Whether you’re newly wed or about to celebrate your silver anniversary, there’s a good chance you’re making serious mistakes managing your money as a couple.
After talking with countless men and women about money and how it impacts their relationships, David Bach, vice chairman of Edelman Financial Services, has identified the many mistakes that recurred, time and again. They’re all profiled in his new book “Smart Couples Finish Rich: 9 Steps to Creating a Rich Future for You and Your Partner.” Three of them follow here:
No protection plan
Bach said that too few couple have a will. “50% of couples don’t have a will,” he said. “Some having living trusts but many don’t put their assets in their living trusts so it’s not valuable.” Although nobody enjoys the thought of outliving their husband or wife, its an inevitability for one of you. And sifting through confusion about assets is the last thing you’ll want to deal with while grieving for your loved one. Do it while you’re healthy.Read More »from 3 money mistakes that couples make