Sheryl Garrett
Sheryl Garrett
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Parents seek to raise their children to be self-sufficient adults. If children can vote, drive, order a drink and go to war, why do parents feel obligated to carry the full financial burden of their college education?
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Many young couples are so busy being romantic that they forget to talk about anything practical like personal finance. Money isn't a romantic subject, but marriage should be seen as entering into a financial as well as a romantic partnership.
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Secrecy can be a killer. Many couples get married in their late 20s or even early 30s and are used to being independent. Having separate accounts allows the couple to maintain some financial independence while being completely open about it.
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Bailing your kids out of a self-inflicted financial mistake is going backward. A credit card can teach a kid when to stop spending. The lesson will be lost if parents keep bailing the student out.
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The concept of longevity could very likely be the most dangerous subject that financial planners and individuals project,
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A good family-law attorney or a good certified divorce financial analyst or certified financial planner is going to help you measure the value of the asset you think you want to keep.
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For most of us, it took years to develop bad financial habits, and it will take at least the same amount of time to create the good habits we want. People spend more time planning their annual vacation than discussing their personal finances. That's not healthy, especially for newlyweds.
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This way, both spouses are kept in the loop, and there are no secrets. There's no blame, no shame. It's taking your financial pulse: Did we meet our goals? What can be done better? You don't want to beat each other up--you want to make the finances work better.
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Maybe it's a reaction to going overboard in the 1980s and 1990s, but I sense a lot of people are moving away from materialistic things (and) toward more thoughtful and meaningful holidays.
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I think people are reluctant to talk about money because there's always a scorecard--a bank statement, a credit report, a pay stub--and if you screw up, it's right there. But with sex, it's easy to be Don Juan or Donna Juanita. I think the record of past transgressions in black and white is why money is our last taboo.
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There are about 1,100 laws that apply only to married couples that more than make up for the marriage penalty.
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The president of the college is suspended since Aug. 24 and I don't have a communication from the school?
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Try to remove as much emotion as possible from the housing decision. When considering a house, go through it room by room and make a list of repairs that need to be done immediately and then add things you'd like to do if money were no object. Be cautious and do the math.
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There are significant tax benefits to being married. In most cases, a married couple will pay less tax if they file jointly. The marriage penalty has been substantially reduced and generally isn't an issue until the combined income is $250,000.