Getting married is a joyous time for most married couples, but both parties have to realise that things change with marriage. When you get married you go from being ‘I’ to being ‘we’. Most of the decisions you make and things you do are now done jointly and communicating effectively becomes all the more important. Financial situations can also change and there are a few financial pitfalls that you need to try and avoid as a couple.
Failure to discuss finances
Although it can seem strange when you’ve been used to keeping your finances to yourself, it is important to be open about your financial situations and debts. Many married couples keep areas of their finances secret for whatever reason but this can lead to many problems. You should make sure you are open and honest about all areas of your finances from the very start of your marriage.
Pooling your debts
While many couples open joint accounts and pool their income after getting married, one mistake to avoid is pooling debt. This can turn messy should something go awry in the relationship. By keeping your debts separate – not secret, just separate – there will be clear boundaries about who is responsible for which debts. If one of you has debts that become unmanageable you should seek professional advice from places such as Consolidated Credit.
Failing to budget
As a married couple, it is important to ensure you budget effectively. This means getting your heads together and drawing up a proper budget plan, which details your joint income, outgoings, and other financial commitments. Failing to do this can mean that you run into financial problems more quickly and more easily, which can lead to increased strain on your budget and even your relationship.
Failing to plan for the future
As soon as you get married, you become partly responsible for the financial wellbeing of the other person. Your responsibility grows even more when you start a family. If you don’t plan for the future in terms of finances, you could end up leaving your other half and your kids high and dry. This means planning things such as life insurance, a will, and establishing a savings account for your future or that of your child/children.
Having no financial backup
It is important that you both think about how you would manage in the event of an emergency, and have some financial backup in place with this in mind. Getting some savings together means that if any financial problems arise or one of you loses your job, you have some money to keep you going.
These are all financial pitfalls that you need to avoid when it comes to financial management as a married couple.
The decline in the US participation rate is largely due to demographic shifts. This is absolutely true. However, the other side of the coin tells us that the other reason for the participation rate drop is that structural changes are occurring in the US. It should be apparent that any closed door policy will prove to be a hindrance in the long-term. Take a look at Japan that has essentially a demographic disaster on hand partly due to the lack of immigrants into their country. The US was built on immigrants and given our aging population it will be important to keep this trend continuing. The market needs steady growth and mature economies will have challenges if they don’t confront the trends in fertility but also their older and longer living aging population.
A look at trends in immigration
Here is an interesting look at this challenge:
Clearly the last thing one would want is to phase out immigration in the US without resulting in major damage to the overall economy.
Fast food American economy: Professor states that low pay jobs part of future. College degree required for McDonald’s job.
It was interesting to hear a Columbia Professor mention that fast food jobs should not be considered as the bottom of the rung of jobs. These lower paid service sector jobs are actually part of the norm and will be growing. As the US economy begins to get more and more bifurcated we can expect to see some major extremes. Recently fast food workers went on strike yet the media seemed not to pay any attention to this. Of course we are seeing some major strains in the economy. Is this simply part of our new economy? Before, being part of the working class was almost seen as an easy road to achieve for most Americans. Now, even the college educated have a tough time going after the American Dream. What the Professor mentioned was extremely harsh but it is simply part of the new economy where many workers have very little protection.
This is why it should be no shock that a McDonald’s in Massachusetts posted a job opening where a college degree was required:
“(Huff Po) Hopefully “Do you want fries with that?” is a phrase they teach in college classrooms.
A McDonald’s in Winchendon, Mass., is apparently requiring potential cashiers to have a bachelor’s degree, according to a recent job posting. The ad, posted on jobdiagnosis.com, also says that applicants should be “friendly” and able to “smile while serving lots of guests daily.”
The job opening is with an “independent franchise,” but it also appears on the McDonald’s corporate site, albeit with no note of the bachelor’s degree requirement. McDonald’s corporate headquarters didn’t immediately return email and phone messages seeking comment.”
Don’t you just love this current recovery? Well at least the food is affordable and healthcare bill is very high but that is a problem for tomorrow.