WASHINGTON – Engaged couples normally spend dozens of hours planning their weddings, but not enough time planning their financial futures, reports The Wall Street Journal.
Financial planner Gregory Aloia advises newlyweds and says it comes down to communication. Understanding your partner’s attitudes toward money along with his long-term investment goals are good places to start the conversation, Aloia tells WSJ.
Traditionally, one spouse takes the reigns with the family finances, and the other handles the bills, The Wall Street Journal reports.
But before roles are established, Aloia recommends couples determine each other’s comfort level with investments, expected income, your financial past and investment goals.
He also suggests couples establish an emergency fund to cover three to six months of expenses.
The average couple argues 20 times a year over finances, The Wall Street Journal reports. Talking about money at the beginning of a marriage could spare couples some of that bickering.
Looking ahead to the next five years, financial planner Tracy Burke tells the Wall Street Journal she recommends couple invest in a “diversified mix of stock and bond low-cost index mutual funds representing broad U.S. and international markets.”
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