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Top 3 Financial Mistakes Newlyweds Make! (So Do Married Couples)

Your wedding day is finally here and it is perfect (or as close as possible).  You are off on your honeymoon with your sweetheart and the both of you have a wonderful time.  Over the next few weeks and months the two of you settle in to your new life.

There are conversations related to many topics but one that weighs very heavily on the scale is the topic of money.  As newlyweds there are a multitude of financial decisions to be made.  It would be a list that would take more room than we have here today to discuss.  But there are some topics that rise to the top, some things that should not be put off.

Actually there are three financial mistakes that many newlyweds make.  By the way if you are not a newlywed keep reading because these money mistakes are not only for newlyweds.  There are many married couples that I have worked with that after five, ten, and even twenty years of marriage they have not addressed these issues.

Saving vs. Spending – I know it is very easy to go out with your friends and spend, spend, spend but you need to consider the alternative.  How about saving some of that money for your future?  I can hear the questions forming in your brain as I am typing this “Why would I want to worry about money now, there is plenty of time for that later?  It is very easy to get caught up in “keeping up with the Joneses”.  It can also be a very costly proposition.  Spend, spend. Spend is not a habit you want to get started off with.  Start budgeting early on in your marriage.  There is nothing wrong with going out and having fun.  Just set aside a certain amount every month for play time and once it is spent you are done until next month.

Retirement Savings – Most young people (not just couples) wait too long to start saving for retirement.  If you are working for a company that has a 401k, 503b or any other type of retirement plan where they match a portion of your contribution you should take full advantage of that.  If you have a retirement plan still with a previous employer you should consider taking it out and putting it in your own IRA type plan.  You will not be penalized for this if done properly.  Talk to your tax professional or the brokerage firm you want to move it to and they will tell you what you need to do to avoid penalties and taxes on this money.  If you don’t have a retirement plan at work then you should put as much into an IRA as possible (up to the limits of the law).

Set up a Will – I know we all want to think that we will live forever but the truth is that we won’t.  Wills are fairly inexpensive to do if you use an attorney.  They can also be done online for much less and with the same quality you would get sitting with an attorney in person.  It doesn’t matter how you do it just that you do it.  If you are looking for an online vendor to help you with this send me an email and I will give you a place to go to.

There you have it now go ahead and get started.  If you find you are in need of help with any of these things just send me an email and I will get back to you and we can discuss your options.

Strategy Based Profits TIP: – Start setting money aside for savings, maximize your retirement plan and set up your will sooner rather than later.

Robert J. Roy
Money Man

Budgeting Made Easy (Or at least simpler)

I have received numerous emails asking for more information on creating a budget.  What I did was I went back to my files from a budgeting workshop that I teach and I have created a quick and concise eBook called: “Strategy Based Profits Starter Budgeting Worksheet”. 

I have set up a download link on the top right side of the page.  Enter in your email address and your first name and you will receive a download link to the free eBook.

I hope you enjoy it!

Robert J. Roy
Money Man

To Budget Or Not To Budget (That’s The Question)!

Having a budget has never been more important than today.  Knowing how much money is available and where you intend to spend it is crucial.  We have become a society that loves to spend and for many they do it using credit cards.  The sad thing is that most people have no intention of paying the credit cards off at the end of the month.  Having a budget in place is important to your family’s financial success.

Budgeting can be scary at first.  It sure would be nice if budgeting was taught in school (What a joke)!  For some people they look at budgeting as a restriction being placed on their financial lives.  They feel if they have to budget, life as they know it will be over.  They will have to keep track of what they spend and answer for it.  HOW DARE YOU ASK ME TO DO THAT!

Does this sound familiar, if not that is wonderful.  Welcome to the majority.  If it does sound familiar don’t feel bad, society has not done a good job of giving us the tools to prepare for a good financial life.  The talk of money wasn’t very popular.  Don’t worry they will figure it out, that is what society has done to us.

The good news is that you can break the chains of Financial Prison.  You can learn the proper techniques to budgeting.  Here are a few things that must be in any good budget:

How much income is there in any given month
How much money do you donate or give away each month
Monthly mortgage or rent
Other monthly bills (electric, phone, gas, oil, water, telephone, cell phone, etc)
Monthly food cost
Non standard bills (birthday gifts, doctor’s copayments, new couch, car repairs, etc)
Credit card debt

Some of these items will have to be estimated, just do the best that you can.  I know it may sound like a lot of work up front but just start out slow and you will get through it.

Look for more on budgeting coming out soon.

Robert J. Roy
Money Man

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