4-Minute Money Ideas
About This Show
The “4 Minute Money Ideas” audio article is based on weekly articles that Douglas Goldstein, CFP® writes in “The Jerusalem Post.” In easy-to-understand language, Doug explains retirement planning, investment basics, how to invest an inheritance, and how to open a U.S. brokerage or IRA account when you live in Israel (or anywhere outside the United States). If you follow Doug’s investment advice in the newspaper, or whether you learn about financial planning and investing from his many books, you’ll enjoy these very short podcasts.
Most Recent Episode
How to Keep Financial Harmony in Your Marriage
3 days ago
How to Keep Financial Harmony in Your Marriage By Douglas Goldstein CFP®- helping olim handle their U.S. investments from Israel What’s the best way to achieve financial harmony in a marriage? When two people get married, they don’t only join their lives together, but also their money. If differences in money attitudes and practices are not addressed early on, people can become set in their ways, making it more difficult to overcome any disagreements. However, where there is love, there are also ways to heal the financial divide. Find shared values and purpose Couples need to come together with a shared vision of their future based on joint values. If they share a mission and purpose, their decisions will have greater clarity and conviction and it should be easier to maintain financial harmony. Shared goals can provide the motivation to spend/save according to an agreed-upon plan. Create a plan At the core of any successful enterprise – be it a business or marriage – is a spending plan or budget. With shared goals and purpose, couples can better prioritize their spending and find it easier to agree on financial decisions. Budgets should be created as a couple and tracked together monthly. Keep separate finances When finances are merged, it can sometimes lead to a struggle for control. Make sure that money doesn’t become a power issue. While both partners don’t need to balance the checkbook or pay the bills, everyone needs to be happy with the division of labor. Making joint spending/saving decisions is important. However, not every financial decision needs to be approved by your spouse. Allowing some individual control over a personal spending budget can go a long way to relieving the stress of having to account for every shekel spent as a couple. Decide on an amount where each person can spend without having to “check in” with the other. R