Your investment adviser is an important partner in your life -- after all, who knows your intimate financial details better? It's an intensely personal, yet professional, relationship. But what happens when you discover that it's not an ideal marriage? When is it time to ask for a divorce?
It may be sooner than you think. In a recent survey by PNC Wealth Management of affluent individuals -- those with at least $500,000 in investible assets -- only 15% said their advisers, "really made a huge positive difference," or gave them an "A." Some 43% said they were looking for more attention from their financial advisers. If so many high-end clients are dissatisfied with the service they are getting, how well could advisers be treating their average Joe or Jane Investors?
Just as there are in matters of the heart, there are tell-tell signs that your adviser is "just not that into you" -- and vice versa.
• Annoyance. "You hate when they call and feel like they are always trying to sell you something. You get annoyed every time you get something in the mail. They sound annoyed whenever you call, and are frustrated by your questions," explains Susan Hirshman, author of Does This Make My Assets Look Fat?
• We Never Talk Anymore. Maybe there was a time when you enjoyed chatting with your adviser, but now the conversation is all but dead. "Your phone calls or emails are not returned within 12 to 24 hours. You haven't had a detailed conversation about your goals and financial situation in more than a year. You haven't reviewed or discussed your tax return over the last 12 months," says certified financial planner Thomas Casey of Casey, Thomas & Associates.
If you find this happening, review your investment policy statement: What did you and your adviser agree to in terms of frequency of contact? Maybe your expectations have changed. "Make this clear to your adviser, and if necessary, update your policy statement. Communicate your concerns without being confrontational or overly emotional," advises Stephen Horan, head of professional education content and private wealth management at the CFA Institute, an association of investment professionals.
• A Sense of Selfishness. Who's getting best served in this relationship: you or your adviser? Take a good look at your account activity. "If you're paying your adviser via commissions and you are seeing a lot of activity, this may be a sign your adviser is more interested in improving their financial picture than yours," says Bonnie Kirchner, author of Who Can You Trust With Your Money? Get the Help You Need and Avoid Dishonest Advisers. On the flip side, if you're paying fees to have your assets managed and no adjustments are being made over time, you may not be getting what you are paying for.
John Graves, a financial planner with Renaissance Group, offers this simple test for when it's time to change advisers: "When he speaks more often than he listens. We often get caught up in our own importance, to our clients' disadvantage," says Graves.
• Confusion Is Rampant. Be leery if there's a lot of turnover at your adviser's office, if your adviser keeps changing firms or repeatedly makes careless mistakes like misspelling your name. This could be an indication of instability, points out Brian Patrick Kuhn, a certified financial planner with Retirement Planning Services. All this distraction could be costing you.
Confusion on the other side of the relationship is also a bad sign. If you've been with one adviser for a while, and you still don't understand your accounts or the overall plan, you should be concerned. "Sometimes people go with a planner's recommendations because it sounds good and they trust them, but they don't fully understand the recommendations," says Kuhn. "If a long period goes by and you're still unclear, the planner hasn't done their job, and the relationship can't go on forever without that clarity."
In the end, sometimes it just comes down to a personality mismatch. But while that might be tolerable, poor performance may be a deal-breaker. You should have a basic understanding of the types of investments you own, how they are tracking against the overall market and why they are under- or outperforming appropriate benchmarks, says Kirchner. If your portfolio is consistently and significantly under-performing, you may need to find someone with a better track record," she adds.
Analyze What Happened, and Move On
Much as you would try to figure out what went wrong with a marriage heading for a divorce, make sure you assess what happened in your financial relationship. "Most times it can be summed up in two words: communication and expectations," says Hirshman. "Advisers fail to communicate their process, client service model, fees and performance, clearly or accurately, for example. They don't do what they say, or they do what they say, but the client never understood it," she adds.
A new year often means lofty resolutions, especially when it comes to planning and maintaining a travel budget.
Though there are many personal-finance sites and software out there, this year I'm resolving to use Mint.com's free online tool. You can create plans for saving toward retirement and buying a house, but I'll be primarily using the site for its Travel Goals, which help you set -- and stick to -- realistic travel budgets.
