Assets vs Liabilities

Assets vs Liabilities

The Basics: Assets vs Liabilities

Here's what a relationship liability might look like
What a relationship liability might look like

In this week’s episode of MWPF, it’s the basics of identifying the assets vs liabilities and investments.  Is that house, car and jewelry an investment or an asset? There’s usually a lot of discussion here and a large part is due to the sometimes changing status of things we buy or consider ourselves investing in, for example something that may start as a liability because of costs attached to maintain it, may turn out to become an asset at some time or another.   Most controversial of all, are the intangibles such as relationships, knowledge, skill, education and even social status in regards to whether they are assets or even investments.  Do you invest in your social status or intimate relationships?  Are your relationships liabilities that cost you to maintain them and keep up appearances.  On the landscape of Assets vs. Liabilities there’s much more than just your house.

 

-Miles.

Valentine’s Day Don’t Break the BANK

Valentine’s Day Don’t Break the BANK

Don’t Go Breaking the Bank for Valentine’s Day

Stay Focused for Valentine's Day
Stay Focused for Valentine’s Day

5 Ways to go Non-Traditional for Valentine’s Day and Show Your Love

Valentine’s day isn’t the go for it all break the bank to show your love day.  However, it is a good time to start making real moves to solidify your relationship goals by building the foundation of a relationship, finances.  No matter what you’re gonna have to make a showing of love with flowers, cards or candy. Just don’t get lost by becoming a retailer’s dream, instead, I have 5 things to focus on that are non traditional, yet great moves for solidifying a relationship that’s moving forward.

-Miles.

Money and Relationships

Money and Relationships

Money and Relationships.

Top 5 Accounts  Successful Couples Share.

Reaching Financial Goals together is at the cornerstone of the relationship
Reaching Financial Goals together is at the cornerstone of the relationship

At the very minimum, there are at least 5 finance accounts every couple should share, or are working toward getting together:

  1. Joint Checking: Day to day and monthly household management, utilities and food, etc.
  2. Savings/ (MMA) Money Market Account: For the Emergency Fund, home down payment, vacations, large purchases like cars and appliances.
  3. Checking/ MMA Investment: For making investments and speculative activity into anything ranging from real estate investing to small business ventures.
  4. Brokerage Account:  For investing in mutual funds, stock and other long term investments.
  5. Credit Card Account: For shared benefit expenses like vacation rentals, car rentals, travel, bookings and on the spot issues.

How does finances play a role in relationships when you’re trying to build yourself up?  Can it be expected that your spouse, boyfriend or girlfriend will take on your bills with your now that you’re together?  Are old debts now shared debts?  Do you share bank accounts and saving accounts?

When it come to relationships, another major qualifier other than how great a personality someone has, how good they look and make you feel should be what is their philosophy about finances.  Do you have a spender, a compulsive saver or someone that just doesn’t have or want a clue about money on your hands?  The time to figure this out may not be after you’ve kind of fallen head over heels, you know when you’re not thinking so clearly.

What if you’re already in a relationship and the finances are jacked up, one sided or no one is taking responsibility for your financial future?  Who should be in charge of the finances?  Probably you if you’re the one who noticed.  Who should be guiding and ensuring you’re reaching financial goals of home buying, savings, retirement and education? Again, probably you.  Credit scores, retirement savings and financial does matter.  Unless of course you don’t mind making up the difference where your partner lacks in these areas.  Now is always a good time to take a look at your finances and how they work in your relationship, because as you may already know, ain’t no romance without finance.

Can drive financial responsibility?
Can LOVE drive financial responsibility?

-Miles.