Transcript CPA Financial Literacy Mobilization Toolkit for Marriage

Marriage:
How to Achieve
Your Financial Goals
Are You Financially Compatible?
• Signed a pre-nuptial?
• Know about personal finance?
• Discuss money regularly?
Are You Financially Compatible?
• Discussed financial goals?
• Who will handle money management?
• Know partner’s money personality?
Are You Financially Compatible?
• Checked risk tolerance?
• Know how marriage affects taxes?
• Determined joint debt?
Are You Financially Compatible?
• Can you trim expenses?
• Will you pay yourself first?
• Established an emergency fund?
Creating a Budget
• Use personal finance software
• List sources of income
• Identify major expenses
o Record every expenditure
o Cut back where necessary
• Monitor regularly
Protect Yourself with Insurance
• Life insurance
o Term
o Whole life
• Beneficiaries
Protect Yourself with Insurance
• Disability insurance
o Deducted by state?
o Offered by employer?
o Purchase on own?
Protect Yourself with Insurance
• Health insurance
• Auto insurance
• Homeowner’s or Renter’s insurance
Distributing Your Estate
• Write a will
o Determine who will get what assets
o Name guardian
• Check estate-tax exemption
Distributing Your Estate
• Make annual gifts
• Select an executor
• Provide guide to important
documents
Distributing Your Estate
• Draft a living will
o State acceptable medical
procedures
o Appoint healthcare proxy
• Draw up power of attorney
Minimizing Divorce Expenses
• Hire an attorney?
• Do it yourself?
• Use a mediator?
Minimizing Divorce Expenses
• Divide your property
o Community property
o Equitable distribution
• Freeze joint accounts
Minimizing Divorce Expenses
• Notify credit card carriers
• Close equity line
• Request credit report
Minimizing Divorce Expenses
• Plan for retirement
• Avoid tax traps
o Child support
o Alimony
o Capital gains
Minimizing Divorce Expenses
• Prepare a financial plan
• Check insurance coverage
Searching for a New Job
• Review your financial status
• Update your résumé
• Improve your skills
Searching for a New Job
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Network
Check the ads
Don’t overlook the obvious
Rehearse the interview
Searching for a New Job
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Write thank-you notes
Have patience
Do part-time work
Become an entrepreneur
Reward yourself
Thank You!