Financial Advice for Newlyweds

Financial advice for newlyweds starts with one shocking truth: it is best to start planning your future before you tie the knot. It is important to take the time to get intimate about your monetary truths before you walk down the aisle, or honeymoon in Hawaii. It will prevent sad surprises prior to buying a home as a married unit.

A trip to the investment advisor can help you both iron out any money issues before hand, so that you may achieve your new shared monetary vision successfully. Most first marriages are in the mid- to latter twenties, when most people have some college debt or other education loans still. In addition, with the expense of higher degrees, most twenty-somethings have credit card to boot.

A professional advisor can offer invaluable, neutral advice for newlyweds of a financial nature. This will help you to smartly invest in your Roth IRA, 401k, so that you can both enjoy that aspect of your shared lives and feel confidently prepared for it. Retirement planning is as prudent as something you may see before that point in your life: parenthood.

Professional Advisor Experience is A Worthwhile Investment

There are several items to be aware of when hiring financial advice for newlyweds. First find a professional advisor for newlyweds; that is, one who specializes in your life stage and your situation. If you are on your second or third set of wedding vows, then find someone who shares experience in this arena. If it is your first time around and you are both young and working out life with debt or with riches, find the advisor for newlyweds with your situation.

This advice for newlyweds is going to help you to most successfully navigate your financial future together. If it is your first time finding a house, then you will want to find advice for newlyweds from a professional who can help with that. If you are bringing children in from a prior relationship, then find financial advice for newlyweds from a professional experience successfully coinciding financials of a melded family.

A money advisor will be paid in one of several ways. A fee only advisor charges hourly, working as a consultant. This ensures your best interest is in mind when working for you. Others are paid just commission when they sell you a service. They might then have some best interest for their own pocket book or wallet, because they have to sell products to earn their money.

Financial advice for newlyweds can also come from an advisor who is paid partly as a fee only advisor, and also partly through commission. It is important to find someone who is at the least honest about how they are getting paid. If they are part of the National Association of Personal Financial Advisors, or adhering to the Certified Financial Planner Board of Standards, then they will be committed to something called a fiduciary standard. This means that they have high integrity standards, and work for you first and foremost.

Also make sure that your advice comes from a professional who has the additional credentials for offering financial advice for newlyweds. For instance, especially for the first couple of years, you may want financial advice for newlyweds that comes from a professional advisor with tax planning experience and credentials. You may also find professional advice from a professional with investment securities experience and credentials can help you immensely.

Another word to the wise, do make sure that you find the best advisor for your shared experience. You may have a married couple who found their monetary success and bliss from one advisor. In truth, though, this advisor may not suit your needs. If they were previously married, had some debt and custody issues to take care of, this may not work for you.

Work Together, and Separately

It may also help to have some rainy day money for your own individual use. While you may think that this undermines the first tenet: be utterly truthful about your financial position prior to marriage. It is also good financial advice for newlyweds to have some separate money, even if it is to take each other out for date night. It provides for some degree of independence. For instance, if your spouse buys $50 a month in DVDs, and you shudder to think a bout it, then let him or her spend their rainy day fund that way.

Financial advice for newlyweds prevents shocking surprises that can undermine your most valuable relationship asset: truth and intimacy. Secrets in the financial accounts or about creditors can be a hazard to a relationship, especially a successful union. So, please get financial advice for newlyweds prior to your nuptuals to ensure a good marriage with ensured monetary success based on professional advice for newlyweds.

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