And though the tool obviously doesn't do the hardest part (you still have to save the money), it does track how far or close you are to achieving your Travel Goal.
For example, say you want to go to Hawaii for a week this summer. Once you create a budget by filling in the estimates for airfare, hotel, meals, and other expenses, you can then specify how much you will contribute to that Travel Goal each month.
If you underestimate how much you'd need to save per month, the online tool points out: "Oh no! You aren't saving enough each month to reach your goal on time." The tool then offers you two ways to fix your Travel Goal: increase your monthly contribution in order to reach your desired travel date or postpone your planned date to fit your monthly contribution.
If you stay on track with saving the specified amount each month, Mint.com's budgeting tool highlights (and adjusts) the projected date of when you can afford to take the trip. Save more, and you could afford to take your trip a month or two earlier.
But if you slack on your monthly savings, the date will be pushed back -- a reality check and an instant motivator. Once you mentally equate an unnecessary clothing purchase or an impulse buy to the consequence of delaying your trip by a month, saving becomes a little more real.
Granted, most people will buy plane tickets and reserve hotels with a credit card several months before actually taking the trip; the tool helps track if you'll be able to easily pay it all off after your trip. After all, nothing ruins a vacation more than coming home to bills that you're not financially prepared to handle.
To fund my travels this year, I've linked my Mint.com account to an ING Savings Account labeled Travel Fund.
How do you stay on track with saving up for a vacation?
[flickr image via epSoS.de]
Gallery: How to create a realistic travel budget
bench craft company reviews
Be A Part of the Oscars Movie <b>News</b> & Movie Reviews | Geo Blog
Do you like reading movie news and movie reviews? All of us without exception love the movies. They allow us to escape into a fantasy world and get away from our everyday realities if only for a while. Sitting in front of the screen at ...
Jeddah: City with a survival instinct - Arab <b>News</b>
At no time will Arab News attempt to alter the core meaning of a comment. 3. Reject the message, edit the message when the moderators judge it to be a personal attack, defamatory (or potentially defamatory), abusive, incite hatred or ...
Bad <b>News</b>: New Book Probes Role of Press in Financial Crisis
Given that some economists still debate the root causes of the Great Depression, little wonder that a multitude of competing stories still vies for affirmation as explanation for the financial crisis of 2008.
benchcraft company portland or
Your investment adviser is an important partner in your life -- after all, who knows your intimate financial details better? It's an intensely personal, yet professional, relationship. But what happens when you discover that it's not an ideal marriage? When is it time to ask for a divorce?
It may be sooner than you think. In a recent survey by PNC Wealth Management of affluent individuals -- those with at least $500,000 in investible assets -- only 15% said their advisers, "really made a huge positive difference," or gave them an "A." Some 43% said they were looking for more attention from their financial advisers. If so many high-end clients are dissatisfied with the service they are getting, how well could advisers be treating their average Joe or Jane Investors?
Just as there are in matters of the heart, there are tell-tell signs that your adviser is "just not that into you" -- and vice versa.
• Annoyance. "You hate when they call and feel like they are always trying to sell you something. You get annoyed every time you get something in the mail. They sound annoyed whenever you call, and are frustrated by your questions," explains Susan Hirshman, author of Does This Make My Assets Look Fat?
• We Never Talk Anymore. Maybe there was a time when you enjoyed chatting with your adviser, but now the conversation is all but dead. "Your phone calls or emails are not returned within 12 to 24 hours. You haven't had a detailed conversation about your goals and financial situation in more than a year. You haven't reviewed or discussed your tax return over the last 12 months," says certified financial planner Thomas Casey of Casey, Thomas & Associates.
If you find this happening, review your investment policy statement: What did you and your adviser agree to in terms of frequency of contact? Maybe your expectations have changed. "Make this clear to your adviser, and if necessary, update your policy statement. Communicate your concerns without being confrontational or overly emotional," advises Stephen Horan, head of professional education content and private wealth management at the CFA Institute, an association of investment professionals.
• A Sense of Selfishness. Who's getting best served in this relationship: you or your adviser? Take a good look at your account activity. "If you're paying your adviser via commissions and you are seeing a lot of activity, this may be a sign your adviser is more interested in improving their financial picture than yours," says Bonnie Kirchner, author of Who Can You Trust With Your Money? Get the Help You Need and Avoid Dishonest Advisers. On the flip side, if you're paying fees to have your assets managed and no adjustments are being made over time, you may not be getting what you are paying for.
