Beginners Telescopes

When a newly married couple comes to a financial planner, there are always five different areas that seem to matter the most. They are starry eyed of course, thus putting these financial musts in front of them is of extreme importance. These are basically: 1. financial debts, 2. financial goals, 3. opening accounts, 4. making a budget, and 5. deciding who is going to act as accountant for the couple.

The first thing that any newlywed couple or couple about to get married needs to do is to understand what they will be bringing to the table financially. So they need to value what they have together in total assets which includes investments, bank accounts, cars, electronics, properties, and anything else that will fetch a price. This will give the couple a good idea of where they are starting out financially together.

The couple should discuss one of the major assets that most people own: their vehicles. Couples should discuss how long they each plan on hanging on to the vehicle and what happens when it is time to replace one. They also need to discuss what the appropriate expenditure would be for a vehicle as this is very important.

Income is the next item that should be discussed so that they couple knows how much money is coming into the household. This is the basis from which the couple will build their financial wealth.

Debt is a big ticket item on most people's books. Couple should share with each other how much is owed on any mortgages, credit cards, student loan payments, and other loans. They should be open and honest with one another so that they couple gets a clear understanding of how much debt they are in together; in turn they will be able to build a plan to get themselves out of debt.

One of the couple's biggest assets together is going to be their home. It is important, therefore, to understand where the couple stands financially with their home. Do they own more than they owe? Do they owe more than they own? How much equity if any is there in the home? These are all questions that need to be answered and understood by the couple so that they can make good decisions about where they are going to live now and in the future.

Anyone helping a newly married couple with the financial side of their new status needs to be sure that they have opened a joint banking account. The account should be an "or" account but never an "and" account, so that either one can withdraw and use the account.

Retirement accounts should be adjusted as necessary so that the new spouse is the beneficiary of all assets. The couple can decide to get life insurance, but should together discuss the costs and benefits of it.

If neither of the partners has a retirement plan then they should definitely look into getting one together because there will be no social security benefits for young newlyweds getting married these days.

Dorthy Weatherbush didn't have TheKnot.com to help her plan for and get ready for marriage. With the help of TheKnot.com couples now have lots of resources to not only help them plan for a wedding, but for marriage, kids, and the couple's first home.

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