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A review by nhaverkamp
Smart Couples Finish Rich, Revised and Updated: 9 Steps to Creating a Rich Future for You and Your Partner by David Bach
3.0
Run of the mill financial advice, covers the foundations.
"Step 1: Learn the facts/myths about couples and money.
Facts: Money has very little to do with love and a lot to do with how much you fight (#1 reason for divorce). It takes very little money to make money as long as you are patient and disciplined. Everyone makes enough to invest. Taxes and inflation are never going to be completely under control. If the two of you don't start talking about money, you'll more than likely die broke.
Step 2: Determine the true purpose of money in your life.
It's always easy for us to list the kind of stuff we want to own versus the king of values we want to live by.
Step 3: Plan Together...Win Together
Step 4: Couples' Latte Factor. (Find $5 everyday that is wasted on the "little stuff" and decide to invest it instead)
Step 5:Build your retirement basket.
If you are not paying yourself the first 10 percent of your income, you are living beyond your means.
If you want to be really rich, you should save 15 percent of your income.
Step 6: Build your security basket.
Set aside a cushion of cash (3-24 months of living expenses)
Both of you absolutely must write a will or set up a living trust.
Buy the best health coverage the two of you can afford.
Protect those who depend on you with life insurance (Death benefit 6-20 times annual spending needs, level term 15-20 years)
Protect yourselves and your incomes with disability insurance ("any occupation" coverage)
Step 7: Build your dream basket.
I suggest that you start by kicking in at least 3 percent of your after-tax income.
Step 8: Learn to avoid the ten biggest financial mistakes couples make
Having a 30 year mortgage (pay if off in 15-20).
Not taking credit card debt seriously.
Trying to time the market.
Buying stocks on margin.
Not starting a college-savings plan soon enough (529 college savings plan).
Not teaching your kids about money.
Neglecting to sign a prenuptial agreement.
Not having a greater purpose beyond the two of you.
Not figuring out who's responsible for what.
Not getting professional financial advice (advice from the financial advisor..)
Step 9: Plan a money date."
"Step 1: Learn the facts/myths about couples and money.
Facts: Money has very little to do with love and a lot to do with how much you fight (#1 reason for divorce). It takes very little money to make money as long as you are patient and disciplined. Everyone makes enough to invest. Taxes and inflation are never going to be completely under control. If the two of you don't start talking about money, you'll more than likely die broke.
Step 2: Determine the true purpose of money in your life.
It's always easy for us to list the kind of stuff we want to own versus the king of values we want to live by.
Step 3: Plan Together...Win Together
Step 4: Couples' Latte Factor. (Find $5 everyday that is wasted on the "little stuff" and decide to invest it instead)
Step 5:Build your retirement basket.
If you are not paying yourself the first 10 percent of your income, you are living beyond your means.
If you want to be really rich, you should save 15 percent of your income.
Step 6: Build your security basket.
Set aside a cushion of cash (3-24 months of living expenses)
Both of you absolutely must write a will or set up a living trust.
Buy the best health coverage the two of you can afford.
Protect those who depend on you with life insurance (Death benefit 6-20 times annual spending needs, level term 15-20 years)
Protect yourselves and your incomes with disability insurance ("any occupation" coverage)
Step 7: Build your dream basket.
I suggest that you start by kicking in at least 3 percent of your after-tax income.
Step 8: Learn to avoid the ten biggest financial mistakes couples make
Having a 30 year mortgage (pay if off in 15-20).
Not taking credit card debt seriously.
Trying to time the market.
Buying stocks on margin.
Not starting a college-savings plan soon enough (529 college savings plan).
Not teaching your kids about money.
Neglecting to sign a prenuptial agreement.
Not having a greater purpose beyond the two of you.
Not figuring out who's responsible for what.
Not getting professional financial advice (advice from the financial advisor..)
Step 9: Plan a money date."