Thursday, October 20, 2011
JOINT ACCOUNT FOR COUPLES, YES, NO, RED FLAG
"If you were married,would you have a joint account with your spouse?"
Well to respond to that, the only reason why i would have a joint account with my spouse is to have the account to pay bills and run the household such as buy the kids clothes, fix broken stuff and many other household expense. I am a firm believer of being a spouse that complements and not just completes.
Before marriage we both ran separate accounts and managed the money separately. Getting married should not mean that your money gets married too, you dont have to lose your sense of individuality, it means that you and your spouse can create a wholesome relationship. Money can be a problem too, too much of it and too little of it can bring about both jealousy and self esteem problems.
I also advice young couples not to consolidate their studnt loans from college together for example, Susan married Joe, she went to Stanford University and owes over $65000 in loans while Joe went to Cal State East Bay and owes $1500 in student loans, they got married and lump their loans together and pay it off. There is nothing wrong with that, personally i will not do it, your degree is in your name and my degree is in my name so answer your father's name and pay off your student loans. Enough said.