Smart Couples Finish Rich: 9 Steps to Creating a Rich Future for You and Your Partner is a must read for every couple that wants to create financial success.
In the book, the author David Bach teaches that couples that plan together financially stay together. Unfortunately, most couples spend more time planning vacations than planning their finances during their entire marriage. As a result, most couples end up with little or no savings, and many end up divorced due to the stress of financial burdens and debt. Having worked one-on-one with hundreds of couples as a financial advisor and having spoken to thousands in his seminars, David shares in Smart Couples Finish Rich exactly what you can do to become a couple that truly lives a rich life.
How and why couples who plan together financially stay together
The 9 Steps to creating a rich future for you and your partner
The 5 biggest myths about couples and money
How to talk about money without fighting
Why most couples argue over small things financially instead of planning big things
How to tap into your “values” as a couple and then plan your finances
Why goal setting doesn’t work unless it’s connected to your values
How to plan your dreams together as couple
How to fund for your dreams and build a dream basket
What it means to “Pay Yourself First” and how to do it
Why you must “Pay Yourself Forward” and how to do it
How to invest in retirement accounts like 401(k) plans, IRA’s, SEP IRA’s
Advanced retirement strategies like Defined Benefit Plans
The biggest mistakes couples make with their retirement accounts
When to use a Roth IRA vs. a Regular IRA
Why active stock trading does not work
How to invest with as little as $25 a month
Over 100 of the best websites to help you live and finish rich
How to handle credit card debt? The 3 websites you must know about
How to check your financial advisors background? Why you must do this
The Eight Golden Rules to hiring a financial advisor
How to grow your income by 10% in the next 9 weeks
The 10 biggest mistakes couples make financially
How banks rip you off with low yielding checking accounts
Where to open a checking account that pays you 5%
The FinishRich Inventory Planner?: your tool to getting your money organized
The Purpose-Focused Financial Planner?: your tool to get your values, goals and plans down on paper
The Couples FinishRich Quiz: your tool to see how smart you are about money
The Where Does The Money Go Worksheet: your tool to see where you spend your money
And much, much more!
“Most couples don’t have an income problem,” Bach writes in Smart Couples Finish Rich. “They have a spending problem.” On average, Americans live well but save poorly. Half of all Americans under 50 have less than $10,000 in savings, according to Bach, who also wrote Smart Women Finish Rich. And although most couples talk about their retirement plans that new RV, the weeks at a summer cottage, trips to visit the grandkids very few of them discuss their financial future. They don’t know how much money they really have, how much they spend, or how much they need to save to ensure a comfortable, secure retirement.
If you simply pick up a copy of Smart Couples Finish Rich, you’re probably already ahead of the game. Unlike many others, you’ve given your financial outlook at least a little thought. But if you actually read Smart Couples Finish Rich and follow the advice, you’ll probably do more than get ahead. Bach makes a convincing case that you’ll actually finish rich.
Financial planning can be especially tricky, and especially lucrative for couples. The big challenge is getting each partner on the same track. Early on, Bach shares the story of a young woman who was working hard to get her finances in shape, but couldn’t get her husband to share her enthusiasm. As she put it, she felt like she was riding on a jet plane with one engine thrusting full forward and another engine stuck in reverse. She realized all too clearly that it was an ideal scenario for a crash.
Smart Couples Finish Rich shows that couples who can truly work together to manage their savings and control their spending have a huge advantage over couples moving in two different directions. Unfortunately, Bach says, most couples avoid the topic unless they’re fighting over it. This is one topic that shouldn’t be pushed aside, Bach says: “If the two of you don’t start talking about money, you’ll more than likely die broke.”
Bach advises against badgering a spouse or partner who seems reluctant to take money seriously. Instead, he suggests starting with a joint task: gathering all of the financial records from crates and shoe boxes and arranging them into 11 or 12 clearly marked file folders. He has even given this organization strategy a trademarked name: The Finishrich File Folder System. Simply looking at bank records and mortgage documents should open up crucial conversations about money and the future.
As a couple, you also need to take time to discuss what you really value in life. As Bach explains in Smart Couples Finish Rich, understanding your shared values is the key to smart spending. If you don’t know what you really want, you’re bound to spend money on things that don’t make you happy. If you treasure family time more than adventure, a dozen short weekend trips may be a much better investment than a week in Hawaii. At the same time, you may be missing opportunities to invest in things that really do move you closer to your ultimate goals. If you value financial security for your family, you should definitely buy life insurance and long-term care insurance. And if you value health, you just might want to splurge on a gym membership.
Smart Couples Finish Rich is the perfect book for married couples to read and discuss. It will amaze you how profitable using a few of the techniques in the book can be for your household and business.
by Sam Leccima and Shani Leccima