That's exactly what happened in my case, Rob, and it's really scary at first but it's learn in a hurry or die (go bankrupt) trying. Still not sure if I like wearing these particular pants but it's nice to be able to call the shots (sometimes). Still learning.

 

+1 handles the day to day stuff, paying bills, etc, and we routinely sit down and review where we're at.

We do taxes together.

Investments??? Net worth??? What's that???

 

Each and every one of you has a computer. Invest $39 into Quicken or Microsoft Money (I prefer Quicken). Start by keeping your cash accounts on the program. Record your checks and deposits (include the vendor addresses on your checks and make sure that the quickfill feature is turned on). After you master that, use the portfolio feature to keep track of your investments. Use the credit card feature to track your credit card purchases. Reconcile your accounts.

Make sure both you and your spouse participate. Aside from the fact that it is a better way than you are probably using now, you will both become familiar with the finances and know what to do if either dies or leaves. Before long you will also have a complete listing of your investments and all of the necessary financial information. And all of the information will be in one spot, and both of you will know how to do it.

The amazing thing about it is that these programs are simple to learn and simple to use.

Do it now.

 

Definitely agree on the Quicken advice. Have been doing that for the last 10 years or so, and it definitely paid off -- if only because in the beginning I realized for the first time where my money went.

Also, if you buy them now in conjunction with a tax program (TurboTax or TaxCut), you most likely will get the basic versions of these programs for free after rebate.

Not to hijack this thread, but due to a couple of potentially changing circumstances in my life I am thinking of beginning to use a financial planner. Does anyone have any advice how to make sure that you choose "the right one", or at least a good one? What kind of questions to ask, what kind of credentials to look for, what different philosophies to pay attention to? Any advice would be appreciated.

 

The two most important things to look for in a financial planner are 1) you have to feel comfortable with him/her and 2)the planner must be willing to listen to you and build the plan around your needs and wants.

A good place to start is by talking to your CPA.

 

My wife claims she only married me because I can reconcile a bank account. I do it all. Except she still has her own checking account.
ps. She was a client first, girlfriend second, then wife.

Ulrich, pick a planner that charges by the hour, and ask if they receive fees from any investments you put $ into. Don't use them if they do. And pick someone that's a CFP, certified financial planner. Also personal recommendations from happy clients w/b excellent.

 

Never had a CPA, we've never been in a situation that we needed one, so we always did our own taxes. Never had need for a financial planner either as we'd never had the extra income to be able to put anything away.

We're long-time Quicken users though, going back to the Win3.1 version.

 

That's my job around here.

 

If only I had one. I do my own taxes.

The Yellow Pages would be a beginning, I guess. Or is there some kind of national organization where I can contact a local chapter or something of that sort?

 

Morris is absolutely correct. Personal recommendations from happy clients are excellent. Ask around. See if anyone in your area has used anyone that they'd recommend.