Houston, TX (PRWEB) June 11, 2005
Each year in the United States, approximately 2.2 million couples tie the knot. Of those people, about 50.67% will eventually get divorced, according to the National Center for Health Statistics (NCHS). Money problems are the number one cause of marital arguments. Jim Trippon, CPA, author and financial planning expert, says most of these divorces could have been prevented if the brides-to-be knew the answers to three simple questions.
With summer here and the wedding season in full swing, brides and grooms rarely have time to stop and think about finances.
ÂMoney is a hard subject for couples to talk about, but shying away from the issue usually leads to complications later on down the road,Â says Trippon. ÂItÂs best to put it all on the table and work your finances out before jumping into marriage.Â
There are many red flags that warn you when you should become a Ârunaway bride,Â and according to Trippon, most divorces could be avoided by asking these questions before marriage:
Can you show me your credit report and FICO score?
Taking a look at your fiancÃ©es 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 personÂs 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 fiancÃ©e.
What are your financial goals?
ItÂs important that your future fiancÃ©e have a plan in mind for your combined finances. There are five important steps to follow when devising a financial plan: 1) get educated about wealth 2) perform a ÂGap AnalysisÂ to compare your current spending with your income 3) live a modest lifestyle 4) establish a emergency fund and debt elimination plan and 5) automate your savings. Reading financial planning books such as TripponÂs is an easy way to get stated on setting your financial goals.
Do you have a written budget?
Most people begin building their wealth by first learning how to budget their money wisely. Trippon says the most important lesson to learn is to begin living on ÂincomeÂ and not on Âif-come.Â Brides should make sure that their husband-to-be doesnÂt have a habit of spending on impulse. He should keep a written budget of his spending habits and follow it, leaving money to put away as savings each month. By creating a routine of following a written budget, your fiancÃ©e will acquire and maintain significant wealth throughout his lifetime.
Trippon is a powerful interview. He answers the tough questions which should be on every brideÂs mind, such as:
- How to bring up money issues without starting a war.
- What you can learn about your fiancÃ©e from their checkbook.
- Warning signs that tell you if the love of your life is financially irresponsible.
ÂBrides can learn a lot about their fiancÃ©e by going over these things with them,Â says Trippon. ÂKnowing the details of your partnerÂs financial history can help a couple to have a happier and longer lasting marriage.Â
Trippon, who has recently completed a study of 537 millionairesÂ spending habits, is the author of "How Millionaires Stay Rich Forever: Retirement Planning Secrets of Millionaires and How They Can Work for You." 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.