Weekly Wedding Tip – Money Matters – Part 2

MONEY DOES MATTER IN SUCCESSFUL MARRIAGES

continued from Monday, September 8, 2014 – Part 1 of Money Does Matter in Successful Marriages

A quick Financial Compatibility Quiz created by Randy Schuldt of IHateFinancialPlanning.com may help you and your future spouse explore your thoughts regarding money. Answer Yes or No

1. We talk about money regularly.
2. We have decided who will handle the bills when we marry.
3. I feel my future spouse manages his/her own money well.
4. I would feel comfortable if my future spouse made a purchase of $250 without telling me.
5. I feel my future spouse knows what my retirement dreams are.
6. I know how much debt and savings (including investments) my spouse is bringing into our marriage.
7. Between us, we have more than five credit cards.
8. I know how much my future spouse makes and what percentage he/she is contributing to their 401 (k) plan at work.
9. I feel my spouse avoids sitting down and talking about money.
10. We have the same financial dreams.
11. I feel like my future spouse treats his/her money as if it’s his/her own.
12. I never talked about money with my parents.
13. I know how my future spouse would feel if I wanted to quit my job and start a business.
14. I would feel comfortable living off one salary if either my spouse or I wanted to quit his/her job.
15. When we talk about money, my spouse interrupts me often or dismisses my points of view.
16. I feel my future spouse is a cheapskate.
17. We have a financial plan.
18. We have talked to a financial planner.(0-6 points)       Red Flag. There is a need for much more communication.(13-18 points)   ’nSync. Your dreams and financial plans are together. Go for them!
19.             Remember discussing your new financial life together gives you a solid ground upon which to build your dreams and journey together from the wedding to retirement. Congratulations.
20. (7-12 points)     Fork in the Road. You have some areas which need more exploration
21. Give yourself one point if you answered TRUE to questions 1,2,3,4,5,6,8,10,13,15,16,and 17 and 1 point if you answered FALSE to questions 7,9,11,12,and 14.

Ann Homer Cook, Ph.D., President, A. Homer Cook & Associates, A Management Consultant firm.

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