COUPLES MUST WORK TOGETHER TO BUILD WEALTH

By John Ingrisano

By John Ingrisano

Director, Family Finance Conference Center

[The following is taken from The Back to Basics Book of Money: A Couple’s Guide to Financial Peace, by John Ingrisano.  For more information, click on the title above.]

Couples who work together on their finances have a significantly higher success rate in achieving their goals than couples who do not work as a team.

How can you begin working as a team? Do the following habit-building project.  Then continue it for the rest of your lives.

It involves three things:

1. Blocking out several times a week to meet to discuss your finances.
2. Learning and practicing how to work as a team on an ongoing basis.
3. Obtaining a copy of The Back to Basics Book of Money! A Couple’s Guide to Financial Peace book and workbook set.  (See below how to order your copy.)

If you are married or have a significant other, we strongly recommend that you read The Back to Basics Book of Money out loud together, commenting and sharing your thoughts and opinions.  If time is a challenge, one of you can read while the other cooks dinner or cleans
up the kitchen after a meal.

Or wait until the children are in bed and the dog is snoozing at your feet.  Turn off the television and try to avoid interruptions.  If possible, set aside some time (even just 30 to 60 minutes) every day several days each week.  (One successful strategy is to block out an hour before a favorite television program.  Devote that hour to building up your money management skills, followed by an opportunity to kick back and relax together in front of the television.)  Remember, learning how to build financial peace and stability is not an afterthought.  It is a significant and potentially challenging undertaking.  Take it seriously.

If your partner is not interested in becoming deeply involved in this process, but is at least willing to listen and possibly make changes, provide im or her with summaries and discuss the ideas, steps and strategies and new skills you are learning each week.

The first step, if you haven’t already done so, is to meet with your other half and review the opening pages of The Back to Basics Book of  Money!  A Couple’s Guide to Financial Peace.  Go through the book together.  Then sign the pledge below.

The bottom line: Work together.  It takes practice, but the result is financial stability. Next week:  Overcoming Marital Guerilla Warfare.

$ $ $

Want to learn more about how to bring your finances under control? Check out The Back to Basics Book of Money! A Couple’s Guide to Financial Peace.  The book contains 10 valuable Couple Money Skills.  Plus, the Back to Basics Book of Money Workbook (which dovetails with the main text) offers 31 practical, hands-on Wealth Builder activities that can help you and your partner build financial and domestic stability.  Both the book and workbook, which retail for $31.98 plus S & H, are available at the Family Finances Conference Center ebsite for $27.99 total.

To order, send a check to John Ingrisano, 4279 Hunter Road, Gainesville, GA 30506.

The Family Finances Conference Center tailors programs to the unique and individual needs of client organizations and their members and employees, based on the principles of the book and workbook set, The Back to Basics Book of Money!  A Couple’s Guide to Financial Peace.

For more information, contact me at the Family Finances Conference Center by email (john@jringrisano.com) or call my direct phone line (770-314-2649).

John Ingrisano

Director

Family Finances Conference Center

4279 Hunter Road

Gainesville, GA 30506

(770) 314-2649

john@b2bbookofmoney.com

John Ingrisano is a business journalist, public speaker, author of The Back to Basics Book of Money! A Couple’s Guide to Financial Peace, and director of the Family Finances Conference Center.  He can be contacted at (770) 314-2649.

THREE FACTS ABOUT MONEY

By John Ingrisano

[The following is taken from The Back to Basics Book of Money: A Couple’s Guide to Financial Peace, by John Ingrisano.  For more information, click on the title above.]

I have always found money interesting and challenging.  I have written about and taught

money management skills for 35 years.  Three major things I have learned about people

and money during those three decades:

# 1:  Most People Struggle with Money

Many people struggle when it comes to using money as an effective tool to achieve their goals.  This is mostly because they have not given much thought to money, except to spend it and then worry about it on a daily basis.

In fact, to be painfully blunt, there are those among us who are flat-out ignorant when it comes to money.  I have met people over the years who see no connection between the income they earn and the lifestyle they live.  That is not meant to be a blame or judgment
statement, just a fact.  They do not have a clue how to use money, manage money, do much more than work like dogs 40 or more hours a week to earn money, and then turn around and spend it like drunken sailors on shore leave.  They earn it and spend it and borrow it.  The bank and the credit card companies  — everyone else but them – are in control of their financial lives.

# 2:  Money Problems Can Destroy Relationships

Second, while money cannot make people happy, the lack – or mismanagement – of money can make them miserable.  Because of their financial situation, many couples find that their lives are out of balance, if not completely out of control, not just financially but in every respect.

