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The Couple's Guide to Financial Compatibility: Avoid Fights about Spending and Saving--and Build a Happy and Secure Future Together by Jeff Motske

Financial problems exact a toll on any couple. Long before you realize you are living well beyond your means, the burden of debt wreaks havoc in your life. Invariably, a basic lack of communication about money is to blame. This is where Certified Financial Planner Jeff Motske saves the day. Motske's financial services firm has helped tens of thousands of couples nationwide find happiness in love and money.

The Couple's Guide to Financial Compatibility is the book to read now in order to avoid break-ups, divorce, or shelling out thousands of dollars in therapy later. It's filled with vital tips to help anyone at any relationship stage achieve financial freedom. Following a logical progression from combining finances to retirement planning, Motske gives you the tools you need to keep your finances healthy and the bond with your loved one strong. In an easy-to-follow style, this guide is organized around the questions partners need to ask each other, including:

How do we align our goals and expectations?
What do we need to discuss as a couple before we begin investing?
What if one of us loses our job?
Can we afford to have kids?
What's the best way to teach our kids about money?
What's the best way to get our kids through college?
How do we take care of our kids and our parents at the same time?
Do we have enough money saved up to retire?

and over 100 more

Product Details

ISBN-13: 9780738218168
Publisher: Da Capo Books
Publication date: 03/31/2015
Pages: 256
Sales rank: 790,919
Product dimensions: 6.00(w) x 8.90(h) x 0.80(d)

About the Author

Jeff Motske founded Trilogy Financial in 1999 to combine the areas of financial, estate, and tax planning all under one roof. In just over a decade, Trilogy has grown with more than 200 employees working in 11 offices in 4 states and handling more than 2 billion in client-invested assets. Motske lives with his family in Orange County, California.

Table of Contents

Preface xiii

Introduction: The War of the Wallets Quiz xix

1 How Do We Create a Game Plan for Financial Success? 1

First Things First: You Must Establish a Budget 4

Budget +911 Fund + Goals + Protection = Financial Game Plan 6

What's the Better Investment Vehicle for Our 911 Fund-A Checking or Savings Account? 8

Should We Set Up These Accounts Jointly? 8

Protecting Our House and Building Our Rooms (Goals) 9

What Next? 11

2 We Made a Budget and Want to Start On Our Game Plan… So Why Don't We Have Any Money? 15

What Do We Look for in Our Bank Statements? 16

Whose Debt Is It Anyway? 17

How Do We Get Out of Credit Card Debt? 18

3 What's the Difference Between Good Debt and Bad Debt? 29

What About Loaning Money to Friends and Family? 33

Should We Continually Refinance Our Home? 34

What About Out Student Loan Debt? 35

4 How Do We Align Our Goals and Expectations? 37

5 Investing 101: Where Do We Invest Our Game Plan? 43

What Do We Need to Discuss as a Couple Before We Begin Investing? 45

How Much Should We Invest to Start? 47

But Jeff, Where Do We Start? 48

What Is a Stock? 43

What Is a Bond? 49

It's About Time, Not Timing 55

When It Comes to Investing, Make Time Your Friend, Not Your Enemy 57

6 Should We Buy Life Insurance? 59

What Type of Life Insurance Is Best for Us? 60

How Much Coverage Do We Need? 62

7 Where Do We Want to Live? 63

Renting Versus Owning 66

How Much of a Down Payment Do We Make? 67

Is It Better to Pay Cash or Carry a Mortgage? 68

8 What If One of Us Loses Our Job? 71

Should I Start a Business While I'm Unemployed? 73

9 Can We Afford to Have Kids? 77

Should I Quit My Job to Raise the Kids? 78

What If We Both Need to Work? 80

What About Working Part Time? 81

Is It Wise to Invest in a Child's Talents in the Hopes of a Scholarship or Future Greatness? 82

Should We Send Our Kids to Public or Private School? 83

10 What's the Best Way to Teach Our Kids About Money? 87

When Should We Open Their First Bank Account? 89

Should Our Kids Make a Budget? 90

Should Our Kids Get an Allowance? 92

11 What's the Best Way to Get Our Kids Through College? 95

What If Our Kids Are Near College Age and We Can't Pay? 98

Does Having Our Child Attend Community College for the First Couple of Years Make More Financial Sense? 99

Can We Afford to Send Them Away, and Are They Ready to Leave the Nest? 100

Besides Tuition, What Financial Concerns Should We Have If Our Kid Does End Up Going Away for College? 100

Should We Charge Our Adult Kids Rent If They Are Living at Home While Attending College? 101

Should We Charge Our Kids Rent If They Move Back Home After They Graduate? 102

12 How Do We Deal With Life's Financial Peaks and Valleys, Especially When they Involve Our Kids? 105

The Stock Market Is Down And… 107

We Are Being Sued-What Should Our Financial Strategy Be? 108

What About the Real Estate Market? The Value of Our Rental Property Tanked and We Lost Our Renters-Now What? 109

13 How Do We Take Care of Our Kids and Parents at the Same Time? 113

Should Our Parents Consider Downsizing, or "Rightsizing," Their Home? 119

14 Jackpot! What Do We Do If We Inherit a Large Sum of Money or Get a Sudden Windfall? 123

Whose Inheritance Is It? 126

What Are the Tax Implications? 127

15 What Do We Need to Consider Before We Retire? 129

Do We Have Enough Money Saved to Retire at Sixty-Five? 131

What's the Optimal Approach to Taking Our Social Security, and When Should We Be Doing So-Early in Life of Later? 133

We Don't Have a Pension Plan and It Doesn't Look Like Social Security Will Be Enough-Where Is Our Main Source of Retirement Funding Going to Come From? 136

16 Financial Independence at Last! How Do We Hake a Smooth Transition Into Retirement? 139

What Else Can We Do to Smooth the Transition to Retirement? 142

What Will We Do with Our Time Now That We're Not Working? 143

What Happens It One Retires and the Other Doesn't 144

17 What's Estate Planning All About? 147

When Should We Start Estate Planning? 150

Why Do a Living Trust? 153

A Different Aspect of Estate Planning-Gifting! 154

How Do We Make Sure Our Kids Have Access to Our Accounts in the Event of a Medical Crisis? 155

18 How Do We Find and Hire a Financial Advisor? 157

What Do We Need from an Advisor? 160

How Do We Interview an Advisor? 162

How Should We Pay Our Advisor-With a Commission or Fees? 163

Where Should We Invest Our Money to Reach Our Game Plan Goals? 163

What Should We Expect from an Advisor? 164

19 Financial Success Stories Defined By You as a Couple 167

Epilogue 177

Afterword Kendra Motske 179

Acknowledgments 181

Notes 183

Glossary and Worksheets 187

Index 197

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The Couple's Guide to Financial Compatibility: Avoid Fights about Spending and Saving--and Build a Happy and Secure Future Together 5 out of 5 based on 0 ratings. 1 reviews.
NRichtsmeier More than 1 year ago
This book, much like the topic it addresses, doesn't necessarily jump off the shelf at you. Our personal finances are something that we all too often want to avoid, and the conflicts between us and our partners around money are often even more taboo. But what I learned in this book is that it doesn't have to be this way. There are simple and easy ways to make finances a healthy and even helpful part of your marriage and relationship. By bringing some of these topics out of the dark and into the light we can find new ways to connect with our spouse and even enjoy managing our financial future together. Too many financial books are full of unrealistic projections (get rich quick, get 12% annual returns in the market!) or are downright preachy and dull. This one is about real people taking real steps that make a marriage better over time.