“Smart Couples Finish Rich,” by David Bach, is the book I wish I had read when my wife and I got married in February 2006. It would have been nice to prepare financially and mentally for what was going to come.
Meh, no use crying over spilled milk. Every couple should read this book, whether you think you need to or not. I consider myself relatively advanced in finances, and even I learned a few new things.
I have a different view on most of the topics he presents—things like paying off a mortgage early and investing a ton of money in a 401K plan. However, I have spent thousands of hours reading and writing about finances, studying the markets, and learning about leverage, debt, and taxes.
For 97% of the population, this book will be what you need. He talks about how to talk to your spouse without accusing or name-calling, how to invest in Roth IRAs, when to use annuities, when to use college saving plans, using other health plans, etc.
He also does a deep dive on mortgages, vacations, and hiring a financial planner. A lot is going on in this book, and if you are not confident in your finances, this is the book for you. The first financial book I read was “I Will Teach You to Be Rich,” which I consider along the same lines as this book—built for the mainstream and a great way to start if you plan to go deeper into finances like me. With that, let’s get into my five takeaways.
1) Compound interest is the root of all financial success. The sooner you can get your money into a 401K or Roth IRA, the sooner you start building your financial foundation.
2) Do not try to time the stock market. Playing the game of buying the market bottom and selling the market top is a fool’s errand. Most of the returns you make will be because you were invested in the best days of the stock market. Without being invested these days, your returns will drop significantly.
3) Annuities can be suitable if you read the fine print. If you do not know much about the stock market, buying an annuity can be an excellent way to get passive income (like a pension) for the rest of your life. Some annuities are tied to the market and how much it returns. But they can be overly complex if you don’t know what to look for.
4) Have a Couples Money Date. Have a couple’s money date to discuss your financial future and plans. Before talking about finances, most people wait until their spouse is locked in a car with them or the money has run out. That is too late. Plan a couple’s money date to hash everything out beforehand.
5) Teach your kids financial education because no one else will. Have you ever wished you learned about stocks and bonds a lot earlier? I know I have. Talking openly about money over the dinner table is an excellent way to get your kids involved and for them to learn the lingo.
Overall, an excellent book for beginners and money experts alike. I like how the book talks about the relationship aspect of money and love. After 15 years of marriage, being debt-free is an entirely different experience than when you have debt-stress.
I feel utterly free now, without debt and with dividends, royalties, and rents coming in monthly. Anything that you can do to get this feeling, please do. I highly recommend this book to anyone, especially if you feel as though you are still financially struggling.
Even if you have no debt, are you still worried about money? If you don’t have an abundance of cash flow, I would still read this book to see where you can tighten things up. This is a well-organized book with many financial examples from various couples—a great read and highly recommended.
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
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