Keep in mind that there is a close correlation between money problems and domestic problems.  Look at most divorces.  When we get beyond “He’s a jerk” and “She’s impossible to please,” the real reason www.order-westernunion.com behind most divorces and marital problems is MONEY.

On one hand, money is the most common reason for arguments, what couples fight about the most, and the number one reason divorcing couples say is the cause.  On the other hand, money can be an amazing source of marital harmony and unity.  When finances are in balance, when couples are in agreement and pulling together in unison, this common cause serves to strengthen the bonds of the relationship.

At the very least, it provides a stable platform upon which to build harmony and settle other differences.  Perhaps that’s because being financially in control and secure makes people happier and more confident.  Take away ongoing money concerns and most folks would walk through their days with heads held higher.  They’d sleep a lot better, too.

I’m not a psychologist, but I do know that when I’m not worried about money, I enjoy every other aspect of life more fully, and I’m much more pleasant to be around.  I suspect you are the same.  If you doubt it, ask yourself how worrying about paying an overdue bill, using a credit card when you know you are already having trouble making payments, or finding that you have a 31-day month but only a 28-day paycheck — how all these distract you and reduce your ability to enjoy your life.

Money makes a difference in our attitudes and our confidence.  It is a powerful tool.

# 3:  Financial Health & Stability Can Start TODAY!

Finally, I learned that no matter how bad a person’s financial situation may be, it is NEVER hopeless.  It can be turned around and fixed.  Depending on how deep the hole, it may take some time to crawl out of it, but every day can show some improvement in standard of living.

No, the cure is not always easy and can rarely be completed in a flash, but if you are determined to improve the quality of your life and your relationship, you can start today, and you will be amazed at the positive changes that will begin almost immediately to flow into your life.  Most of all, every day that your finances can be improved by a fraction, an inch, and then a foot (or perhaps better stated as a penny, a nickel, and then a dime), brings you that much closer to financial security, strength and peace.

What is the alternative? Ignoring financial problems is like speeding a hundred miles an hour down a highway with a brick wall around a bend.   You may not know which bend, but that wall is there, and the crash will be a messy one.  Guaranteed.  So, the time is now to slow it down, turn it around and head in the opposite direction.

$ $ $

Want to learn more about how to bring your finances under control? Check out The Back to Basics Book of Money! A Couple’s Guide to Financial Peace.  The book contains 10 valuable Couple Money Skills.  Plus, the Back to Basics Book of Money Workbook (which dovetails with the main text) offers 31 practical, hands-on Wealth Builder activities that can help you and your partner build financial and domestic stability.  Both the book and workbook, which retail for $31.98 plus S & H, are available at the Family Finances Conference Center website for $27.99 total.

MONEY MANAGEMENT REDUCES THE MARRIAGE “QUARREL FACTOR”

By John Ingrisano

HAVE MONEY WORRIES?

By John Ingrisano

Are Money Worries Ruining Your Peace of Mind? 

By John Ingrisano

Director, Family Finance Conference Center

[The following is taken from The Back to Basics Book of Money: A Couple’s Guide to Financial Peace, by John Ingrisano.  For more information, click on the title above.]

Doubt that money plays a major role in your emotional well-being?  Ask yourself how worrying about paying an overdue bill, using a credit card when you know you are already having trouble making payments, or finding that you have a 31-day month but only a 28-day paycheck – how all these distract you and reduce your ability to enjoy your life.  You and your spouse or significant other should take the following mini-quiz.  Answer the questions below, and give honest answers, checking all that apply.

She    He

[ ]      [ ]      Have I ever lost sleep over money

concerns?

[ ]      [ ]      Have I ever argued with a family member over money?

[ ]      [ ]      Have I ever avoided someone to whom I owed money or

                   dreaded the arrival of the mail because it might contain bills?

[ ]      [ ]      Have I ever debated with myself over whether I could join

                   friends or family Members for an evening out or other fun time

                   because I could not afford to go?

[ ]      [ ]      Have I ever purchased something and experienced “buyer’s

                   remorse” after I’d gotten it home?

Now imagine how differently you would feel if you had no debt and adequate money in the bank to pay bills, with a little left over for a fun evening out. 

Do NOT think about new things you could buy or another trip you could take.  Instead, consider how much less you would worry and, quite frankly, how much happier you would be. 

$ $ $

Want to learn more about how to get the biggest bang for the money you save and spend? Check out The Back to Basics Book of Money! A Couple’s Guide to Financial Peace.  The book contains 10 valuable Couple Money Skills.  Plus, the Back to Basics Book of Money Workbook (which dovetails with the main text) offers 31 practical, hands-on Wealth Builder activities that can help you and your partner build financial and domestic stability.  Both the book and workbook, which retail for $31.98 plus S & H, are available at the Family Finances Conference Center website for $27.99 total. 

