Imagine this. You open your front door and see a gigantic squid wearing a sombrero and a coin changer belt. Imagine the look you’d have on your face. That’s what my face looked like when she started asking me questions about money.
The “she” I’m referring to is my wonderful fiancé. Now that our wedding is only 62 days away (yes we’re counting), we’re starting to talk about how we combine our financial lives. This subject is more unnerving than figuring out who gets to sit next to who at our reception.
We’ve spent more time planning our honeymoon than talking about our future financial security. And I’m more concerned about controlling the remote than controlling the checkbook.
Should we have joint accounts and investments? Do we have the right levels of insurance for a married couple with no children? Are we not thinking of something we should be thinking about? I asked one of our longtime financial representatives in Southern Illinois, Mike Harris, to give me some good advice. He suggested two things:
- First, get all of our property insurance under one company. That doesn’t just make it easier, it could also make it cheaper if we are eligible for multiple policy discounts.
- Make sure the essentials are protected RIGHT NOW. That means home and cars are properly insured, the beneficiary info is changed at work, and the ring is insured!
When it comes to long-term planning, Mike said get through the stress of the big day first. Planning for retirement and figuring out life insurance takes some thought and concentration, so it’s best to wait until the wedding stress dies down.
I shot a quick video with him talking about his approach to people like us with a lot of questions. He says when we meet with a professional, we need to make sure he/she gets to know us before talking about anything else.
Here’s what he says he does with new clients:
Do any married people have any advice or stories they’d like to share about how they dealt with marriage and finances? Post a comment and share your story!
