Runaway Bride, Financial Planning Expert Asks Three Questions to Prevent Becoming a Runaway Bride
Thinking about getting married? If money has you worried, then maybe it's time for including a serious heart to heart discussion about money in your wedding planning.
Houston, TX (PRWEB via PR Web
Direct) June 20, 2005 -- Jim Trippon, a Texas-based financial planning
expert and author of the book, "How Millionaires Stay Rich Forever," says, "half
of all marriages end in divorce and most of these divorces could have been
prevented if the brides-to-be knew the answers to three simple
questions.
"Money is a hard subject for couples to talk about and shying
away from the issue usually leads to complications later on down the road. It's
best to put it all on the table and work your finances out before jumping into
marriage. There are several red flags that warn you when to become a 'runaway
bride,'" according to Trippon.
Find out what you really need to know by
sitting down with your fiancé and getting the answers to the following three
simple questions before you get married:
1) Can you show me your credit
report and FICO score?
Taking a look at your fiancés credit report and FICO
score can be very telling. In a credit report, you can learn whether he has a
history of paying his bills on time, who he owes money to, if he is in debt, if
he consistently overdraws, and even if he owes backed taxes and child support
payments. A FICO score is based on a person's credit history, and scores
typically range from 450 to 850, the better their credit, the higher their
score. Any score below 700 is cause for worry and should be discussed with your
fiancé.
2) What are your financial goals?
It's important that you and
your fiancé be able to work together and create and operate with a plan for your
combined finances. There are five important steps to creating a financial plan:
1) get educated about the money; 2) perform a "gap analysis" to compare current
spending against current income; 3) living a modest lifestyle; 4) establishing
an emergency fund right away and a debt elimination plan; and 5) automating your
savings for maximum investment return. Having clear communication, honest
disclosure, and agreements on the process to make financial decisions are all
essential to making the marriage work.
3) Can you manage your money with
a written budget?
Most people begin building their wealth by first learning
how to budget their money wisely. One major red flag is learning that your
fiancé has a habit of spending on impulse. Trust will develop if you learn that
your fiancé has a written budget that documents his or her spending habits. Real
confidence will come when you see that your partner to be knows how to control
buying impulses and has the self-control to leave money to put away each month
as savings. By creating and following a written budget, you and your partner
will be able to acquire and maintain significant wealth through your
lifetime.
"Brides can learn a lot about their fiancé by going over these
things with them," says Trippon. "Knowing the details of your partner's
financial history and habits can help a couple to have a happier and longer
lasting marriage."
Jim Trippon is the author of "How Millionaires Stay
Rich Forever: Retirement Planning Secrets of Millionaires and How They Can Work
For You." He consults with couples by phone and email. His book is available
online and at bookstores nationwide.
For more information visit www.trippon.com. You can request
a free report on "The Marriage Test" by sending him an email at e-mail protected
from spam bots
For further information or to schedule an interview with
Jim Trippon, contact Amal Zaid at 713-661-3806 or reach Trippon directly 24/7 at
713-498-8849.
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Source : http://www.prweb.com/releases/2005/6/prweb252745.htm