Money Management between wife and husband

sarma · Jun 15, 2010

SriVidya75 said: ↑

... why not meet a financial planner or some advisor and come up with the details on total money you both earn, how much you have saved so far, what are your future expectations, retirement planning, kids and their education etc...so basically its aobut short and long term planning and what are the factors. Best method is if you both sit and discuss with a financial planner, they would be able to show you all the calculations and whats needed for future.
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OP,
if you are meeting a financial planner, do a careful screening. Read this before you pick: Finding a Financial Planner - How to Find a Financial Advisor

IMO, a planner is right, if

she charges just for the plan from the client and has no indirect or backend commissions.

Some one suggested this company to me. I have never used them but saw them mentioned in several places as fee only advisors. Their site seems to have some useful info. http://www.garrettplanningnetwork.com

suggests ETFs with low cost from companies such as Vanguard, Ishares, Schwab

Does not use fancy asset classes or leveraged products

Keeps the overall annual expenses of the portfolio under 0.5% of assets including the ETF/mutual fund expense ratios

Keeps low churn rate and suggests long term holding esp if taxable money

Has good diversification among stocks, bonds, short term reserves. Stock asset classes may include US, Developed countries and emerging markets (blend and value styles are ok; growth style class is not desirable IMO);

Should not include load funds

should not suggest holding individual stocks as they are too risky and need constant portfolio management increasing costs

Discl: Just my opinion. I am not an investment professional and this is for information purpose only. Please do your research for your situation.

chillax · Jun 16, 2010

@sarma, Thanks for the info. Its a good start for me.

We are married for 6yrs. Me and DH have been maintaining seperate accounts so far. I could never take a step to put all the earnings in a joint account as my mil made him buy a house on her name with all his savings plus he took a loan as well which he never disclosed to me. I accidentally came to know about the loan. I aksed DH about the loan and all he said was he didn't want put all the money at once to buy a house so he took a loan. I asked why he didn't talk to me about it and he said he I will freak out.

DH being the only son, mil says if he invests on her name he will be getting everything after she passes away.Moreover if we ever to get divorced I will not get any of his earnings. DH thinks if were to get divorced he didn;t want to give anything as am more than capable of earning for myself. I don't know how much DH has challened to MIL so far.

Since we had a baby recently I want to explore all the options to resolve the issue.

Mylifeatusa · Nov 12, 2013

Dear Chillax,

Why the 'D' word coming in between you quite often ????? Its not good to maintain finances based on 'D', after all what d money for , its for our happiness as family.

Sorry i may be out of topic but I felt like saying this to you.