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Is Financial Planning As Good As Couples Therapy?

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Is Financial Planning As Good As Couples Therapy?

“This has been extra useful than {couples} remedy!” is one thing that good monetary advisors will inevitably hear of their work with {couples}.

It’s a robust testimony, and it shouldn’t come as a shock with greater than 50% of marriages ending in divorce and most of these citing “disagreements over cash” because the chief purpose for the break up.

Subsequently, in the event you may also help {couples} handle cash higher, it solely stands to purpose that extra marriages will probably be preserved and fewer {dollars} will probably be spent litigating breakups, the mixture of which results in larger family wealth, well being, and happiness.

However the advantages {couples} can derive from monetary planning don’t cease with basic math. Listed here are three further causes that good monetary planning could be nice for {couples}:

1) Good monetary planning has life planning at its middle.

When was the final time you and your companion devoted time to discussing the stuff in life that’s most vital to you, individually and collectively? It’s not your typical desk speak over a candlelit Valentine’s Day dinner.

However good monetary planning essentially has life planning at its middle. That’s as a result of with out a dialogue of your “values, attitudes, expectations, objectives, and priorities”—all phrases that I’ve stolen straight from the Licensed Monetary Planner™ handbook—your plan will not be a lot yours, however another person’s.

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Subsequently, in the event you’re not having all these conversations together with your monetary advisor, you’re lacking out.

Advisory Be aware: Advisors, attempt to deal with your couple shoppers individually when gathering qualitative knowledge, earlier than merging it collectively. In nearly each couple, there’s a monetary partner and a non-financial partner, and too usually, the non-financial partner turns into wallpaper in conferences. However no matter their mastery of economic ideas, or lack thereof, their enter into issues past the spreadsheets is not any much less precious. And, you may be making them really feel heard for the primary time in an advisory setting.

2) An excellent monetary advisor can act as an efficient referee in what could be difficult conversations.

“He’s a spendthrift!” “She’s a miser!” Decide your stereotype, however everyone knows that monetary conversations could be emotionally loaded. While you’re sitting there with an goal third get together, nevertheless, it’s tougher to throw your loved one beneath the proverbial bus.

Advisory Be aware: Advisors, please do not forget that that is hallowed floor, and you need to not take sides. Objectivity should be preserved, and also you’ll be higher served by preserving the peace reasonably than making some extent. It’s particularly vital to uphold the non-financial partner’s positions as a result of they’re most likely those whose opinions are underweighted on the house entrance. Sure, that is delicate territory that’s worthy of receiving some devoted analysis and coaching.

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3) Tackling funds collectively is much less more likely to trigger division.

“And the 2 shall develop into one…”1 could also be one of many high marriage ceremony readings…however how quickly we overlook. Particularly as those that prize effectivity, self-sufficiency, and the division of labor, we’re usually too fast as {couples} to tear the to-do listing in half and go our separate methods. Particularly when coping with cash.

Subsequently, the mere act of creating wealth administration a joint endeavor makes it a standard trigger, reasonably than the divisive wedge it usually devolves into.

Advisory Be aware: Is it doable that your shopper expertise could also be rather less environment friendly when prioritizing the enter of each members of a pair? Completely, however there’s additionally no query that it’s more practical—sure, now, however particularly if and when the monetary partner predeceases the non-financial partner.

Sure, I absolutely perceive that it’s a stretch to color {couples} monetary planning as a romantic endeavor, however of this I’m positive: It should do an incredible deal to assist protect the romance in any relationship.

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Finance & Budget Committee chair Reiches wants city's fiscal level sound – Evanston RoundTable

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Finance & Budget Committee chair Reiches wants city's fiscal level sound – Evanston RoundTable
From left: Council member Jonathan Nieuwsma, Finance and Budget Committee chair Shari Reiches and committee member David Livingston. Credit: Bob Seidenberg

Shari Reiches is a leader and a go-getter. You may be familiar with her name from earlier RoundTable articles about her work on the city’s Finance & Budget Committee where she is the group’s chair. The committee meets the second Tuesday of every month (except in August) and there is always an agenda provided ahead online. The next meeting will take place at 5 p.m., Feb. 11.

