The wedding season is straight ahead. Couples are finalizing details for their big day … and of course the honeymoon. But how many of them are thinking about decisions they’ll have to make when the honeymoon is over? As newlyweds begin their journey down the road of life, several money-related potholes lie ahead. Up first today— financial planner and teacher Rob West helps us steer clear of them.
Q- All newlyweds have their first spat over money at some point. When that happens, what should they do?
A -At the first sign of tension over money— they should take it to the Lord.
These are those financial potholes Rob discusses on this edition of MoneyWise Live:
- The first one they’re likely to run into is spending and what it leads to: debt.
- The next trouble spot is not having a spending plan.
- If only there were people to help young couples and others set up a budget?
- They just need to go to MoneyWise (Live).org and sign up.
- Our next pothole is not having an emergency fund.
- Next pothole is not having life insurance.
Next, Rob and Steve answer these questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:
- If you own rental properties and one is fully paid while another one has $150,000 left to pay, should you take the money from the paid property to pay off your home mortgage balance of $75,000 to offset income taxes?
- If you've heard that you shouldn't close your cards at the same time to avoid credit score problems, should you contact your card company because you've closed two cards because of fraud?
- If you're happily married for over 10 years, should you be concerned that your home is only in your husband's name?
- If your 66 year old husband is still working and wants to wait until age 70 to draw Social Security, does that work better than drawing now and putting it in some high interest account?
- If a credit card company refuses to close your cards and continues to send more, what do you do?
- Is it a bad idea to get personal loans to pay off credit card debt?
- If your wife has incurred a lot of debt through no fault of her own including $24,000 of credit card and $60,000 of student loan debt and you're considering a zero interest credit card to spay ome of it off, are there any other alternatives you should pursue first?
- If you've been married for 5 years and just recently become home owners and you're finding it difficult to save money, what should you do?
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