Runaway Bride, Financial Planning Expert Asks Three Questions to Prevent Becoming a Runaway Bride
Thinking about getting married? If money has you worried, then maybe it's time for including a serious heart to heart discussion about money in your wedding planning.
Houston, TX (PRWEB) June 20, 2005 -- Jim Trippon, a Texas-based financial planning expert and author of the book, "How Millionaires Stay Rich Forever," says, "half of all marriages end in divorce and most of these divorces could have been prevented if the brides-to-be knew the answers to three simple questions.
"Money is a hard subject for couples to talk about and shying away from the issue usually leads to complications later on down the road. It's best to put it all on the table and work your finances out before jumping into marriage. There are several red flags that warn you when to become a 'runaway bride,'" according to Trippon.
Find out what you really need to know by sitting down with your fiancé and getting the answers to the following three simple questions before you get married:
1) Can you show me your credit report and FICO score?
Taking a look at your fiancés 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 person's 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 fiancé.
2) What are your financial goals?
It's important that you and your fiancé be able to work together and create and operate with a plan for your combined finances. There are five important steps to creating a financial plan: 1) get educated about the money; 2) perform a "gap analysis" to compare current spending against current income; 3) living a modest lifestyle; 4) establishing an emergency fund right away and a debt elimination plan; and 5) automating your savings for maximum investment return. Having clear communication, honest disclosure, and agreements on the process to make financial decisions are all essential to making the marriage work.
3) Can you manage your money with a written budget?
Most people begin building their wealth by first learning how to budget their money wisely. One major red flag is learning that your fiancé has a habit of spending on impulse. Trust will develop if you learn that your fiancé has a written budget that documents his or her spending habits. Real confidence will come when you see that your partner to be knows how to control buying impulses and has the self-control to leave money to put away each month as savings. By creating and following a written budget, you and your partner will be able to acquire and maintain significant wealth through your lifetime.
"Brides can learn a lot about their fiancé by going over these things with them," says Trippon. "Knowing the details of your partner's financial history and habits can help a couple to have a happier and longer lasting marriage."
Jim Trippon is the author of "How Millionaires Stay Rich Forever: Retirement Planning Secrets of Millionaires and How They Can Work For You." He consults with couples by phone and email. His book is available online and at bookstores nationwide.
For more information visit www.trippon.com. You can request a free report on "The Marriage Test" by sending him an email at tips@trippon.com
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.
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