The Family Finances Conference Center tailors programs to the unique and individual needs of client organizations and their members and employees, based on the principles of the book and workbook set, The Back to Basics Book of Money!  A Couple’s Guide to Financial Peace. 

For more information, contact me at the Family Finances Conference Center by email (john@b2bbookofmoney.com) or my direct phone line (920-559-3722).

John Ingrisano

Director

Family Finances Conference Center

209 Church Street

Algoma, WI 54201

(920) 559-3722

john@b2bbookofmoney.com

John Ingrisano is a business journalist, public speaker, author of The Back to Basics Book of Money! A Couple’s Guide to Financial Peace, and director of the Family Finances Conference Center.  He can be contacted at (920) 559-3722.

SELF-QUIZ: HOW DO YOU RATE AS A MONEY MANAGER?

By John Ingrisano

By John Ingrisano

Director, Family Finances Conference Center

[The following is an excerpt from John Ingrisano’s The Back to Basics Book of Money! A Couple’s Guide to Financial Peace.]

Ready for a money quiz?  No, you haven’t studied for it.  That’s okay.  Your score will be your little secret. Take a few minutes to see how you rate as a money manager.

  Check the boxes of all that apply.   

1.   Do I function without long-term, written financial goals?  [  ]         

Think about this:  Goals help impose order on how you spend and how you save.  If your goals are to have your mortgage paid off by age 65, a $40,000 college fund in hand by your child’s eighteenth birthday, or $500,000 in supplemental retirement money waiting when you hit age 67, you can then map out a strategy to achieve those goals.  The bottom line:  You can only achieve goals if you have them.

2.  Do I avoid setting up a household budget?  [  ]

Think about this:  Drafting a budget can be tricky. Sticking to it can be even tougher.  Still, hammering out and following a workable spending plan is the single best way to get the most value for the money you earn and spend. 

3.  Am I reluctant to sit down and pay bills?  [  ]       

Think about this:  When money is tight, paying bills can be a painful process.  The solution is to make tough decisions:  stop adding new debt; relentlessly pay off existing debt; and put away those credit cards.

4.  Do I use credit cards for routine purchases?  [  ]

Think about this:  Unless you pay off the balance each month, you will shell out a lot of money in interest payments for a little convenience.  You will also find that credit cards (and debit cards) are the number one contributor to building an out-of-control spending habit, which can be just as destructive to your life as a cocaine addiction or alcoholism.  A good rule of thumb:  If you cannot afford to pay cash, you cannot afford to buy it! 

5.  Do I borrow money for luxuries?  [  ]

Think about this:  It is self-defeating always to live a year or two behind on your bills.  Start saving now, and you’ll even be able to pay cash for that next vacation cruise.

6.  Do I have under three months’ income set aside for emergencies?  [  ]

Think about this:  One cornerstone of long-term economic peace and stability is a “cushion of cash.”  If you live from paycheck to paycheck, now is the time to adjust your spending and build a reserve fund. This will help avoid the need to tap into money set aside for long-term goals or to go into debt.

7.  Are we spending everything we earn and not sending any money ahead?  [  ]

Think about this:  This is the old grasshopper and the ant story.  (In case you are not familiar with it, the ant worked all summer storing up supplies for the winter ahead while the grasshopper sat around and played his fiddle.  When winter set in, the ant lived in comfort while the grasshopper went hungry.)  Ignoring the future will not prevent it from arriving.  The money you do not send ahead today will not be there for you tomorrow!  Planning for – and funding – your future is the only way to guarantee your long-term financial security. 

8.  Am I too busy to shop around for great deals?  [  ]

Think about this:  A round trip plane ticket from Chicago to New York can run as high as $1,800 or as low as $199.  Sloppy spending can drain you dry and rob you of the value you can and should receive for the money you exchange for goods and services.  Do your homework before you spend your hard-earned cash.  Effective money managers have a simple rule, whether looking for a new car, computer or an airline ticket: get three prices.  Especially with the internet, you can save thousands of dollars by investing even a few minutes of research.

9.  Do I make unplanned withdrawals from savings or checking? [  ]

Think about this:  Smart money managers make one stop at the bank or credit union a week.  This forces them to pre-plan spending and manage their money better.  Do the math:  If you withdraw an additional $25 a week for pocket money, that will add up to $1,300 a year.

