This article first appeared on fundMyLife, the platform that connects financial planning questions to the right advisers.
Congratulations on the coming start of your new life together. You’re understandably pretty overwhelmed with handling all the different moving parts at once – your wedding, honeymoon, new home renovations, and making lifestyle adjustments. By now, you probably heard plenty of tips for your big day and beyond given by well-meaning friends and relatives.
Let’s talk about one piece of advice that’s not given as often as it should be when people are getting married: the importance of consulting with a trusted, reliable financial adviser. While not as sexy as discussing choice destinations for your honeymoon, or lace patterns for your bridesmaids dresses, neglecting a proper discussion about budgeting and your financial planning needs can lead to massive debts down the road.
In this article, let’s discuss the reasons why you need speak to a good financial adviser when you plan to get married.
Do You Share A Common Dream?
Previously, we wrote about ways couples can manage their money and how to stop fighting about money. However, besides having a conversation about the present, it’s important to talk about the future as well.
Angela and Ben (names have been changed) want to build an asset base of $1 million in 20 years. This would provide them with sufficient passive income to quit their jobs and start their own business. After reading up on their own, they decided to invest $500 per month in a single investment.
It was only during their consultation with their personal financial adviser that they saw, based on their plan, that they would achieve only a small faction of what they wanted at the end of 10 years. In the absence of a personalized financial planning process, we often plan our finances without proper approaches. The information from these sources is often not catered to our specific situation, leading to mistakes like the one Angela and Ben made. Sometimes you and your partner may have blind spots due to emotional factors, or simply, a lack of financial knowledge.
Working with a personal financial adviser ensures that you cover all financial grounds. On top of that, your unique situation is taken into account in creating your personalised financial plan.
Seeing The Future Together
There is a saying – “a goal without strategy is called a wish”. We often think about the destination, but not necessarily the journey required. If you and your partner have clear goals in mind, but have no idea how you are going to get there, you should seek a personal financial adviser. The same applies if you can’t set clear goals together on your own. The best ones can tease out what you really want out of life.
Note: that sort of question is also a deep one and may require more self-reflection. Just don’t spiral into an existential crisis.
What If You Can’t Agree With Each Other?
If discussions about personal finances result in regular disagreements and heated quarrels, you may wish to engage the services of a counselor and/or personal adviser. There may be emotional blockages in the flow of communication that need to be addressed for the good of the relationship. Having a financial adviser in the picture may provide clarity and an unbiased view on how to discuss money. Besides, an experienced adviser would have advised other couples on their finances as well.
Reliable Financial Advice At Your Fingertips
That said, having a personal financial adviser is not always necessary, especially if you have clear goals in mind, and have designed a clear path to get there. If you don’t know where to start to get to where you want to end, then having a personal financial adviser may be useful to you.
More importantly, if you don’t know who to ask or where to find amazing financial advisers, fundMyLife has you covered. If you haven’t found the right financial adviser yet, or want a second opinion, head on over to fundMyLife and ask our pool of financial advisers. Alternatively, you can check out our curated pool of individual advisers and ask them questions directly.
Sometimes, all you need is a good third wheel before getting married.
fundMyLife is a platform that aims to empower Singaporeans to make financial decisions confidently. We also connect you to the right financial planners in a private and anonymous manner, based on your financial planning questions.
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