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Money Matters Can Make or Break a Marriage – WSJ.com

Even in the best of times, couples regularly argue about finances. But at this juncture, when so many Americans are feeling stung and frustrated by a weak economy, a housing-price collapse, and a stock-market crash, it’s particularly critical that newlyweds — and even long-time spouses — are on the same page when it comes to money.

Of course, that’s not always the case, because not everyone is knowledgeable about money.

Sure, most people reflexively think they understand money, because just about everyone has been handling cash in some fashion since grade school. More likely, though, they have a basic understanding of spending, which is why so many households are in such dire straits these days.

via Money Matters Can Make or Break a Marriage – WSJ.com.

Unlimited partnership: Couples in business

Check out a great article on husbands and wives working together in business:

(FSB Magazine) — Some men and women are meant to be just friends; others inexplicably click, fall in love, and become couples for life..

Among those, a rare few know where their other half is at all times, they’re as likely to have lunch together as dinner, and they shamelessly poke their noses into each other’s business, literally: They’re entrepreneurial couples – partners who share a home and also a company- and they make up one of the most dynamic and unexpected forces in small business today.

While couples have launched businesses together since before the first pioneers peddled farming implements from their wagons, today’s mom and pop shops are different. More often than before, they’re professional instead of retail, global rather than local, and “mom” is likelier to have birthed the business and own most of it.

Gwen Martin at the Center for Women’s Business Research, in Washington, D.C., counts 10.4 million woman-owned companies (defined as at least 50 percent owned by a woman) in 2006; 74 percent of those are majority-owned by women. Of the 26 percent that are equal partnerships, it’s unclear how many are owned by spouses, but related statistics suggest an uptick in couple-run firms.

According to the American Family Business Survey conducted by the MassMutual Financial Group and the Raymond Institute, husband-and-wife CEOs of family businesses increased from 8 percent in 1997 to 14 percent in 2002.

Glenn Muske, an Oklahoma State University professor who has spent the past six years studying the topic, estimates that 3 million of the 22 million U.S. small businesses in 2000 were couple-owned. He doesn’t expect updated figures until late spring, but he and other experts believe that further growth has occured in the past half-decade.

What has triggered this transformation? Turns out that mom and pop shops have changed in large part because Mom now often has as much education as Pop (if not more), and she’s determined to use it.

Women now hold 59 percent of all college degrees, and are moving rapidly into traditionally male-dominated fields, such as engineering and computer science, that prepare them to launch scalable companies, as opposed to the stereotypical home-based catering business.

Read more here

Money Minute: Start simple

Saving:

We have all had it drilled into our heads; saving money is a wise thing to do. But, most of us probably include budgeting in our laundry list of New Year’s resolutions, only to find a mailbox full of post Christmas credit card bills quickly overcoming whatever good intentions we had. Soon, out go any noble notions of saving up for the future, as we anxiously try to recover from the past!
So, how do we finally end the cycle of good intentions gone bad? How do we climb the mountain of financial planning without getting swallowed by a crevice of intimidation? Simple my friend: S.A.V.E!

1. Set specific personal goals: Make short and long term objectives. Make them individual, measurable, and, most importantly, attainable.

2. Act on those goals: Give yourself simple steps to follow. Focus on the long run, and always remember, one foot in front of the other!

3. Vary your asset allocation: Research and choose vessels that will be most beneficial for your specific situation, and goals.

4. Evaluate along the way: When life changes make sure your portfolio changes
accordingly. Take time to re-evaluate periodically, and don’t be afraid to “tweak” your plan.

Stay tuned for more short money minutes!

For more information contact: Kara Walsh at: solidrockfinancial@gmail.com

A cool new way to blog and get paid

I love to write, it’s one of the main ways I make my living, but I never new when I first started to blog that it would be a great way to earn money while I’m posting! PayPerPost is a cool service that gives you opportunities to get paid for your posts by simply writing about things you already love. I heard about this new site through some blogger friends of mine, and I’ve finally taken the leap, and I must say that I’m pleased with the results.

I can choose the opportunities that I want to write about, so I don’t have to mention or post about anything I wouldn’t support. Which is very important to me because I value my readers and wouldn’t want to be forced in to pushing things that I disagree with. It’s a great way for me to relay information about products and services I think will be helpful to my readers. PayPerPost is a very creative website and I’m excited about my future with them.

And if you know me at all, you can bet on there being more posts about technological gadgets! I’m a tech geek at heart and am still quite upset that Verizon isn’t offering the new iPhone…yet.

Overcoming Emotions that Destroy Joy

Have you ever walked confidently out on a limb only to look back and see someone sawing it from the tree? That’s how I felt recently when I realized what I’d done to Norma.

It was really an innocent mistake. We’d been living for several years in Branson, Missouri, but we still had a couple of bank accounts in Phoenix, where we used to live. Logically, I thought it would be good to combine everything into one bank, so I closed out the accounts in Phoenix and invested the money in a fund I had at our local bank.

A couple of years later, our accountant asked me about a bank account in Phoenix. “Oh, we closed that a couple of years ago,” I told him.

“Then why is there still activity in there?” he asked. He told me the amount of money.

I thought that was strange, so I asked Norma about it. She revealed that this was a special savings account she had set up. Each month she put a little of her paycheck in the account, which she uses for our children and grandchildren. Suddenly I realized that she didn’t know I had “closed out” the accounts, because she had kept making deposits.

I explained this to my accountant, who then wanted to know what had happened to the money I’d withdrawn. “I reinvested it,” I explained.

My accountant was a wise man who had learned some things about marriage from my seminar. “Gary, I think we should go together and explain this to Norma.”

So we told Norma the situation. She frowned for a moment and said, “Well, I wondered why that account was so low. Now I know who stole it!”

“No, no, I just reinvested it!” I tried to explain. Then she laughed and kidded us some more about it. I breathed a sigh of relief. She didn’t seem mad. Everything was okay.

But everything wasn’t okay. Periodically, she would say something like, “I’m never going to trust you again with any of my personal funds,” or “I can’t believe you stole my money.” It was said somewhat lightheartedly, so it took me nearly two years before I realized that something was bothering her-and I wasn’t getting it. So finally, I asked Norma why she kept referring to this incident.

Norma explained: “Gary, you don’t understand that you and Dan stole my money, and you haven’t given it back.”

“We haven’t stolen it,” I protested. “We simply reinvested it. It’s your money. If you want it, take it.”

“No, you don’t understand. I don’t know what account that money is in, and so I don’t have access to it. It’s not in my name.”

“Oh, I see. Then what do I need to do to repair this situation?” I asked.

“I need you to go to the bank, get a cashier’s check for that amount-with interest-and give it to me so I can do what I want to with it. After all, it’s my money.”

“Okay, I’ll do it.” And I did. Honestly, I didn’t understand why it was such a big deal until I asked a few other women. They all understood exactly what Norma was saying. Even though it didn’t seem like a big deal to me, I needed to make things right because it was important to Norma.

This example illustrates how a husband and wife can have their feelings hurt. Left to fester, this situation could have divided Norma and me; in fact, in many marriages it’s events like this—often simple misunderstandings-that have catastrophic consequences because of how people choose to process them.

It all has to do with how others respond to our goals. These goals may be verbalized, but often they are unspoken exceptions that the mate never discovers.