John Graves, a financial planner with Renaissance Group, offers this simple test for when it's time to change advisers: "When he speaks more often than he listens. We often get caught up in our own importance, to our clients' disadvantage," says Graves.
• Confusion Is Rampant. Be leery if there's a lot of turnover at your adviser's office, if your adviser keeps changing firms or repeatedly makes careless mistakes like misspelling your name. This could be an indication of instability, points out Brian Patrick Kuhn, a certified financial planner with Retirement Planning Services. All this distraction could be costing you.
Confusion on the other side of the relationship is also a bad sign. If you've been with one adviser for a while, and you still don't understand your accounts or the overall plan, you should be concerned. "Sometimes people go with a planner's recommendations because it sounds good and they trust them, but they don't fully understand the recommendations," says Kuhn. "If a long period goes by and you're still unclear, the planner hasn't done their job, and the relationship can't go on forever without that clarity."
In the end, sometimes it just comes down to a personality mismatch. But while that might be tolerable, poor performance may be a deal-breaker. You should have a basic understanding of the types of investments you own, how they are tracking against the overall market and why they are under- or outperforming appropriate benchmarks, says Kirchner. If your portfolio is consistently and significantly under-performing, you may need to find someone with a better track record," she adds.
Analyze What Happened, and Move On
Much as you would try to figure out what went wrong with a marriage heading for a divorce, make sure you assess what happened in your financial relationship. "Most times it can be summed up in two words: communication and expectations," says Hirshman. "Advisers fail to communicate their process, client service model, fees and performance, clearly or accurately, for example. They don't do what they say, or they do what they say, but the client never understood it," she adds.
A new year often means lofty resolutions, especially when it comes to planning and maintaining a travel budget.
Though there are many personal-finance sites and software out there, this year I'm resolving to use Mint.com's free online tool. You can create plans for saving toward retirement and buying a house, but I'll be primarily using the site for its Travel Goals, which help you set -- and stick to -- realistic travel budgets.
And though the tool obviously doesn't do the hardest part (you still have to save the money), it does track how far or close you are to achieving your Travel Goal.
For example, say you want to go to Hawaii for a week this summer. Once you create a budget by filling in the estimates for airfare, hotel, meals, and other expenses, you can then specify how much you will contribute to that Travel Goal each month.
If you underestimate how much you'd need to save per month, the online tool points out: "Oh no! You aren't saving enough each month to reach your goal on time." The tool then offers you two ways to fix your Travel Goal: increase your monthly contribution in order to reach your desired travel date or postpone your planned date to fit your monthly contribution.
If you stay on track with saving the specified amount each month, Mint.com's budgeting tool highlights (and adjusts) the projected date of when you can afford to take the trip. Save more, and you could afford to take your trip a month or two earlier.
But if you slack on your monthly savings, the date will be pushed back -- a reality check and an instant motivator. Once you mentally equate an unnecessary clothing purchase or an impulse buy to the consequence of delaying your trip by a month, saving becomes a little more real.
Granted, most people will buy plane tickets and reserve hotels with a credit card several months before actually taking the trip; the tool helps track if you'll be able to easily pay it all off after your trip. After all, nothing ruins a vacation more than coming home to bills that you're not financially prepared to handle.
To fund my travels this year, I've linked my Mint.com account to an ING Savings Account labeled Travel Fund.
How do you stay on track with saving up for a vacation?
[flickr image via epSoS.de]
Gallery: How to create a realistic travel budget
benchcraft company scam
Be A Part of the Oscars Movie <b>News</b> & Movie Reviews | Geo Blog
Do you like reading movie news and movie reviews? All of us without exception love the movies. They allow us to escape into a fantasy world and get away from our everyday realities if only for a while. Sitting in front of the screen at ...
Jeddah: City with a survival instinct - Arab <b>News</b>
At no time will Arab News attempt to alter the core meaning of a comment. 3. Reject the message, edit the message when the moderators judge it to be a personal attack, defamatory (or potentially defamatory), abusive, incite hatred or ...
