Snarr Financial & Insurance Services, Inc.
1640 Highland Falls Dr.
Leander, Texas 78641
CFF, LACP, NSSA
"But my spouse is more of a "numbers" person" It is a lousy reason to surrender your role in your financial future." Brad Rhodes
Financial giant UBS Global Wealth Management did a study recently in which 54% of women surveyed admitted they let their spouse be the leader in the family finances. Some of the reasons given by these women included, "My husband is better with numbers," and "I just don't enjoy planning and investing." Many husbands prefer to let their wives handle financial affairs for the same reasons.
These objections to working together to achieve your money goals may be genuine, and someone who hates math might feel happy to leave financial matters in their spouse's hands. However, letting your spouse control everything related to money may not be a wise idea for either of you.
There are numerous reasons for making retirement and income planning a joint affair. No matter how challenging or tedious you find money matters, you must play a role in all significant financial life decisions if you are married. You risk making mistakes with your money from which you may never recover when you don't. Allowing another person to manage your wealth exclusively is, in most instances, a recipe for disaster.
Here are a few you might want to consider:
Summing it all up: Even though it may feel fine now to let your spouse make unilateral money decisions, it could create negative situations in the future. Money is already the number one source of marital stress. However, attempting to avoid stress in conflict by not sharing decision-making will only compound that stress. Solid, sane financial planning is not a one-man or one-woman show. In the long run, your relationship and your wealth will benefit from sharing the load.
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