Tag Archives: money to invest

Relationships 101: Couples That Invest Together Last

Relationships 101: Couples That Invest Together Last

The money talk between couples is sensitive and should be approached carefully; it can make or break a relationship. Dealing with finances before marriage can be easy, but when a partner comes into the picture, some changes will need to take place for you to manage certain investments. After being married for some years, both of you will probably have figured out which credit accounts and expenses to share and those that should remain separate.

Image via Shutterstock by SFIO CRACHO

When it comes to long-term, bigger-picture finance plans for the future, making decisions can be challenging. Some strategies can work well for each individual but become a whole different approach when you are together. Below are a few investment tips that you and your spouse can utilize.

Keep aside savings for retirement

As you start saving for your retirement, talk, and decide on issues concerning retirement with your spouse. They include when you would like to retire, where to travel, where to live, and if you will need to start a business so that you can be on the same page. The recommended amount of investment is 15% of your total income once you clear your debt and have a fully backed emergency fund.

Weigh different investment options

Make use of accounts like a Roth IRA and your work 401(k) that offer various tax advantages. While you can combine finances and open joint bank accounts once you’re married, you can’t open a joint IRA or 401(k); they are only for individuals. Currently, taxable joined investment accounts are available. However, only invest in them once you max out tax-advantaged accounts.

If you have a spouse that stays at home while you work, you can still save with a spousal IRA. They have the same income and contribution limits as other IRAs, but to save with it, you must file a joint tax return.

Choose an ideal healthcare plan

Health insurance is one of the most expensive household expenses. If you both have access to health insurance provided at your workplace, you can decide whether to double up under one spouse or have individual plans. You can move the entire household into a family plan or cover your children under one parent. Where one partner has strong coverage in areas like vision, and dental plans, consider the size of out-of-pocket and deductible maximums.

Consider how often you and your household seek treatment, and look for benefits in healthcare niches such as mental health care, special needs therapies, and fertility treatments. Also, include your preferred doctors in your plan.

Get life insurance to protect your loved ones

If you have a family that depends on you, life insurance will protect them in case anything happens to you. As much as you are saving for retirement, life insurance will give you and your family some peace of mind. You can both get a policy of about 15 to 20 years, worth ten to twelve times your yearly income. Once your life insurance term is over, you will be self-insured with your retirement savings.

Plan before Investing in a family home

Purchasing a home is one of the crucial steps you and your spouse will take. Before you start going over real-estate websites and organizing a list of things you’d like for your house, ask yourself the following questions.

  • Why purchase a house now? Consider if you need to buy one because you need a bigger home for your family if you want to stop renting, move to a better neighborhood, or if new constructions are coming up that you would like to invest in.
  • How much can you afford? Agree on a budget that is affordable to avoid future disagreements over excess budget costs. Visit MortgageCalculator.Org to estimate your monthly payments and figure out the amount you can qualify for.
  • How is your credit score? Request for both of your credit reports and go over them carefully. If there are any errors, you can have them fixed on time to avoid delay in mortgage approval for your dream home.

Hire an investment professional

To achieve your investment goals, hire a professional who will guide you. Poor investment decisions can cause major setbacks, financial mistakes, frustration, and tension between couples. Professionals will analyze your investment options and see you through all the processes making your work easy and more successful.

Bottom Line

To create lasting fulfillment in life and love, you need to discuss as a couple your investment options to secure your future. Save for retirement, understand the available investment options, and choose those that are favorable. Also, get life insurance, choose an ideal healthcare plan for you and your family, plan for your dream home, and hire a professional to guide you.

Tia, and TipsfromTia.com  is trying to keep you looking good and
feeling good, from the inside out. If you’ve got a problem or a tip email me! Be sure to Like and share on Facebook or Follow on Twitter or Instagram.

Smart Strategies for Safeguarding Your Health

Smart Strategies for Safeguarding Your Health

Your health is something that is infinitely valuable. In fact, without good health, it can be tough to achieve and experience what we aim to in life. To that end, your health and wellbeing is something that is worth taking care of, a topic that you can find more about in my post below.

 

Do watch what you consume.

 

Whether its food stuffed with trans fats, alcohol, sugar or even the toxic chemicals in cigarettes, the stuff that we put in our body can directly affect our health. What this means is the better you can eat and drink, the more you will be doing to safeguard your wellbeing in the long run.

 

Of course, most people think that means they have to immediately stop eating or drinking anything that tastes good and revamp their entire diet and way of life. However, unless you are in a position where such a change is necessary for your immediate health, it can actually be better to start small and work your way up to the more significant reforms.

 

For example, instead of quitting smoking cold turkey, you may want to reduce the number of cigarettes you smoke in a day and replace them with nicotine lozenges instead. Alternatively, why not swap out buying family bags of chips with the individual sized packets so you can keep a better track of what you are consuming within a day and so improve your health in a gradual way.

 

Do access any medical benefits you are entitled to.

 

Also, remember that when it comes to your health, you do not have to do all the work alone. In fact, there are many organizations that are there to help you get the assistance, diagnosis, and the treatment that you need.

 

Of course, for many people access to such organizations can be limited, especially if they don’t have the money to invest in private health insurance. That is why it is essential to claim any medical benefits and assistance that you are entitled to. What this means is that you need to look at Medicaid enrollment, as well as any free clinics in your area. If you want to safeguard your health in the long run, that is?

 

Don’t forget that even a little movement can be beneficial.

 

We all know by now that moving our bodies is good for us, and it is obviously ideal to be doing at least 30 minutes of physical exercise each and every day. Either in the form of walking, running, playing sports or working out at the gym.

After all, with many of us spent the whole day behind a screen and then chill out but sitting in front of the TV at night, even a small amount of physical movement can do our health a lot of good.

Tia, and TipsfromTia.com  is trying to keep you looking good and
feeling good, from the inside out. If you’ve got a problem or a tip email me! Be sure to Like and share on Facebook or Follow on Twitter or Instagram.