Bad <b>News</b>: New Book Probes Role of Press in Financial Crisis
Given that some economists still debate the root causes of the Great Depression, little wonder that a multitude of competing stories still vies for affirmation as explanation for the financial crisis of 2008.
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bench craft company reviews
bench craft company reviews
Be A Part of the Oscars Movie <b>News</b> & Movie Reviews | Geo Blog
Do you like reading movie news and movie reviews? All of us without exception love the movies. They allow us to escape into a fantasy world and get away from our everyday realities if only for a while. Sitting in front of the screen at ...
Jeddah: City with a survival instinct - Arab <b>News</b>
At no time will Arab News attempt to alter the core meaning of a comment. 3. Reject the message, edit the message when the moderators judge it to be a personal attack, defamatory (or potentially defamatory), abusive, incite hatred or ...
Bad <b>News</b>: New Book Probes Role of Press in Financial Crisis
Given that some economists still debate the root causes of the Great Depression, little wonder that a multitude of competing stories still vies for affirmation as explanation for the financial crisis of 2008.
bench craft company reviews
Your investment adviser is an important partner in your life -- after all, who knows your intimate financial details better? It's an intensely personal, yet professional, relationship. But what happens when you discover that it's not an ideal marriage? When is it time to ask for a divorce?
It may be sooner than you think. In a recent survey by PNC Wealth Management of affluent individuals -- those with at least $500,000 in investible assets -- only 15% said their advisers, "really made a huge positive difference," or gave them an "A." Some 43% said they were looking for more attention from their financial advisers. If so many high-end clients are dissatisfied with the service they are getting, how well could advisers be treating their average Joe or Jane Investors?
Just as there are in matters of the heart, there are tell-tell signs that your adviser is "just not that into you" -- and vice versa.
• Annoyance. "You hate when they call and feel like they are always trying to sell you something. You get annoyed every time you get something in the mail. They sound annoyed whenever you call, and are frustrated by your questions," explains Susan Hirshman, author of Does This Make My Assets Look Fat?
• We Never Talk Anymore. Maybe there was a time when you enjoyed chatting with your adviser, but now the conversation is all but dead. "Your phone calls or emails are not returned within 12 to 24 hours. You haven't had a detailed conversation about your goals and financial situation in more than a year. You haven't reviewed or discussed your tax return over the last 12 months," says certified financial planner Thomas Casey of Casey, Thomas & Associates.
If you find this happening, review your investment policy statement: What did you and your adviser agree to in terms of frequency of contact? Maybe your expectations have changed. "Make this clear to your adviser, and if necessary, update your policy statement. Communicate your concerns without being confrontational or overly emotional," advises Stephen Horan, head of professional education content and private wealth management at the CFA Institute, an association of investment professionals.
• A Sense of Selfishness. Who's getting best served in this relationship: you or your adviser? Take a good look at your account activity. "If you're paying your adviser via commissions and you are seeing a lot of activity, this may be a sign your adviser is more interested in improving their financial picture than yours," says Bonnie Kirchner, author of Who Can You Trust With Your Money? Get the Help You Need and Avoid Dishonest Advisers. On the flip side, if you're paying fees to have your assets managed and no adjustments are being made over time, you may not be getting what you are paying for.
John Graves, a financial planner with Renaissance Group, offers this simple test for when it's time to change advisers: "When he speaks more often than he listens. We often get caught up in our own importance, to our clients' disadvantage," says Graves.
• Confusion Is Rampant. Be leery if there's a lot of turnover at your adviser's office, if your adviser keeps changing firms or repeatedly makes careless mistakes like misspelling your name. This could be an indication of instability, points out Brian Patrick Kuhn, a certified financial planner with Retirement Planning Services. All this distraction could be costing you.
Confusion on the other side of the relationship is also a bad sign. If you've been with one adviser for a while, and you still don't understand your accounts or the overall plan, you should be concerned. "Sometimes people go with a planner's recommendations because it sounds good and they trust them, but they don't fully understand the recommendations," says Kuhn. "If a long period goes by and you're still unclear, the planner hasn't done their job, and the relationship can't go on forever without that clarity."
