The following is my
answer to a Quora question: “What is the best long term financial
advice for a newly-wed couple?”
A lot of marriages flounder because of fights about
money. Therefore, have a financial plan,
make budgets and keep to them. Put money
aside in a separate account for investment, and wealth creation. That money must not be grocery money. Make sure you have a good hospitalisation
plan so that one illness does not bankrupt the family. Have a clear delineation between what belongs
to the family, and each of you. Avoid
going into debt for consumption expenses. Debt is only an option when it is calculated
to increase the family net worth.
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