One of the many viral stories closing out 2017 was of a man who after ten years of paying rent in the house he lives with his family, fell into a coma after he discovered that the landlord of the property and his wife were the same person! While making the rounds on social media, many commented: “how could he not know that his wife owned the house?” This is not a totally unbelievable situation as money is a very challenging topic to discuss between couples. Many go to great lengths to avoid the topic altogether which can possibly result in expensive lessons and heartache. This Valentine’s day we are highlighting five money topics all couples should discuss (not all at once!) over the length of their relationship.
Start with finding a quiet area free of distractions and journey into these important money- related topics:
You may want to retire at 50. What if your partner wants to work until the ripe old age of 70? Do you maintain separate retirement accounts or is it wiser to have one joint account? You can explore the idea of starting an investment account with SSL (shameless plug).
The pitter patter of little feet may be on the horizon for you two, but how many can you afford? Children are major financial commitments and couples should discuss what is possible rather than ‘would be nice’ before starting to expand the family.
Are you or your sweetheart in the process of paying student loans? Does the apple-of-your-eye have climbing credit card debt? If marriage is on the horizon then maybe a goal before saying ‘I do’ is to tackle outstanding debt together so you can begin the next phase of life with considerably more financial security.
Your partner is their own person with passions and goals all of their own and so are you. Knowing what keeps them going and sharing what makes you feel may not only bring you two closer, but you can pool resources and agree on what direction you will take to achieve your passions.
Once your financial goals are shared, you can get to the fun part of planning! At SSL, we have products that can be suited to whatever you need. Our team of financial advisors can help you to plan your financial future through investing in local or international equities.
If you want to start investing with SSL but don’t have the time to monitor the market or to conduct the trades yourself then you can choose one of SSL’s managed Financial Planning products. We offer a variety of products for every type of investor and if you are interested in managing online trades yourself and having complete control over your investment portfolio then you can try SSL’s Brokerage account.