10.  Do I ignore my insurance needs?  [  ]         

Think about this:  Inadequate property/casualty, auto, health, life and disability insurance can result in major out-of-pocket expenses – even destroy your financial security — when a crisis strikes that can damage or destroy your quest for financial independence. 

How did you do?  If you checked two or fewer boxes, good for you; you have a solid foundation upon which to build a sound financial house.  If you checked three or four, you have some work to do.  If you checked five or six, you are skating on very thin ice…and can probably hear it cracking beneath your feet.  More than six?  Danger!  That ice has broken and you are in the water … and way over your head.  You have very little time to change your spending and money management (or mismanagement) habits.

MAKE YOUR PARTNER YOUR FINANCIAL PARTNER

By John Ingrisano

By John Ingrisano

Director, Family Finance Conference Center

[The following is an excerpt from John Ingrisano’s The Back to Basics Book of Money!

A Couple’s Guide to Financial Peace.]

Want to get your money management under control?  Well, if you have a spouse or significant other, let me begin by saying that you must – I repeat, MUST – work together to address your financial issues.  One cannot do it alone.  It will take both of you.  If you work together, you can accomplish miracles.  If one of you takes up the challenge of mastering the money skills while the other is disinterested (or perhaps even hostile to the idea), your probability of success will decrease dramatically.  The key is to work together.  Do this, and you financial picture will increase dramatically and quickly.  Plus, you will enjoy the feeling of taking on this challenge together, as a couple and a team.  Believe me, it’s well worth it. 

$ $ $

You are in this together.  If you have children, they are part of it too.  So it is time to get your crew together.  I am not talking about bankers and financial advisors, though you may need them later.  This is about your family.  If you are married (or have a financially involved significant other), it is critically important that you work together as a team to successfully manage your money. If you have children at the age of dissent, bring them into the discussion, if only to help them understand that some changes are in the wind. 

Les & Barb:  Marital Guerilla Warfare

Les and Barb engaged in “marital guerilla warfare” for years.  He would go to the boat show and come home with a new, $8,500 toy, without ever having discussed his decision with Barb first.  She would retaliate by re-carpeting the living room ($2,700).  This went on constantly.

They were in a race to the poor house.  They spent their whole lives struggling to keep their heads above water.  They lived from paycheck to paycheck (sometimes four or five paychecks behind), devoting much of their income to paying off installment debt (while constantly adding more) and handing over thousands of dollars each year in interest to creditors, while buying junk neither of them really wanted.

Fortunately (and no one quite knows why), they realized one day what they were doing.  They sat down one evening and had an eye-opening, heart-to-heart discussion about money and their finances.  Together, finally working as a team, they began to explore ways to get out of the financial pit they had dug for themselves.  They both vowed to never make a major purchase without talking to each other first.

SELF-QUIZ: HOW DO YOU RATE AS A MONEY MANAGER?

By John Ingrisano

Smart money management is crucial… especially during these economically challenging times. It is important to monitor how you spend your money.   

Take the following self-quiz,  taken from The Back to Basics Book of Money!  A Couple’s Guide to Financial Peace.  Then see how effectively you are managing your resources:

• Am I reluctant to sit down to pay bills?  Worse, do I ever get behind on my bills?  This is a telling sign of financial stress, and a clear indication that you may be living beyond your means.
•  Do I ever borrow money to pay bills?  Once again, this is a danger sign that you are living beyond your means…and on borrowed time.
• Do I use credit cards for routine purchases?  This makes it too easy to overspend, especially on things you simply do not need.  Best rule of thumb:  If you can’t afford to pay cash, you can’t afford to buy it.
•  Do I count on overtime or income from my and/or my spouse’s second job to make ends meet?  The answer is not always more money, but managing what you have more effectively.
• Do I spend every cent I earn and save little or nothing on a regular basis?  If you are living on the edge, it is only a matter of time before some big (or even small) emergency pushes you into a financial crisis.  Set up an emergency fund. Spend the next year building it up to the equivalent of at least one month of income (three would be even better). 
• Do I make unplanned withdrawals from my savings or checking account or go to the ATM whenever I need cash?  If you pull out just $20 a week more than you’d planned, that’s more than $1,000 a year in unscheduled withdrawals. It adds up.

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• Do I consistently come up short the day before payday or race to the bank to cover checks I wrote the day before?  In addition to incurring overdraft fees, a few stumbles and your credit rating will begin to take a dive as well. 
•  Do I make purchases of $50 or more on impulse?  A good rule of thumb:  Learn to avoid all impulse buys.  Give yourself 24 hours to mull it over.  This avoids wasting money and suffering the guilt of buyers’ remorse. 
• Do I fail to keep accurate financial records or to balance my checkbook?  If you don’t know your financial condition, then it is most likely not all that good.  

