Feb 1, 2019
Marriage is hard work, and it's important to be a unified
couple. However, you probably don't agree on everything. Joel
identifies the top financial spousal disagreements he sees among
What You'll Learn:
00:44 – Joel Defines The Term "Fiduciary."
- It's a term you might have heard a lot about in the news over
the last couple of years. A fiduciary is one who is obligated by a
code of ethics to act in the best interest of his or her clients.
The contrast of that is someone who operates under a suitability
standard. This means they simply can't hurt their client. It's
important to work with a fiduciary advisor.
2:57 - A Looming Student Loan Debt
- Jamie Dimon is the chairman
and CEO of JP Morgan Chase. He recently predicted the next major
recession in this country will be related to student loan debt.
Joel shares his advice on how to pay for your children's education
in a way that doesn't contribute to this crisis.
7:33 - Identifying Spousal Disagreements On
- They say opposites attract, and we often see that's the case
when it comes to risk tolerance. One spouse seems to be the risk
taker while the other is more risk averse. Our job is to unify each
spouse together in a singular investing strategy.
9:48 - Legacy Planning Disputes.
- Spousal disagreements on legacy planning are also common.
Basically, one spouse wants to spend their last dollar on their way
out of this world while the other might want to leave a legacy for
the kids. In less extreme instances, one spouse wants to first be
certain they'll be cared for in retirement before worrying with a
legacy. We would suggest there are ways to do both. It's possible
to maximize income while leaving wealth to future generations.
11:22 - To Downsize Or Stay Put?
- Especially if you've lived in the same house for several years,
this can be an emotional decision. Joel shares his own parents'
decision to downsize.
12:58 - Spousal Disagreements On Retirement
- Luckily, these aren't ultimate decisions, but it's still
important to be on the same page with your spouse when it comes to
setting goals for your retirement. If your spouse wants to stay put
and watch cable news at night while you want to travel the
countryside, you need to come together and make a compromise.
A Quick Aside On Hot Dogs And UPS.
- Joel shares a story on the hardest job he ever had.
"As a couple, you're bound to disagree on financial decisions
from time to time. It's important to work together and find a
unified approach to your finances." - Money Wisdom
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For further exploration of this topic and additional resources,
check out our blog here: https://johnsonbrunetti.com/spousal-disagreements/