воскресенье, 6 ноября 2016 г.

Hard Questions about Money

Hard Questions about Money

Hard Questions about Money

This list is not exhaustive. It does give you a good place to start. It is designed for

each of you to answer individually and then to discuss and come up with a plan,

sometimes including compromise.

Ours â\u20ac“ Iâ\u20ac™ll keep working while you finish your degree and work part time. Iâ\u20ac™ll start

taking a class per semester now so that I wonâ\u20ac™t have to take too much time off

work and minimize any necessary loans-hopefully I wonâ\u20ac™t have to get any. Keeping

my job may help me get promoted faster and I can use the tuition reimbursement

to minimize the expense. We will wait until you have had your teaching job for

more than a year before I think about taking time off work to finish school. We

want to be finished with school and working our dream jobs within five years. By

the end of 10 years we should have good jobs with good salaries.

Yours-- I make about $24,000 a year from my job

as an assistant manager and you work for

minimum wage making about $100 a week take

home pay so I really make all the money.

Hopefully when you finish your degree you can get

a good teaching job and make about $40,000 a

year so I can quit my job and go back and finish

my degree-I can always get student loans to make

up the difference if I need to. When I finish then I

want to get a different job and hope to work my

way up the ladder somewhere making about

$28,000 a year and then maybe get a divisional

manager position for about $50,000 plus bonuses.

Mine-- We make about $32,000 a

year right now. I am in school

getting a degree and work about

20 hours a week for $8.25 per

hour or about $8,000 per year.

You make $24,000 a year working

as an assistant manager. Thatâ\u20ac™s

about 75% of the money from

your salary and 25% from mine.

I expect that to be the situation

for at least two years until I finish

my degree. Then I hope to get a

job as a teacher starting at about

$40,000 a year. You will continue

to work full time until you finish

your degree at night and should

finish that in about 5 years. You

will then be eligible for a

promotion to manager that will

make your salary $35,000 per


In 10 years, I am hoping that you

will be a divisional manager â\u20ac“

starting salary at $75,000 and

that I can be a department chair

at my school for $65,000.

20 Hard Questions about Money

Some questions are easy and some may not be applicable to everyoneâ\u20ac™s situation. But it is

important that you are honest with your individual answers and loving and open minded in

your attempts to reach a common financial plan for each area. Add to the questions if you

want, and keep talking until you are both satisfied with the answers given and the plan

created. Remember, this is a â\u20acœlivingâ\u20ac plan. It can and should be modified or adapted to

changing situations, dreams and goals. Make a date to go over it once a year

1. How much money do we earn together? Now? In One year? Five Years?

Ten years? Who is responsible for what portion? Now? In one year? Five

years? Ten years?

2. Are our combined salaries enough to cover all our living expenses without

using credit cards, getting help from others, or dipping into savings?

3. What are our categories of expenses (housing, utilities, clothing,

insurance, travel, food etc.)? How much do we spend monthly and

annually in each category? How much do we want to be able to spend?

Now? In one year? In five years? In ten years?

4. What debt are we bringing into the relationship? Who is expected to pay


5. What is our ultimate financial goal regarding annual income and when do

we anticipate achieving it? By what means and through whose efforts?

6. How much money do we have in checking accounts right now? How much

money do we have in our savings accounts right now?

7. How are our credit reports? What are our credit scores?

8. How much money have we saved or invested elsewhere (Stocks,

annuities, retirement funds etc.)

9. How much money should be in our savings accounts so that each of us

feels safe? How much do we contribute to it and when? Who makes these

contributions and in what proportions? Where do we put this money?

(Bank account, mutual funds, retirement plans?

10.What assets are we each bringing to this relationship? How will they be

managed and/or shared?

11.Do we keep our money in individual or joint accounts?

12.What kinds of purchases must be jointly decided upon?

13.How do we decide how to spend our money? Is there an amount ($50,

$500, $5000) over which we need to discuss a purchase before

committing to it?

14.Who keeps the household books and pays the bills?

15.Who does long range financial planning (retirement, investing) How are

these decisions made and who implements/tracks/ manages them? How

is life insurance secured? In what amounts? Who are the beneficiaries? Do

we have pre-existing investments and if so will any changes be necessary

after marriage?

16.If we have dependents from a previous relationship, what part of our

finances goes to them, now and in the future? When unpredicted financial

events occur involving them, what is the new spouseâ\u20ac™s


17.What is our financial responsibility/policies towards older family members

(parents etc.) Will be assume financial responsibility for them? Manage

their money if they canâ\u20ac™t? Pay their living expenses (nursing home etc.)

Cosign loans with them?

18.How much money will be spent on gifts and for whom? Birthdays,

anniversaries, Christmas, graduations, etc.?

19.How will we be covered with health insurance? Do either of us have

preexisting health needs or conditions? How will we plan for and pay

copayments and out of pocket deductibles?

20.What about other kinds of insurance? Short and long term disability? Long

term care? Vision, dental prescriptions? Homeowners/renters, auto, etc.?

Original article and pictures take https://web.extension.illinois.edu/lmw/downloads/48684.pdf site

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