Pre-Nup or Nah?

Pre-nup is short for Prenuptial Agreement.  A Prenuptial Agreement is “an agreement made by a couple before they marry concerning the ownership of their respective assets should the marriage fail.”  Those last three words, “should the marriage fail,” are what gives a pre-nup such a negative connotation.  Some would even go as far as saying a pre-nup assumes your marriage is going to fail.  It’s negative energy, it’s a bad vibe, not romantic, it’s for people in Hollywood, doom and gloom….yada, yada, yada.  Maybe some of those concerns are valid, but the numbers don’t lie.  The current divorce rate is hovering around 50%.

I get it.  No one wants to think about the END before they even BEGIN.  It’s like discussing your Will—and deciding how you want to divide your assets after you pass away.  It may even feel like you are going against your religious beliefs–I get that too.  Trust me, sometimes it’s necessary. Read the whole definition again. It’s the first part of the definition that should’t be glossed over.  The part about “ownership of their respective assets”—that’s what I, as a Financial Planner focus on.  It’s about PROTECTION of assets that you have worked hard for or in some cases, assets you inherited.  Prenuptial Agreements are especially beneficial for couples who are older, previously married or already have children.

Some of the benefits may include:

  1.  Protection of your property like retirement and investment funds
  2.  Protection of your business
  3.  Settlement of debts after the marriage ends
  4.  Settlement of assets with sentimental value like pets and inherited property
  5.  Agreements concerning affairs or other activity outside the marriage

Prenuptial Agreements can be as basic or as advanced as a couple desires.  Although, I only mentioned the pros of having a pre-nup, there are some cons.  Based on my experience, it’s a case by case scenario. Every couple should consider whether it’s necessary for their union.

I’m here if you need me 🙂

 

Millennials & Money

Millennials are the largest generation in the U.S. labor force.  They are making a significant contribution to our economy.  According to experts, millennials are:

  • heavy on social media
  • making large purchases online
  • purchasing name brand items
  • traveling more than previous generations

The one thing that millennials aren’t doing is SAVING.  Unfortunately, saving for retirement is not at the top of their “to do” list. Financial professionals, like myself, are hoping to change that. Here are a few things that millennials should be doing now:

How kids can earn cash over the summer

Summer is just around the corner and school is coming to an end. Many parents will be looking for ways to keep their kids busy.  There are the normal summer camps, sports camps and family vacations, but what about making money? How can kids make some extra cash?  After all, we want our kids to be financially smart and make good money decisions–right?  Right!

Here are a few ideas that can work for kids of different ages:  http://www.wesh.com/news/how-kids-can-earn-cash-over-the-summer/39716324