In an early study done in the United States by the Census Bureau, indicated that people who stayed married in the long term has higher net worth compared to single people. The net worth of married couple was almost double that of single people based on a 15 year study of 9000 people. The figure in 2002 showed that the median net worth of married couple was $101, 975 whereas for single women, it was $20, 217 and for single men, $23, 700.
This does not mean that you should get married tomorrow and expect your wealth to increase. Realistically, not all marriages are successful. A lot of married couples start off their marriage by being in debt even. You can refer to an earlier post entitled “Do You Have a Wedding Debt?” Another article that focuses on financially troubled real life married couples is titled “Til Debt Do Us Part” based on a TV show.
What makes a financially successful marriage?
First and foremost of course, ensure that your marriage is stable and happy as a divorce can reduce your net worth drastically. In the US, a breakup can cut off about 77% of a person’s wealth to that of an average single person. Hence, marriage stability comes first.
Financial success does not happen naturally. It requires work and more work. Couples need to team up together to work out a financial plan to reach mutual goals such as increase wealth. Couples should cover areas on credit cards, spending habits, short term and long term financial goals, retirement plans, etc.
Reaching the goals mean making efforts and taking responsibility to ensure the necessary tasks are carried out. Each partner may take charge of certain aspects of the duties such as one person responsible for keeping track of the budget and paying the bills while the other is in charge of monitoring investment progress and returns.
What is a marriage without conflicts? Like all other partnerships, there are bound to be conflicts popping up now and again. The point is to work out the problems amicably so that it does not jeopardize the marriage relationship. Looking a the bright side like I do, is having a partner who is caring and working with me towards achieving mutual life goals and not having to do it all alone. For more tips on resolving money conflicts, refer to the earlier articles, “Money Conflicts in a Marriage (Part I) and Money Conflicts in a Marriage (Part II).”