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


year.


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


it?


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


involvement/input/responsibility?


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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