![]() ![]() Step 8 – Learn to avoid the ten biggest financial mistakes couples make I don’t think I would get one, but it’s interesting to read about them. He also goes through different types of annuities. He recommends VTSMX, which is, apparently, the older version of VTSAX and which I don’t think you can buy anymore. ![]() Now is the time to build your dream basket by thinking about what you want to do. I don’t think I would get any of the insurance plans, but it’s interesting to read about them. He recommends a money market account (Vanguard has one) for a savings account and goes through the different types of insurance. Retirement is free (and often employee-matched) money because you pay into your retirement fund before you see the money in your paycheck, so it makes sense to build the retirement basket first. The fact that the author wants you to invest in retirement before creating an emergency fund is novel and I like it. He goes through the different retirement account options. Put aside money for retirement before you do anything. I think that’s true for people not living in real poverty. The author thinks that Americans don’t have an earning problem, they have a spending problem. I took this step to create an income/expenses/passive income chart for boyfriend. Want to move to France? Hop on Airbnb for ten minutes to check out places. Take some tiny action within 48 hours of setting that goal. What are your assets? What are your liabilities? Now the author wants you to gather all your documents and put them in file folders and get a real handle of what money comes in and what money goes out. These five values should guide your decisions about money and life. I want enough money to be healthy and promote a healthy lifestyle. I want to spend money on things that make life interesting. I want to spend money on my family and spending time with them. I always want enough money to buy a comfortable place to sleep and enough food. What is important to you and does what you spend your money on mirror your values? List your top five values and discuss them with your partner. Step 2 – Determine the true purpose of money in your life He encourages early investing and consistent investing. There are a few other myths he debunks, like thinking you don’t have enough money to invest and not talking about money. Myth: It takes a lot of money to make money.Īctually, it takes time to make money. And you’ll fight about money if you don’t have the same priorities. ![]() You’ll fight about money if you don’t have enough of it. Myth: “If we love each other, we won’t fight about money.”Īctually, couples fight about money quite a bit. The author lays out a few myths about money and corrects them. Step 1 – Learn the facts and myths about couples and money. He lays out nine steps for couples to do to get ahold of their financial life. I just finished a fantastic book by David Bach called Smart Couples Finish Rich. My latest source of curiosity is how couples join their finances. ![]()
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