In the end, sometimes it just comes down to a personality mismatch. But while that might be tolerable, poor performance may be a deal-breaker. You should have a basic understanding of the types of investments you own, how they are tracking against the overall market and why they are under- or outperforming appropriate benchmarks, says Kirchner. If your portfolio is consistently and significantly under-performing, you may need to find someone with a better track record," she adds.
Analyze What Happened, and Move On
Much as you would try to figure out what went wrong with a marriage heading for a divorce, make sure you assess what happened in your financial relationship. "Most times it can be summed up in two words: communication and expectations," says Hirshman. "Advisers fail to communicate their process, client service model, fees and performance, clearly or accurately, for example. They don't do what they say, or they do what they say, but the client never understood it," she adds.
A new year often means lofty resolutions, especially when it comes to planning and maintaining a travel budget.
Though there are many personal-finance sites and software out there, this year I'm resolving to use Mint.com's free online tool. You can create plans for saving toward retirement and buying a house, but I'll be primarily using the site for its Travel Goals, which help you set -- and stick to -- realistic travel budgets.
And though the tool obviously doesn't do the hardest part (you still have to save the money), it does track how far or close you are to achieving your Travel Goal.
For example, say you want to go to Hawaii for a week this summer. Once you create a budget by filling in the estimates for airfare, hotel, meals, and other expenses, you can then specify how much you will contribute to that Travel Goal each month.
If you underestimate how much you'd need to save per month, the online tool points out: "Oh no! You aren't saving enough each month to reach your goal on time." The tool then offers you two ways to fix your Travel Goal: increase your monthly contribution in order to reach your desired travel date or postpone your planned date to fit your monthly contribution.
If you stay on track with saving the specified amount each month, Mint.com's budgeting tool highlights (and adjusts) the projected date of when you can afford to take the trip. Save more, and you could afford to take your trip a month or two earlier.
But if you slack on your monthly savings, the date will be pushed back -- a reality check and an instant motivator. Once you mentally equate an unnecessary clothing purchase or an impulse buy to the consequence of delaying your trip by a month, saving becomes a little more real.
Granted, most people will buy plane tickets and reserve hotels with a credit card several months before actually taking the trip; the tool helps track if you'll be able to easily pay it all off after your trip. After all, nothing ruins a vacation more than coming home to bills that you're not financially prepared to handle.
To fund my travels this year, I've linked my Mint.com account to an ING Savings Account labeled Travel Fund.
How do you stay on track with saving up for a vacation?
[flickr image via epSoS.de]
Gallery: How to create a realistic travel budget
bench craft company reviews
benchcraft company portland or
Be A Part of the Oscars Movie <b>News</b> & Movie Reviews | Geo Blog
Do you like reading movie news and movie reviews? All of us without exception love the movies. They allow us to escape into a fantasy world and get away from our everyday realities if only for a while. Sitting in front of the screen at ...
Jeddah: City with a survival instinct - Arab <b>News</b>
At no time will Arab News attempt to alter the core meaning of a comment. 3. Reject the message, edit the message when the moderators judge it to be a personal attack, defamatory (or potentially defamatory), abusive, incite hatred or ...
Bad <b>News</b>: New Book Probes Role of Press in Financial Crisis
Given that some economists still debate the root causes of the Great Depression, little wonder that a multitude of competing stories still vies for affirmation as explanation for the financial crisis of 2008.
benchcraft company portland or
benchcraft company portland or
Be A Part of the Oscars Movie <b>News</b> & Movie Reviews | Geo Blog
Do you like reading movie news and movie reviews? All of us without exception love the movies. They allow us to escape into a fantasy world and get away from our everyday realities if only for a while. Sitting in front of the screen at ...
Jeddah: City with a survival instinct - Arab <b>News</b>
At no time will Arab News attempt to alter the core meaning of a comment. 3. Reject the message, edit the message when the moderators judge it to be a personal attack, defamatory (or potentially defamatory), abusive, incite hatred or ...
