Takeaways from Your Man and Your Money: Part 4

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

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. For most people, term life insurance is best. It allows you to buy the most amount of insurance for the least amount of money.
  7. 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.
  8. We all need to stop and ask ourselves: How much is enough? Maybe you’re fighting with your spouse because you want too much?
  9. When you get married, it’s no longer just about you.
  10. Once you get married, work together to be good stewards of your money.
  11. Follow the three Cs and you and your man can spend well and live rich.
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