| Love & Money |
...Page 2 (continued)
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The Built-In Solution
If you still want to have a joint account, but you're worried about one partner being able to control or spend part of the investments, don't fear. Most brokerage houses offer a "double sign" feature on all of their accounts - meaning that unless both of the spouses sign the checks, no money will be moved or spent. This is a great feature that not only curtails potential conflicts, but will save money. After all, if you have to get your "other" to agree to spend money, you probably are going to end up saving more, which is good for everyone involved!
Battle of the Strategies
Another thing to watch out for is fights arising from different investment styles. If your wife or husband is a value investor and you are more interested in high-flying, high-risk stocks, no matter how responsible you each are, it would be wiser to have separate accounts. Otherwise, one or both of you is going to end up frustrated and angry.
The Answers
1. If you and your partner have similar views on money, investing, and saving, open
joint accounts.
2. If one or both of you is a shopaholic, opt for the "Double Sign" feature on
your brokerage and checking accounts
3. If you have different strategies, get separate accounts! Why create a source of
conflict?
4. Have common goals in your relationship - and don't just limit them to financial ones.
5. Keep only one credit card between the two of you - use it only for emergencies or to
build up credit.
6. Keep track of your finances [both joint and individual] in a good software package like
MS Money or Quicken.
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