Sell your home in record time with these simple tips.
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Marriage is a partnership, and no partnership can be successful without good communication. As you grow your portfolio and investing becomes more important, it’s essential to keep those lines of communication wide open. Learn together, work through challenges, and talk things out.
Here’s a good exercise. Take some time with your spouse to prioritize your long-term goals. Ask yourselves what you want and be specific. Also set time limits and measures to track your progress along the way.
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Some of your areas of focus should include:
- College funding for children
- Wedding funding for daughter(s)
- Car replacement
- Special travel plans (i.e. big anniversary getaway)
- Saving for large-ticket items
- Vacation home
- Major home remodeling
- Developing your own business
- Charitable giving goals
By looking at these specific goals, investments begin to take on a more practical meaning.
After organizing wants vs. needs, the two of you should look at the wide range of investment options, ensuring that any possibilities match these long-term goals and your individual risk tolerance. Above all things, don’t invest in anything unless you can easily explain to your spouse how the investment works.
Beyond the Baby Steps
The most powerful wealth-building tool is your income ... initially. There comes a point in your wealth-building process that you reach the Pinnacle Point. It’s the point where the money that you wisely invested starts to make more money for you than your personal income. (Don’t try to rush this.) It’s essential that even after years of solid communication with your spouse, you don’t let up now.
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At this stage, you will:
- Continue to build wealth
- Ensure that you’ll leave a strong financial legacy
- Give like never before when you are in unity about the decision
Besides straight mutual fund investing, those (and only those) near this Pinnacle Point should explore other options for investing and estate planning. (i.e. paid-for real estate, trusts, etc.).
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