Tuesday, February 14, 2012

Love and Money

Love and Money - Making Financial Decisions Together

You do it for love... Have you ever thought about your true motivations? Primarily we ultimately make all of our decisions based on love. It could be your love for an individual, your family, your business or your passion. This is why money is not a true motivator, love is the why we do things.

In this special issue, I will reveal:
  • 3 tips for Improving Your Marriage
  • How To Reduce Stress in Your Marriage
  • Living the Good Life
3 tips for Improving Your Marriage

Tip #1. Hold a Monthly Financial Meeting
Many couples never talk openly about money, so when financial issues pop-up, it often leads to conflict. One of the best ways to overcome this is to sit down with your loved one on a regular basis, preferably monthly to discuss your financial matters.

Topics to discuss:
1. Spending
2. Saving
3. Budget
4. Major Expenditures

Financial literacy is of supreme importance, and all involved should be educating themselves on how their money is flowing. Once you determine where your money is going and for what, you will become more aware of how and why you make your purchases. Being aware of possible problems before they occur is also key.

The solution is to sit down with your partner monthly and go over your financial plan. Look closely at your spending patterns and discuss future expenditures. Determine if what you are spending your money on is really necessary. Is this expenditure a need or a want? 

Tip #2. Accept a Shared Responsibility
Often today, I hear of couples having separate checking accounts, but when you do this, are you really sharing in your responsibility? It is common for one spouse to play the primary role in managing finances, but both partners should be involved with financial decisions and at least be aware of how the money is being utilized. 

Again, I advocate financial literacy. When you understand what's going on with your money, you will know how to use it to your advantage.

Be aware that when one spouse makes all of the financial decisions, you are setting yourself up for conflict in the future.

Tip #3. Invest in Your Financial Knowledge
When you invest in your financial knowledge you will begin to think differently. Since we were kids we have been trained to work hard, go to school and get the best job possible. We are told that our academic education and the number of hours we trade for dollars will make us happy. If this worked, why are there so many divorces? And, why are so many people broke today?

Often debt is to blame for failed marriages, but the true culprit is a lack of financial education. We are taught very little in school about how money really works, because the goal of an academic education is to get a "job".

When you discover how a business works, you will have a different outlook on finances. Businesses earn a profit, not a paycheck. Jim Rohn once said, A job will earn you a paycheck, but a business will earn you a fortune.

Many books are available to help you increase your financial literacy. Here are some of my favorites:
http://www.legacyinsuranceagency.com/recommended-reading.html
 
How To Reduce Stress in Your Marriage

Reducing stress involves making decisions with confidence and together. By increasing your financial knowledge you will in turn increase your confidence when making financial decisions. When you plan your financial future, you will be prepared for whatever comes your way.

If you want to reduce stress and financial worry in your marriage, you need to have a plan. Your plan needs to be discussed on a regular basis (see Tips above). Your plan should include goals that you determined together. Once you determine your financial goals you can work together to achieve those goals.

While most financial plans today are put together by financial advisors from major financial institutions, they do not contain any guarantees. That is because these plans are based on paper assets where you as the investor take all of the risk. Even if you do the investing yourself, there is still a lot of luck and guesswork, with very little predictability.

A better alternative to traditional financial planning is to Become Your Own Banker. Why leave the results of your plan up to the investment bankers? Do you find it ironic that in 2008, we as taxpayers, bailed out the largest financial institutions in the world? And, these same financial institutions and banks still ask us to invest our money with them?

You can learn how to Become Your Own Banker by requesting a no-cost, no-obligation analysis:
http://legacyinsuranceagency.com/financial/financial-review-analysis.html

Living the Good Life

The idea of retirement typically involves leaving the workforce. However, if you do your research you will find that this is a government idea. An idea that involves dependency on others. Sadly today, less than 5% of Americans can retire when they expected to or live without government assistance.

The good news is, instead of depending on government assistance or qualified plans (IRA, 401k, etc), you can live the good life and control your own financial destiny. By Becoming Your Own Banker, as outlined in the bestselling book, you can live your life without restrictions.

When you Become Your Own Banker:
  • You control your money.
  • You can make decisions without penalty.
  • You have liquidity.
  • You have guarantees.
  • You have peace of mind.
The Infinite Banking Concept, as outlined in the bestselling book Becoming Your Own Banker by R. Nelson Nash, is a way to create a personal financial system where you remain in control. You can finance all of your purchases over your lifetime, with your own bank! You have a solid foundation that will protect you and your loved ones in the event of financial loss. You will have access to capital when you need it and for anything you want without taxes, penalties or restrictions. Learn more and order the book, Becoming Your Own Banker, here: http://legacyinsuranceagency.com/byob/becomingyourownbanker.html

Now is the time to protect your loved ones and create your own legacy of love. Take control of your finances today by learning how to become your own banker. Request a no-cost, no-obligation analysis:
http://legacyinsuranceagency.com/financial/financial-review-analysis.html
 
Show your love this Valentine's Day by controlling your financial future and protecting what matters most.

I'm truly yours to count on,
Barry Page
Legacy Insurance Agency, PLLC
www.legacyinsuranceagency.com

 
Barry Page is recognized as a leading expert on life insurance and private banking. He is a financial consultant and independent life insurance agent who helps clients with tax advantaged investment alternatives. He specializes in showing families how to protect their assets, income and lives utilizing a macro-financial approach to planning.

His specialized knowledge and services help consumers find alternatives to traditional investing and the stock market that not only safely protects their savings, but also provide tax advantages. His business is based in Ocean Springs, Mississippi and he services clients throughout the Southeast.

Legacy Insurance Agency

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Recommended Reading

  • The Pirates of Manhattan
  • Becoming Your Own Banker
  • Circle of Wealth