Love and Marriage may go together like a horse and carriage, but what about strawberries and financial planning?
Diamonds may be a girl’s best friend (hat tip to Ms. Monroe), but as we head toward Valentine’s Day, sometimes a strategically placed box of pizza rolls, and a Netflix password is the way to some people’s hearts.
The truth is true love comes by understanding people’s preferences and there is nothing that divides (or unites) a couple quite like money. According to a study by the Journal of Family Psychology, 36.7% of respondents said financial problems were a significant contributor to their divorce, and at least one partner (or more precisely ex-partner) mentioned finances in 55.6% of divorces.
Before you stand in the pharmacy mulling what to get your partner as a last-minute gift this Valentine’s Day. Here are some ideas, and how they equate to your financial planning.
- Chocolate-Covered Strawberries: This is your well-assembled budget and savings strategy. Nothing is more automatic. Nothing is more guaranteed for success. Everyone loves a good chocolate-covered strawberry. I buy these for my wife, Maria, all the time and we both enjoy them. (To be honest, usually I enjoy them more than she does.) Your savings plan will provide the same enjoyment for you both.
- Box of Chocolates: Forrest Gump was right; life is like a box of chocolates. But I like to get the boxes with the little schematic that explains what each chocolate is. This is your diversified investment portfolio. With the right strategy, you can assemble something that works for you in any economic climate. And, with the right map, you’ll ensure you’re enjoying the chocolate with the caramel inside and not the one with the toothpaste flavor.
- Flowers: These are essential for anyone on Valentine’s Day. They are almost as essential as a good estate plan. Update your will. Your spouse will appreciate it even more than flowers.
- “Be Mine” Candies: Okay, these are penny stocks and bitcoin and every other “hot” investing tip. Everyone “thinks” they want them, but once they have them, they are left underwhelmed and disappointed.
Investing and saving is like a great relationship: You get what you put into it. Stop trying to do too much and just stick with what works. A little patience (and some chocolates with a map) will go a long way.