CONSTRUCTING A PROSPEROUS LEGACY

DISCOVERING/BECOMING THE RIGHT PARTNER

CREATING THE BLUEPRINT FOR A PROSPEROUS MARRIAGE

Three Stages

Prosperous Planning Partners

Stage 1

Stage 2

Stage 3

To the question, “Who is going to manage the money in your marriage?” she replied, “He is, I guess.” He responded, “We haven’t talked about that yet.” These comments surprised and shocked me.Elder Marvin J. Ashton - One for the Money

What question should you ask?What should you discuss before getting married?What steps should you take?

STA

GE 1

http://www.personal-finance-tips-for-you.com/finance-questions-before-marriage.html

Questions you should ask before you get married

How much money do you earn? Can I see a copy of your credit report and credit score? Have you ever filed for bankruptcy and are there any judgments against you? Do you pay child support? Do you have a checking and savings account? If we purchase a home will we own the home jointly? Have you ever filed for bankruptcy and do you have any judgments against you? Ask for a copy of their last tax return

STA

GE 1

http://www.personal-finance-tips-for-you.com/finance-questions-before-marriage.html

Questions you should ask before you get married

How much money do you earn? Can I see a copy of your credit report and credit score? Have you ever filed for bankruptcy and are there any judgments against you? Do you pay child support? Do you have a checking and savings account? If we purchase a home will we own the home jointly? Have you ever filed for bankruptcy and do you have any judgments against you? Ask for a copy of their last tax return

STA

GE 1

Questions you should ask before you get married

STA

GE 1

Take a personal finance class together Carefully observe reactions during the classTake all the steps recommended in the class – together Read One for the Money together and discuss Observe how their parents manage their money Observe purchases and spending habitsWork the Ben Franklin project togetherDiscuss financial objectives that may require disciplineFind out if they regularly save money

We are grateful that this one survey reveals that about 90 percent of the temple marriages hold fast. Because of this, we recommend that people marry those who are of the same racial background generally, and of somewhat the same economic and social and educational background (some of those are not an absolute necessity, but preferred), and above all, the same religious background, without question.

Spencer W. Kimball - Brigham Young University Devotional, September 7, 1976

STA

GE 1

STA

GE 2

Meaningful shared goalsThe essence of eternal

energyWho is right

How much am I willing to changeSimilarities empower

Differences enable dysfunction

Together

STA

GE 2

Marriage

Is marriage critical to financial success 89% of all divorces can be traced to quarrels

and accusations over money. Marvin Ashton / ABA

Money causes more problems in marriage than all other problems combined. Gordon B. Hinckley

The most important factor in millionaire success

I married the right person – Millionaire Mind

STA

GE 2

Marriage

Once married:• Find financial goals you can share• Define your hopes for your children

financially• Clearly commit to the value of ‘living well

below your means’• Commit to friends who seem to share your

vision• Discover ‘shared independence’• The ‘Why I married your mother’ –

communicate to your children some of the ‘financial’ reasons why you chose to marry their mother

STA

GE 2

Marriage

She had an excellent education

STA

GE 2

The ‘What I Expect of my Children’ Mirror

80% of all children will manage their financial

resources in a statistically similar way to the way their parents managed

their resources

What Not To Expect

STA

GE 3

Try never to expect or to tell your children you want their lives

to materially ‘be better than yours’

Openly Discuss Financial Goals, Expectations and Lessons with

Children

STA

GE 3

The ‘Million Dollar Choice’ Family

STA

GE 3

The Visual Goal

STA

GE 3

. . . that you can share with children

The Visual Goal

STA

GE 3

. . . that you can share with children

One Foot in Reality – One Foot In Your Dreams

STA

GE 3

Reality The enthusiastic (obsessive)commitment to higher

education

Dreams Show them how much you’reenjoying your own personal ‘life value’ crusade

The ‘Unexpected’ Humanitarian Cause

STA

GE 3

Active financial, time and resource philanthropic

commitment

To a ‘family selected’ need or organization

The Large Future Need ‘Seed’

STA

GE 3

If you’ll walk behind the mower

The scholarship mom

The ‘yard sale’ sale

Sublime Simplicity

STA

GE 3

Attend classes, read books, pray for eternal inspirationEspecially in the largest ‘potentially simpler’ expenses• Housing• Transportation• Vacations• Food expenses• Electronics and entertainment

Family History

STA

GE 3

On their shoulders we standAs part of this ‘chain’ – together we succeed

The ‘Economic Outpatient Care’ Decision

STA

GE 3

What financial OBLIGATION will we create and commit ourselves to with our adult children?The greatest threat to your future financial storehouse becomes those who know you have a storehouseThe Higher Education parametersThe Dad match – Only on long-term saving’s objectives

Young Adult Work

STA

GE 3

Make Sure they work for:Not too much moneyNot too much timeNot too much of a focus on ‘things’ they can buy

‘Disaster’ Recovery

STA

GE 3

Designated Family Activity (DFA) – at the soup kitchen“My money is in trust and I receive a monthly income – You have to approve any large expense with Scott”When it’s your turn to be the Dad