101–110 of 146 posts
Start thinking about estate planning as soon as you get married. It’s easier when you are young.
Then you can focus just on the love, just like what people without a plan always ask their wealthier suitor to do.
What could be the reasons to have separate accounts expect some external technical/legal constraints? If the simplicity is the priority.
If I die then I don't know, I think she'd move back to her parents and sell our apartment and she could live for a few years. She's a lawyer but currently isn't very active. But I know she misses it...
She manages the house. I try and make the allowance bigger year after year.
What could be more simple than having 1 joint account? What could be the reasons to have separate accounts expect some external technical/legal constraints? If the simplicity is the priority.
This has largely solved any money quips between us.
* Large purchases are always shared, planned, and discussed.
* Day to day expenses end up wherever. It doesn’t really matter as they’re largely consistent each month. This includes utilities, bills, groceries, basic clothes, vehicles, etc.
* Unpredictable expenses get discussed, but that’s about it.
* Discretionary is no questions asked. This is where our hobbies, individual activities, and personal spending preferences come in. I largely use it to fund hobbies and eat lunches out. My wife used it for hobby classes and splurges on clothes likes. No questions asked I. This category, so there’s no guilt and no second guessing each other.
We did most of our stuff in separate accounts that my wife managed for most of our marriage. Eventually we moved to more joint accounts as time moved on.
She has since passed away. I think if I did it again I would envision keeping things more separate, but with more explicit estate planning, as life is a little more complex financially as you age.
Earlier quoted context omitted.
I imagine you have gotten this advice before, but IMO a high yield savings probably makes sense. Say keep 10k in checking for bills, and then the other 40k in high yield. It will more than easily pay for the safe deposit box! For myself we have joint everything, and then purchases over a certain threshold we need each others permission.
How can you know if a HYSA makes sense if you don't know what the perks are for OP's bank beyond a safety deposit box? Premium checking accounts are niche products, but their perks can add up for the right person. OP might be getting a big discount on their mortgage interest and double the credit car points by maintaining that balance, which could greatly overshadow the (taxable) interest paid on a HYSA.
That's a full $1,000 a year of taxable income.
Anything less than five figures isn't worth a few hours of hassle.
$50k liquid is better than 3 days to clear bank money.