In many high-earning households, one spouse becomes the “financial lead.”
They manage the accounts and pick the investments.
They file the taxes or collect the documents for the CPA.
They decide where to deposit the bonuses.
The other spouse trusts them. And that may work for the day-to-day administration of the household finances.
But as life evolves and income grows, it’s critical that both spouses are aware of what’s going on.
From our time working with busy couples in the middle of their careers, we’ve seen families do much better (both emotionally and financially) when they stay aware of the two following areas:
- Are we on track for the future that we want?
- How much are we saving each year? Is that enough?
- Are we saving toward the right accounts and using appropriate investments?
- What are the top future priorities that we’re saving for?
- Can we afford that renovation, private school/college, or big vacation?
- What would happen if one of us was laid off or changed jobs?
- Where/How is everything set up?
- Where are our accounts?
- Who do we call for help if we have questions or need something?
- Are our beneficiaries current and set up correctly?
This is not about turning both spouses into investment analysts or tax professionals. It is about removing blind spots.
The Power of Simple Structure
Busy couples benefit from brief, frequent, intentional, pre-scheduled conversations.
We call them Money Dates.
Short check-ins to review where things stand, where they hope to go, and what actions need to be taken.
When both spouses stay involved in the big picture, confidence increases and better decisions get made.
Because the goal is not just a bigger portfolio. It is a stronger partnership.
Give a Money Date a try using this guide!
Investment Advice offered through FC Advisory LLC, a registered investment adviser doing business as “Financial Coach” and as “New Wealth Project”. This content is provided for informational purposes only and is not intended as personalized investment advice. Information provided is not and should not be interpreted as investment, tax, legal, or other professional advice or recommendation by FC Advisory, LLC or the members of our firm. Always consult the appropriate professional regarding your specific situation before implementing any options presented or inferred.
