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
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’
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
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