"It’s a matter of understanding what the impacts of their debts are,” said Titus, continuing, “Marry me and marry my debt” is unavoidable.”
Plymouth, MI (PRWEB) May 31, 2013
Wayne Titus III, the current chair of the Michigan Association of CPAs financial literacy task force, was asked what financial considerations a young couple should think about before they get married. “It’s a matter of understanding what the impacts of their debts are,” said Titus, continuing, “Marry me and marry my debt” is unavoidable.”
Understanding student loans and other pre-marital debts, and agreeing how you will handle them, must be considered before marriage if a couple is to avoid stressful financial angst that distracts from the joys of marriage. Wayne Titus recommends having a Debt Night to replace a normal date night. “It’s not an imminent decision that must be made like taxes due,” says Titus. “Just sit down as a couple with each of your financial obligations and discuss how much you owe, then plan a schedule of how you’re going to make payments to work them off. You will end your date with a feeling of understanding and accomplishment that should allow you to focus on your special day with a better eye to budgeting for fun.”
Titus says full disclosure is needed when a couple marries. Planning “money dates in addition to movie dates” will help keep the marriage on a positive financial track.
Wayne Titus believes that seriously discussing and deciding how they will handle money and pay down debt, even while love blooms and may draw their thoughts to loftier realms, may be a discipline out of context for dating, but falls very much into context when contemplating how to make a marriage successful.
You can view a 3-minute depiction of the AMDG Financial consulting process at http://amdgservices.com/1Aprocess.html
Link: Before you say,‘I do,’ you need to have the debt talk on Page 1A of Thursday, May 23, 2013 issue of The Detroit Free Press http://www.freep.com/apps/pbcs.dll/article?AID=2013305230028