Gain Perspective on Financial Planning. Investments. Your Future.

Secrets to a Financially Strong Marriage

Financially secure marriageDisplayed prominently in our living room is a list titled, “Abba’s Secrets to Success”. Now, as my oldest daughter is about to get married, I’ve compiled “Abba’s Secrets to a Financially Secure Marriage” for her and her groom. With their permission, I’d like to share it with you:

Be completely honest – Open communication is better than financial infidelity. Hidden spending not only damages your future goals but erodes trust. Discuss money regularly, not just when you have a big bill to pay.

Work on joint financial goals – Don’t fall into roles of good cop/bad cop where one of you wants to spend and the other wants to save. You’re merging your lives; now merge your money. There is no such thing as “my” money – no matter who brings home the paycheck, consider it “ours.”

Live below your means – Accumulating “stuff” is expensive. Create a budget and stick to it. Review your spending/saving goals regularly. And most importantly, ignore financial peer pressure to spend.

Make charity a priority –Get involved in tzedaka and make the world a better place.

Pay yourself first – You’ll grow old together; begin planning for it now. Compound interest and time are your new best friends. Make sure your savings is divided into three pots: an emergency fund, short-term, and long-term savings. Having an emergency fund is the best way to ensure that an unexpected problem won’t turn into a crisis.

Avoid debt – Make sure you have enough money saved before you buy. Avoid tashlumim! The only exception is taking on a mortgage (and then be careful not to buy a house that is too expensive.)

Find a financial advisor that you trust – Though I would be honored if you choose me, read this article to make sure you select wisely.

Be detail-oriented – Pay your bills on time, file taxes, make sure you have insurance and healthcare directives.

Remember money is a tool to help you achieve great things, not an end in and of itself. Use it carefully and build well. And Mazel Tov!


Douglas Goldstein, CFP®, investment advisor, is the co-author with Grandmaster Susan Polgar of Rich As A King: How the Wisdom of Chess Can Make You a Grandmaster of Investing and director of Profile Investment Services, LTD, which specializes in helping people meet their financial goals through asset allocation and financial planning.

Profile Perspectives is a personal finance blog based on articles Doug Goldstein, CFP®, director of Profile Investment Services, Ltd., published in The Jerusalem Post. The information posted is purely informational and does not constitute investment or tax advice. Advertisements on the site are neither endorsements nor recommendations. Consult your professional advisors before making any investments based on articles or advertisements. Securities offered through Portfolio Resources Group, Inc., member of FINRA, SIPC, MSRB, FSI. Accounts carried by Pershing LLC., Member NYSE/SIPC, a subsidiary of The Bank of New York Mellon Corporation.

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