by Business Insider | October 25, 2013 3:15 pm
Today’s Smart Investor tip comes from certified financial planner
Frankle points out that even if you’re a careful planner who’s great with money, having a spouse who doesn’t understand investing or has a completely different money philosophy can easily sink your financial future. That’s why it’s important to get on the same page with your spouse on the major topics and decisions that will affect the quality of your lives.
To get the process started, he suggests scheduling an hour each week to go over your financial situation. “Meet each week on the same day and time and calendar it,” says Frankle. “This increases the odds of the meeting actually taking place.”
These are the nine money talks that Frankle recommends, which he and his wife followed:
Furthermore, Frankle suggests simplifying your shared finances by getting rid of unnecessary bank accounts, consolidating investments, and keeping relevant documents organized in a folder. You may also want to revisit these topics semi-regularly and consider hiring a financial advisor.
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