From Michelle Singletary’s Your Money and Your Man: How You and Prince Charming Can Spend Well and Live Rich
Part 4: How You and Prince Charming Can Spend Well
- If a divorce is imminent–separate your finances completely! Close all joint credit cards right away. If you can, remove your name from all joint loan obligations.
- If you want to build a sound financial house, you should start by saving up enough money to cover three to six months of living expenses.
- If you’re not interested in getting into heavy-duty individual stock retirement is by buying a mutual fund, either on your own or through your employer-sponsored retirement plan.
- Taxes are one of the most significant costs of investing in mutual funds. You need to pay attention to taxes. Buying and selling funds generate capital gains.
- Make bonds an important part of your investment portfolio. Bonds may not give you as fast as high a return as some hotshot stocks, but slow and steady can keep you in the race without giving you a heart attack.
- For most people, term life insurance is best. It allows you to buy the most amount of insurance for the least amount of money.
- If you’re not sure what to do with your money, it may be time to hire a financial planner. Just like you pay to have a bad tooth pulled, pay for a professional to help you avoid bad investing.
- We all need to stop and ask ourselves: How much is enough? Maybe you’re fighting with your spouse because you want too much?
- When you get married, it’s no longer just about you.
- Once you get married, work together to be good stewards of your money.
- Follow the three Cs and you and your man can spend well and live rich.