Financial Vows: “When Two Become One”

The minister said to the bride “please repeat after me, ‘for richer or for poorer’ ”.  She smiled and responded, “We will work towards for richer and for richer, and I will cherish you until death do us part.”  Obviously, she was clear that she was not just hoping, but making financial vows to secure their future together.

Are you married or thinking of getting married? We all would prefer to have the “better rather than the worse”, so are some tips to help you fulfil on your financial vows:  

1. For richer, for poorer...:  Marriage is for the long-term, and it is it important to have long-term goals for example “prosperous golden years.” For your latter years to be richer it is important to have exponential return on your funds as compared to just incremental returns.  In fact, the Jamaica Stock Exchange (JSE) Index gained 20.16% from January 1 to July 21, 2017.  If you want to execute trades for yourself, you may set a target profit margin for each stock, e.g. 20% then create trading instructions on JMMB Moneyline to automatically sell when the stock’s price hits your target price/percentage gain. However, if you would prefer that JMMB executes trades on your behalf, you may invest in JMMB’s Income and Growth Unit Trust.
2. In sickness and in health…:  The comforting words, “Babe, I’ve got this” are the words you want to hear in times of sickness.   Having adequate and appropriate insurance can ensure that your  efforts can be focused on taking care of your partner, knowing that health-related expenses do not leave you poorer or jeopardize your dreams.   JMMB Insurance Brokers, can help you to determine the best coverage for your stage of life and the stages to come, because they provide insurance on behalf of most insurance companies.
3. To love and to cherish…:  Surprise your spouse and leave him/her awestruck. This “love and cherish surprise” may have a price tag and may require some financial planning to surprise your ‘love’. Determine the cost of this surprise and break it down into monthly allocations, then save toward that ‘something special’ in JMMB Capital Investor Plus account, which helps you to accumulate more money quickly, as your money will be compounded daily.
4. Until death do us part…:  Although death is a painful experience, it is important that you are prepared. Upon your death, in addition to the good memories you shared, it would be good to ensure they have the financial resources to carry on by: (1) making him/her beneficiary on your pension plan, including the JMMB Retirement Solution; (2) having adequate insurance with your spouse as the beneficiary on the policy; and (3) ensuring that creditor life insurance is on your loans, e.g., car and home, so that your debts will die with you, while your spouse can enjoy the possessions you left behind.

 

Do you want help to honour your financial vows?  Our free goal planning session can help you plan every aspect of your financial life.  Schedule an appointment now