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Want to get on the same page with your money? Carl Richards, NY Times money columnist and author, shares tips on to create a one-page financial plan!
Get on The Same Page with Your Finances and Lives
If you've been a listener for a while, you know one of our goals is building your marriage and net worth together.
I feel strongly that by making it a team effort, you're not only going to hit your financial goals, but you two will have a happier relationship.
The question that comes up a lot with new listeners, though is – how do you get on the same page with money?
For many in our community it's a challenge because we've seemed to have married our financial opposites.
How can the two of you get on the same page and come up with a game plan that works for both you and your budget?
We're going to look into that today with Certified Financial Planner and NY Times columnist Carl Richards.
His latest book, The One-Page Financial Plan, offers a way you two can connect not just with your finances, but your lives.
In today's episode we get into:
- the most important question you two need to answer about money
- how you can plan for retirement with just three guesses
- how a financial plan can cover more about your marriage than just the numbers
If you hate the complex equations and almost confusing jargon thrown out by financial experts, then listen in.
Carl breaks it down into practical steps and doable strategies.
Hope you enjoy!
Resources to Get on the Same Page with Money and More
Looking to create your financial plan together? Here are some resources to make things easier!
- The One-Page Financial Plan
- Jumpstart Your Marriage and Your Money
- Best Budget and Money Apps: Personal Capital, Tiller, Mint
- Automatic Saving:
- Free 401(k) Analysis:
One Page Financial Plan: Is That Possible?
We know having a financial plan important for couples and we should have one if we want to get ahead, but how many of us actually do it?
Most people visit financial planners because they want answers on what to do with their money.
They want to know how much to save and invest, which debts to pay down first, or whether or not they can retire soon.
Their planner may come up with a 20 year plan, filled with pages of charts and tables listing in detail what should happen when.
It looks great. Every possible detail and life event has been accounted for.
And what do most people do with it once it's done?
Leave it in a drawer or file cabinet where it gathers dust. Why?
Because it seems like too much. Or maybe something unexpected happens threw off the carefully crafted plans out the window and they have no idea how to fix things.
Why Is Money Important to You?
He starts off with a question he asks of clients – why is money important to you?
From there Carl goes into how you two can figure out exactly what matters most to you so you can build a real financial plan.
He also gets into how easy it is to plan for retirement with just three guesses. (And why guesses are more practical and effective than forecasts included in the meticulously calculated twenty page financial plans advisors may give).
If you want to find out more about how you can be smarter about your money, please pick up Carl's book The One Page Financial Plan.
It's a quick read, easy to follow, but the advice he gives is effective.
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This episode was originally released April 2015. It was updated December 2018.