Business founder, author, volunteer

Twenty years ago Reiches co-founded the business, Rappaport Reiches Capital Management. Today the firm employees a dozen people and manages more than a billion dollars in investments for individuals, families and nonprofit organizations.

Shari Greco Reiches Credit: Jessica Kaplan

She enjoys public speaking; one of her favorite topics is financial planning and values. In fact, Reiches wrote a book, Maximize Your Return on Life — Invest Your Time and Money in What You Value Most, that explains her philosophy and vision of investing. Radio programs, television shows, newspapers, magazines and podcasts seek out her point of view when it comes to money matters. She also volunteers with many organizations important to her.

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Trump puts tariffs on hold: What he still plans to pass on Day 1

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Trump puts tariffs on hold: What he still plans to pass on Day 1

President Donald Trump has officially been sworn back into office for his second term on Monday, January 20. Trump has a slew of policies and executive orders he seeks to enact on his first day back in office following his inauguration ceremony. A hot talking point on the campaign trail and the time since his election victory, Trump announced his plans to put his tariff proposals on hold for now.

Yahoo Finance senior columnist Rick Newman and Washington correspondent Ben Werschkul join the show to discuss the executive actions Trump is still planning upon his return to the Oval Office.

Read up on Yahoo Finance’s Guide to Trump 2.0 and what the incoming administration still plans to pass.

Watch President Donald Trump’s 2025 Inauguration ceremony, while staying up to date with all the market news and economic data covered by Yahoo Finance.

This post was written by Luke Carberry Mogan.

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IAEA Profile: Balancing Numbers and Dreams – A Career in Finance and Accounting

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IAEA Profile: Balancing Numbers and Dreams – A Career in Finance and Accounting

The IAEA profiles employees to provide insight into the variety of career paths that support the Agency’s mission of Atoms for Peace and Development and to inspire and encourage readers, particularly women, to pursue careers in STEM (science, technology, engineering and mathematics) or STEM-adjacent fields. Read more profiles of women at the IAEA.      

Hailing from Kinshasa, the capital of the Democratic Republic of Congo, Carmen Kibonge has taken a path shaped by a passion for numbers, a supportive family and a commitment to make a difference, which eventually led her to the IAEA.  

Kibonge was raised in a family that encouraged educational aspirations for both girls and boys, which is not always the case in her central African home country, where economic constraints often lead families to prioritize the education of boys. “In my family, it was expected that a girl would go to school. I know I was privileged, and I really appreciated the access to education,” she reflects. She was also inspired by her mother, an HR manager who was one of the few women in her community to pursue higher education.  

From an early age, Kibonge was captivated by mathematics and loved “cracking numbers”. Because of her mental arithmetic skills, her nickname at school was Ordi, after the French word for computer. But maths was not part of her original career aspirations. When she contemplated her future, a desire to help others and the work of international organizations in low and middle income countries like her own led her to consider a career in medicine. Her dream of becoming a paediatrician, however, shifted when she was confronted with the sight of blood in biology class. Nevertheless, the seed of wanting to work internationally had been planted. “I wanted to help people, not just in my country, but globally,” she says.  

Kibonge decided to pursue higher education in Austria, motivated by stories from friends who had lived there, as well as her love of classical music. Following her passion for numbers, she enrolled at the University of Vienna to study business administration with a focus on finance and accounting. Meanwhile, she supported herself by giving maths lessons.  

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The move to Vienna was not without its challenges, as Kibonge had to first learn German before starting her degree programme. She dedicated the first two semesters to intensive language study. “Those early days in Vienna were really challenging, but I really put my mind to it,” she recalls. “If you really want something, you can manage it.” Living in the city of classical music had its upsides though, and she often attended performances at the opera and philharmonic, impressed by how accessible they were even for students of modest means.  

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