10-Year Financial Planning Roadmap for Couples

“Happy ever after” starts with these seven topics

Marriage is a wonderful thing for millions of couples, but that doesn’t mean it comes without stress, including financial stress.  The best time to discuss money, what’s important to you and your spouse in terms of spending and saving, and how to handle day-to-day money management is before you tie the knot.  However, there’s never a bad time to have the financial planning conversation.  It’s key to successful wealth management for a lifetime.

“At Lenox, we look at a 10-year financial plan for couples, but we break it into bite-size topics that can be digested and tackled one at a time,” says John Lame, CEO.  “We don’t expect couples to write down a plan today and to make all of the changes that may be needed to adopt it, starting tomorrow.  It takes time, thought and having honest conversations to get to the financial plan that both spouses will love and find doable.”

The Lenox Financial Planning Primer for Couples –– 7 topics your Lenox financial advisor will discuss with you and your spouse.  Every couple is different and has their own needs but we’ve found these seven topics to be highly beneficial in helping couples find financial harmony, security and comfort as we help you navigate wealth management and Fund A Life You Love.

1.  Your 3-year snapshot.  First step to financial planning and wealth management is how each of you see your ideal personal and professional lives looking in three years?

2.  The 4 Freedoms that come with having a financial plan: Money, Time, Relationships and Purpose.  We gladly share this thinking that comes from one of our own favorite mentors, Dan Sullivan of Strategic Coach.

3.  10/10 concept.  The goal is to save 10% of your income each year not only for retirement but also for vacations, dinners out, family fun, etc.  And, how can we help you get to the point where you can comfortably give back 10% to your community whether in time, money or both.

4.  5-year capital forecast.  We look at life’s major expenses –– house, car, vacation, education, etc. –– and explore best options for you in both the short and long term.

5.  Career planningWhat’s the outlook for your industry and your company?  What do your personal careers look like today and are you positioned to attain your career goals?  Do you know your top five strengths, and are you being allowed to use them and get compensated for them?   Do you and your spouse have the right skills, education, relationships and network in place to leverage your top five strengths?  If not, will your marriage work better if you coach and hold one another accountable, or if you engage the outside services of a career coach?

6.  Family financial planning. Have you established an investment plan to cover the future of you and your children?  Do you need to take into account parents and/or other family members who may require your financial support?  Where does your retirement planning stand?  Are you putting enough away?  Are you getting all of the matching funds available?  Are you doing all you can to reduce your tax liability?  Have you considered working with an independent financial advisor and fiduciary who can take advantage of better pricing and greater cost savings on your behalf?

7.   Other financial planning matters.  This is a great time to take a look at all of the basics –- life insurance, healthcare, estate planning, and other matters that affect your day-to-day money management and long-term financial security.  Successful wealth management lies not just in big picture thinking, but also in the proper handling of all of the details.

If you and your spouse are ready to start or restart the financial planning conversation, we’d be delighted to help guide you and get you to where you want to be. 

Let us help you make 2018 a year you will never forget!

Let’s talk.  It’s your tomorrow.

Call us for a complimentary 1-hour review.  Call 513.618.7080 or contact us here to Fund a Life You Love.

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This blog is limited to the dissemination of general information pertaining to its investment advisory/management services. This is not intended to be personalized investment advice. Please contact a Lenox adviser if you would like additional information.