Getting Married? – More Managing Money Issues – More Matters To Discuss
For those of you who are newly married, does this fairy tale describe your life together? It begins “once upon a time, you each discovered that very special person that you wanted to be with forever, and then you both rode off into the sunset”. It doesn’t?
Well, if you set aside some time at the beginning to discuss managing money and finances, you’ll have a much better chance to have a real fairy tale ending. This may sound like over simplification, but the non-romantic topic of money, should be discussed early on.
One financial planner says that it’s more important to discuss managing money issues than sex. I’m not sure I agree completely on that one, but she’s right, money issues are very important.
So You’ve Won The Lottery – What Are You Going To Do With It? You Need Financial Planning
We’ve all seen those movies where an attorney calls or sends a certified letter saying that some distant relative, twice removed, has passed away, and left you several million dollars. When the shock subsides and you stop shaking, you begin to wonder what you can do with this new found wealth. Financial planning usually isn’t at the top of the list.
Stories such as this aren’t that far fetched or as rare as we think. It does happen, practically on a daily basis to some degree, and the new found wealth usually disappears very quickly if the individual doesn’t seek proper financial planning.
Unfortunately, this seems to be more prevalent with lottery winners. A few years ago, I knew of one who won an out of state lottery and took a lump sum for several million dollars. After paying the federal and two states income taxes, he started the spending. He bought new Mercedes for the family and relatives, and three new expensive homes. He even went so far as to hire his niece who was in college, to walk behind him with a tape recorder to make notes of any ideas that popped into his mind.
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