More Love and Money

This version comes from The New York Times' The Key to Wedded Bliss? Money Matters. My excerpts:

"TALK AND SHARE GOALS Before walking down the aisle, couples should have a talk about their financial health and goals. They should ask each other tough questions: Do we want children? When? Who will care for them? Will they go to public or private school? What kind of life do we want? When will we retire?"

RUN A HOME LIKE A BUSINESS Make a budget and keep track of earnings, expenses and debts. And structure your business as a partnership; when it comes to making big financial decisions and setting goals, do it together. “When they are making the decisions together, they really have ownership of those decisions and any results of those decisions,” said Mary Ann Sisco, national wealth adviser at JPMorgan’s private wealth management division. “Even if you have negative results, you tend to weather the storm better.”

BE SUPPORTIVE OF CAREERS Having a supportive partner helps you professionally, which should trickle down to your mutual bottom line. “Marrying the right person helps you succeed in your career through encouragement and support, the only kind of support that comes through a supportive, intimate relationship,” said Mr. Gundlach, whose wife backed his decision to start a management consulting practice after 22 years as a human resources executive.

ENJOY, BUT WITHIN REASON Create a cash cushion, and live a lifestyle you can sustain. Many people who were working at hedge funds that went bust or financial firms like Bear Stearns are learning these lessons now. Ms. Sisco, of JPMorgan, said that because her younger clients haven’t experienced a downturn, they assumed the money would keep pouring in.

USE A MEDIATOR Perhaps both of you have strong yet divergent opinions about how to invest. Or maybe you are a saver while your spouse prefers to hand over a big piece of earnings to Bavarian Motor Works. An independent third party, whether a financial planner or a therapist, can help you find a middle ground.

MAINTAIN SOME INDEPENDENCE Pooling resources is important, but so is maintaining a degree of financial independence. Carve out some money for both partners to spend on things that make them happy. And when paring back, it’s essential that each person make sacrifices.

INVEST IN YOUR MARRIAGE Spend it — time and money — together. Go on dates. “What that does is enliven the marital foundation,” said Gary S. Shunk, a Chicago therapist who specializes in wealth issues. “It’s a kind of investment into the heart and soul of the relationship.”