issue, when they were recent law-school graduates with $350,000 in student loans. They both landed jobs at Chicago law firms that paid well, and they continued to live like students, devoting more than half of their take-home pay to loan payments. Their plan was to
In 2010, Karen Sargent and Paul Farrugia had $15,000 of savings burning a hole in their pocket. At first, they thought they would buy a flat in London, where they were living. However, Sargent remembers, “We’d daydream about traveling, and we decided the money was better spent on travel.” Instead of putting a down payment on a home,
You share life and all your love with your spouse or partner, but is one of you detached from money matters? Here’s why and how to find more balance in your financial decision-making. Merging two financial lives and backgrounds can take time, particularly if you married later in life. If you’re like many people, you