Choose Wisely

In Cary Siegel’s new book Why Didn’t They Teach Me This In School, he offers 99 money management tips to help young adults “live prosperous lives by making good, sound personal finance decisions.”

What principle did he put first to highlight its importance? In a nutshell, choose your life partner very carefully.

Below are excerpts of principles #1 and #2. Money in Your Twenties wants to thank Mr. Siegel or allowing us to share them with you.

Excerpts from Why Didn’t They Teach Me This In School:

Principle 1: Marry the “Financially Right” Person.
When I say this, I don’t mean marry a financial genius or someone who is wealthy. Marry someone who has good financial habits. This personal quality is often ignored during the “courting” process. In fact, you are usually trying to impress the opposite sex with expensive dinners, extravagant dates, and impressive presents.

If you can’t afford something when you’re dating, you most likely won’t be able to afford it when you’re married. Show your partner who you really are financially, and make sure he or she shows you….

Principle 2: Stay Married to the “Financially Right” Person
The quickest way to a financial downfall is divorce. Think about it: besides the emotional turmoil, at best you split your money in half. At worst, you lose almost all of it through legal fees, administrative costs, excess living costs, alimony, and child support.

For more smart advice, read Cary Siegel’s book. His frugal wife thinks you should get it at the library (Principle 92, “Get Your Books at the Library”), but here’s a link to the book in Amazon for your convenience.