Bad <b>News</b>: New Book Probes Role of Press in Financial Crisis
Given that some economists still debate the root causes of the Great Depression, little wonder that a multitude of competing stories still vies for affirmation as explanation for the financial crisis of 2008.
benchcraft company scam
Be A Part of the Oscars Movie <b>News</b> & Movie Reviews | Geo Blog
Do you like reading movie news and movie reviews? All of us without exception love the movies. They allow us to escape into a fantasy world and get away from our everyday realities if only for a while. Sitting in front of the screen at ...
Jeddah: City with a survival instinct - Arab <b>News</b>
At no time will Arab News attempt to alter the core meaning of a comment. 3. Reject the message, edit the message when the moderators judge it to be a personal attack, defamatory (or potentially defamatory), abusive, incite hatred or ...
Bad <b>News</b>: New Book Probes Role of Press in Financial Crisis
Given that some economists still debate the root causes of the Great Depression, little wonder that a multitude of competing stories still vies for affirmation as explanation for the financial crisis of 2008.
benchcraft company scam
Be A Part of the Oscars Movie <b>News</b> & Movie Reviews | Geo Blog
Do you like reading movie news and movie reviews? All of us without exception love the movies. They allow us to escape into a fantasy world and get away from our everyday realities if only for a while. Sitting in front of the screen at ...
Jeddah: City with a survival instinct - Arab <b>News</b>
At no time will Arab News attempt to alter the core meaning of a comment. 3. Reject the message, edit the message when the moderators judge it to be a personal attack, defamatory (or potentially defamatory), abusive, incite hatred or ...
Bad <b>News</b>: New Book Probes Role of Press in Financial Crisis
Given that some economists still debate the root causes of the Great Depression, little wonder that a multitude of competing stories still vies for affirmation as explanation for the financial crisis of 2008.
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benchcraft company scam
Be A Part of the Oscars Movie <b>News</b> & Movie Reviews | Geo Blog
Do you like reading movie news and movie reviews? All of us without exception love the movies. They allow us to escape into a fantasy world and get away from our everyday realities if only for a while. Sitting in front of the screen at ...
Jeddah: City with a survival instinct - Arab <b>News</b>
At no time will Arab News attempt to alter the core meaning of a comment. 3. Reject the message, edit the message when the moderators judge it to be a personal attack, defamatory (or potentially defamatory), abusive, incite hatred or ...
Bad <b>News</b>: New Book Probes Role of Press in Financial Crisis
Given that some economists still debate the root causes of the Great Depression, little wonder that a multitude of competing stories still vies for affirmation as explanation for the financial crisis of 2008.
benchcraft company scam
*Note: This was written by a Yahoo! contributor. Sign up with the Yahoo! Contributor Network to start publishing your own finance articles.
At the time my wife and I met, we were very close to opposite ends of the spectrum when it came to our outlooks on personal finance and spending. It wasn't that my wife was deeply in debt or spent excessively, but she took much less interest in her finances than I did, and certainly was not as concerned as I about spending money or planning for our financial future.
Frankly, this lack of caring bothered me, and I knew just how important being able to agree on money matters is to maintain a good relationship. So I set about not necessarily to convert her completely to my views, because some of her ideas about money actually help to balance my views quite well, but rather to make certain modifications and adjustments to her outlook and mentality that would put us if not on the same page, at least in the same book when it came to our personal finances.
Starting Slowly
Rome wasn't built in a day, and pressuring someone or forcing them into taking up your attitude upon a certain subject often ends up backfiring and pushing them further away from where you want them to be. Therefore, I took my wife's financial education process slowly, pointing out certain financial facts or tactics, flipping on CNBC occasionally when she was present, and showing her examples of how certain decisions we made could affect our personal finances both in the short and long term.
It wasn't as if I was forcing the stuff down her throat, but she knew I was interested in money and finance. As with many relationships that weather the test of time, she was at first willing to go along with my "craziness" about money, giving in to many of my money saving techniques and attitudes due to the mutual respect we had built for one another. Eventually she began to see the light and even to start seeing things my way when it came to money.
Explaining Goals and Aspirations
When you're saving money like a miser or scrimping a dollar here and there, people often don't always understand why you are pushing yourself so hard, or denying yourself self-gratification. But if you explain why you're doing these things, and what your goals are for your financial future, these same people may have a better understanding of why you are doing what you're doing.
