The following is my answer to a Quora question: “What is the best long term financial advice for a newly-wed couple?”
A lot of marriages flounder because of fights about money. Therefore, have a financial plan, make budgets and keep to them. Put money aside in a separate account for investment, and wealth creation. That money must not be grocery money. Make sure you have a good hospitalisation plan so that one illness does not bankrupt the family. Have a clear delineation between what belongs to the family, and each of you. Avoid going into debt for consumption expenses. Debt is only an option when it is calculated to increase the family net worth.
Terence Kenneth John Nunis
[Shared with permission from: https://terencenunisconsulting.blogspot.com/2020/05/quora-answer-what-is-best-long-term.html?m=1 ]
A succinct piece of financial advice for newly-wed couples.
Essentially, it’s about:
- Managing cashflow
- Having a financial safety net
- Planning ahead for future needs and aspirations