At Henssler Financial, we feel it is important that each spouse maintain their own checking account and manage their own investment accounts; however it is important that they establish core values that blend together, rather than conflict with each other.
We feel a husband and wife should be allowed to manage their own money the way they desire. We feel it is important for men and women going into a marriage to have individual funds and an individual approach to investing, provided they come together on their long-term goals.
The most important aspect is to set what long-term goals are. Once that is determined, there is no reason that the investment approach needs to be the same. Often couples find that they have different risk tolerances, differing fundamental investment philosophies and will use investment tools in their own way. However we feel it is important that a couple cooperate in the sense that it they still view their wealth as “their money” once they retire and reach their goal.
Each spouse can maintain a separate checking account and direct his or her own investment account provided that they have determined the fundamental core values are the same. One cannot be a huge spender while the other is a huge saver. There needs to be a meeting of the minds, and we suggest using a financial adviser as an intermediary. If a couple has a trusted adviser to guide their wealth toward a common goal, it generally does not matter if one spouse invests more conservatively or aggressively in the end.
Disclosures
This article is meant to provide valuable background information on particular investments, NOT a recommendation to buy. The investments referenced within this article may currently be traded by Henssler Financial. All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing. Henssler is not licensed to offer or sell insurance products, and this overview is not to be construed as an offer to purchase any insurance products.