At first, my wife didn't really get my logic for working so hard to save money. She often questioned whether I was taking it too far or not allowing myself to enjoy life enough (and at times I tended to agree). So I decided to share some of my goals with her.
At first, my goal was for us to be able to retire by the time we were 40. However, my wife likes her job and didn't really see a need to retire so early, which was good to discover because it altered my long term plans. At that point, I decided that if she wanted to continue working, I might be able to explore work options other than a typical 9-5 job. This is when I decided to work toward one day being able to quit my day job and try my hand at writing. At the time, we were working in Indianapolis, and my career move would not only help us getting back to Chicago, where she wanted to be, but help us to have our first child since I would be able to stay home and care for him.
By opening our minds to one another and discussing our personal financial goals together, we were able to get on the same page and develop a plan that worked for both of us. Communication greatly enhances my ability to develop my wife's personal finance skills as she works to develop my ability to go out, let loose, and have a little fun once in a while.
Continuing Education and Motivation
But communication, education and motivation don't end with just explaining goals to one another and leaving it at that. Watching shows like "The Suze Orman Show" or "'Til Debt Do Us Part" -- shows that are entertaining, yet informative and not overly complex -- can help her (and yes, even me) learn a thing or two occasionally, yet they also bolster my wife's confidence by showing her just how many people know so much less about personal finance than she does. Seeing the often ridiculously large debt holes into which people dig themselves and the terrible ways in which they spend (or waste) their money, makes both of us feel better and shows us what not to do. Plus, it's a nice way to spend some quality time together and is cost effective entertainment as well.
I also like to try to prepare her for the unexpected when it comes to our finances. This often takes place over dinner when we've run out of things to talk about or on car rides to the store. I'll ask my wife questions or put scenarios to her in which she is left upon her own to make a financial decision or we encounter a situation we've yet to experience that could greatly affect our finances.
Questions such as:
What if I died and you were suddenly left to organize our estate?
What if the house burned down?
What if the house was burglarized?
What if you lost your job?
These types of questions are an interesting way to pass time and help us prepare for unexpected situations so that if or when they occur, we are ready. Such activities make me feel more confident that if something were to happen to me, my wife would be properly prepared to take over and handle our personal finances, which provides both of us with peace of mind.
More from this contributor:
Teaching Your Children About Personal Finance
Money Saving Fun and Games
Single Couples' Estate Planning
Disclaimer: The author is not a licensed financial professional. The information provided in this article is for informational purposes only and does not constitute legal or financial advice. For financial advice, readers should consult a licensed financial advisor. Any action taken by the reader due to the information provided in this article is solely at the reader's discretion.
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Be A Part of the Oscars Movie <b>News</b> & Movie Reviews | Geo Blog
Do you like reading movie news and movie reviews? All of us without exception love the movies. They allow us to escape into a fantasy world and get away from our everyday realities if only for a while. Sitting in front of the screen at ...
Jeddah: City with a survival instinct - Arab <b>News</b>
At no time will Arab News attempt to alter the core meaning of a comment. 3. Reject the message, edit the message when the moderators judge it to be a personal attack, defamatory (or potentially defamatory), abusive, incite hatred or ...
Bad <b>News</b>: New Book Probes Role of Press in Financial Crisis
Given that some economists still debate the root causes of the Great Depression, little wonder that a multitude of competing stories still vies for affirmation as explanation for the financial crisis of 2008.
big seminar 14
Be A Part of the Oscars Movie <b>News</b> & Movie Reviews | Geo Blog
Do you like reading movie news and movie reviews? All of us without exception love the movies. They allow us to escape into a fantasy world and get away from our everyday realities if only for a while. Sitting in front of the screen at ...
Jeddah: City with a survival instinct - Arab <b>News</b>
At no time will Arab News attempt to alter the core meaning of a comment. 3. Reject the message, edit the message when the moderators judge it to be a personal attack, defamatory (or potentially defamatory), abusive, incite hatred or ...
Bad <b>News</b>: New Book Probes Role of Press in Financial Crisis
Given that some economists still debate the root causes of the Great Depression, little wonder that a multitude of competing stories still vies for affirmation as explanation for the financial crisis of 2008.
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