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Financial Planning For Newlyweds


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Adam Tau, along with help from wife Rebecca Miller, both of MillerTau Financial Group in NYC, discusses the necessary financial advising that occurs while planning a wedding.

Published in: Economy & Finance
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Financial Planning For Newlyweds

  1. 1. FINANCIAL ADVISING FOR NEWLYWEDS Securities offered through North Ridge Securities Corp. | Members, FINRA/SIPC/MSRB | 1895 Walt Whitman Road Melville, NY 11747 | 631.420.4242. Take Care of This Financial Checklist Before You Say “I Do”
  2. 2. GOAL-SETTING It’s important to set up some goals for the two of you. Do you want to buy a house? Where and when?  Have kids? How many and when? Go back to school? Take a big trip to celebrate your first anniversary? Start a business together?  A good financial advisor will be able to comfortably lead you through these talking points and will take your goals and dreams into account and put together a comprehensive strategy to get you there.
  3. 3. There’s no reason that a tough conversation like this one has to be a drag. Make it into a game – open a bottle of wine, write down questions for each other and draw them out of a bowl, maybe take a sip every time you and your spouse agree on a plan. GET CREATIVE
  4. 4. NO MORE SECRETS Arguing over money is one of the most common fights a couple can have, so it's important to be honest about finances. You’re now part of a team, and the decisions you make while spending are going to directly impact your partner. If you both really feel like you are on the same page when it comes to your budget and your spending allowances, then setting guidelines on purchase limits is a great alternative and a bit less invasive than asking permission before every purchase.
  5. 5. COMBINING YOUR ASSETS This can be a stressful process, so having a professional give you advice on how to divide or combine your accounts and your debts will take a lot of stress off of your shoulders. There are a few routes that couples take when reviewing their finances: combining accounts, keeping them separate, or a combination of both. No matter what you decide, both parties should know exactly what is going on to avoid any confusion.
  6. 6. IN CASE OF EMERGENCY Preparing for an emergency should be a big part of your financial planning. Life happens. If it happens to you when you’re least expecting it, having a cushion of finances available will make the sting of it all hurt a little bit less. Being fully prepared for an emergency, however, is more than just having extra money in the bank. Exploring your insurance options to ensure you and your family are protected should an emergency occur is also something your financial planner can help you with. 
  7. 7. GROWING OLD TOGETHER One day you’ll both want to retire. When that day comes, you don’t want to look back on the years you dedicated to working and regret not saving a little bit extra to enjoy your gray-haired days. The sooner you start investing in your future together, tThe sooner you start investing in your future together, the more you could benefit from things such as compounding interest. It may be difficult now when you’re young and busy, but your future self (and your spouse) will be very grateful that you took care of things now.
  8. 8. FOR MORE FINANCIAL TIPS, PLEASE VISIT ADAMTAU.COM Securities offered through North Ridge Securities Corp. | Members, FINRA/SIPC/MSRB |1895 Walt Whitman Road Melville, NY 11747 | 631.420.4242 | |