9 Helpful Investment Tips for Newlyweds in 2020
They say the easiest part of being married is the wedding. So if you’re among the COVID-19 couples who decided to get married despite everything, then cheers to you! That means you’ll have bigger challenges to face and difficult decisions to make.
Decisions like where to live or how to manage your business or who decides what. And one of the questions you have to ask for yourselves is how to manage your financial investments. Are you capable of investing together or will you prefer doing it separately?
What exactly do you invest on? Where should you invest? Or if you haven’t already, when should you start investing? Before everything else, you should decide how you’re going to fund the life you want to live together. Here are some investing tips to get you started.
Set Ambitious Yet Attainable Goals
Don’t be wishy-washy about your financial goals. Instead of setting a goal to start a business, determine the exact business you want and how you’re going to fund it. It helps if you already have a blueprint on how to execute that said business. A clear vision of what you want is usually the first step in making it a reality. Just ask most successful business owners out there.
Eliminate Debt Immediately
But before you start pouring money into your investments, eliminate all outstanding debts under your names. You don’t want to start your new life together by running away from debt collectors, do you? If you’re both cool with it, help each other out in paying off each other’s debt. That way, you can be rest assured that your profits won’t go straight to someone else’s pocket.
Manage Separate Investments
Now that you’re free from the shackles of debt, it’s time to choose your investment vehicle. But to maximize your efforts, it’s best if you each manage separate investments. You can have a joint venture in the future, but don’t combine your efforts this early on. This allows for some wiggle room in case any of your investments don’t work out. Play it safe for a while.
Determine Your Risk Profiles
Being married doesn’t necessarily take away your individuality. Some people are conservative and don’t want to lose money on their investments, while others go big or go home with nothing in between. So before starting an investment, determine your individual risk profiles and start planning from there. That’s also another reason to have separate investments.
Research, Research, Research
If you haven’t figured out what to invest in, it’s time to roll up your sleeves and do some heavy research. It’s best to look on investment options that are beginner-friendly, like mutual funds, UITFs, and VULs, among others. Don’t let get-rich-quick schemes lure you into investing on empty promises. Just invest at your own pace and get the most risk you can manage.
Apply for Financial Products
Starting an investment means starting a financial venture, which means you also need to start building a credit portfolio. Better let financial institutions know that you’re responsible when it comes to money. Start applying for affordable credit cards, personal loans, or car insurance. Use comparison websites like Moneymax to help make this process a bit easier.
Strategize and Plan Together
Another benefit of having separate investments is that you can both share your learnings with each other. Instead of talking about the latest Netflix shows, upgrade your conversations a little by strategizing your respective investments. It will help you in the future when you both decide to work together on a bigger, more challenging investment opportunity.
Involve Each Other in Decision-Making
There will come a time that a big investment opportunity will knock on your door and will require you to take a huge risk. So before deciding, talk to your spouse about it to get some insights. Even if it’s not a shared investment, always involve your husband or wife in the decision-making process. Because after all, you shouldn’t keep anything from your partner for life.
Diversify Your Investments
Yet another reason to have separate investments is that you can have freedom to diversify. As much as possible, don’t put all your investment eggs in one investment basket. Encourage your spouse to find other investment opportunities and generate more profit. Of course, don’t just blindly invest on trendy schemes—do your own research first.
Final Thoughts
Now that you’ve made your biggest lifetime commitment to date, choosing how and where to invest should be easier. That being said, it is a commitment you and your spouse should make together. And thus, you should discuss every aspect of it thoroughly with each other.
With proper communication and determination, you can make your investment/s work to your favor. Aside from making your finances bloom, being invested in the future with your spouse can help strengthen the qualities that made you want to marry each other in the first place.
Ricky Publico is a senior content writer at Moneymax. Save money on car insurance, credit cards, loans, and gadget protection plans when you compare and apply at www.moneymax.ph! Visit their website to know more.
Information published on this blog or elsewhere on www.moneymax.ph should be used for general information purposes only and does not constitute investment advice, performance data or any solicitation or recommendation that any security, investment product, transaction or investment strategy is suitable for any specific person. This material does not take into account your financial situation, risk tolerance level, investment experience or objectives; all of which are unique to you. Before acting on information on this blog, we suggest consulting an independent professional to advise you on the risks of any decision and the extent of any exposure to loss.
With many possible places for OFWs to invest in a home around the country, here are some reasons why buying a home will prove to be the ultimate gift to your loved ones especially as a newlyweds
https://www.vistalandinternational.com/blog/why-a-home-is-the-ultimate-gift-to-your-loved-ones