How you did:  If you came up with no more than two check marks, you are doing a reasonably good job managing your money.  If you have three or four, you are doing okay, but you could do a lot better.  Five or six is a strong indication that you are skating on thin ice and heading into trouble.  If you check more than six, you are in financial danger.  Tear up your credit cards, stop adding debt, set up a budget, tighten your belt and change your spending habits immediately.

The good news:  Whether you are an ace at managing your finances or a disaster in the making, you can improve your spending and money management habits.  By doing so, you will get better and more value from the  money you do spend, actually boosting your standard of living.

THREE THINGS I’VE LEARNED ABOUT MONEY

By John Ingrisano

[The following is an excerpt from The Back to Basics Book of Money! A Couple’s Guide to Financial Peace]

[Don't forget to look at the special offer below.]

I have always found money interesting and challenging. I have written about and taught money management skills for 30 years.  Three major things I have learned about people and money during those three decades:

# 1:  Most People Struggle with Money

First, many people struggle when it comes to using money as an effective tool to achieve their goals.  (For that matter, many people have no goals.  They just earn and spend in a relentless cycle.)  This is mostly because they have not given much thought to money, except to spend it and then worry about it on a daily basis.  In fact, to be painfully blunt, there are those among us who are flat-out ignorant when it comes to money. 

I have met people over the years who see no connection between the income they earn and the lifestyle they live.  That is not meant to be a blame or judgment statement, just a fact.  They do not have a clue how to use money, manage money, do much more than work like dogs 40 or more hours a week to earn money, and then turn around and spend it like drunken sailors on shore leave.  They earn it and spend it and borrow it.  The bank and the credit card companies  – everyone but themselves – are in control of their financial lives. 

# 2:  Money Problems Can Destroy Relationships

Second, while money cannot make people happy, the lack – or mismanagement – of money can make them miserable.  Because of their financial situation, many couples find that their lives are out of balance, if not completely out of control, not just financially but in every respect. Keep in mind that there is a close correlation between money problems and domestic problems.  Look at most divorces.  When we get beyond “He’s a jerk” and “She’s impossible to please,” the real reason behind most divorces and marital problems is MONEY.  Worry over money can eat away at couples in subtle ways, producing terrible stress that can tear families apart.

Financial problems are almost always part of the mix – in there somewhere — when it comes to divorce and marital discord.  Studies differ as to whether money comes in first, second or third (competing with sex and how to rear children as the top argument topics), but it seems to be always present in some form.  One study found that money was a source of tension between 84% of couples, with the number one cause of dissension being priorities about how to manage or allocate money.  Another showed that 70% of couples have the “money talk” at least once a week (“Honey, we have to cut back somewhere.”  “Okay, let’s go out for pizza and talk about it.”) and that 40% say they have lied about how much they spent on an item they recently purchased.  One thing is certain:  Money is the most common reason for arguments, what couples fight about the most, and the number one reason divorcing couples say is the cause.

On the other hand, money can be an amazing source of marital harmony and unity.  When finances are in balance, when couples are in agreement and pulling together in unison, this common cause serves to strengthen the bonds of the relationship.  At the very least, it provides a stable platform upon which to build harmony and settle other differences.  Perhaps that’s because being financially in control and secure makes people happier and more confident.  Take away ongoing money concerns and most folks would walk through their days with heads held higher.  They’d sleep a lot better, too. 

I’m not a psychologist, but I do know that when I’m not worried about money, I enjoy every other aspect of life more fully, and I’m much more pleasant to be around.  I suspect you are the same.  If you doubt it, ask yourself how worrying about paying an overdue bill, using a credit card when you know you are already having trouble making payments, or finding that you have a 31-day month but only a 28-day paycheck — how all these distract you and reduce your ability to enjoy your life.

In that same vein, did you ever notice that you often can spot people who have money in the bank?  We sometimes see them as having arrogant attitudes, but the fact is that (for many, at least) they simply have a quiet calm about them.  They seem more relaxed than those of us who are wondering about how to pay next month’s mortgage or pulling out the sofa cushions looking for change to pay the pizza delivery guy.  Money makes a difference in our attitudes and our confidence.  It is a powerful tool.

# 3:  Financial Health & Stability Can Start TODAY!

Finally, I learned that no matter how bad a person’s financial situation may be, it is NEVER hopeless.  It can be turned around and fixed.   Depending on how deep the hole, it may take some time to crawl out of it, but every day can show some improvement in standard of living. 

No, the cure is not always easy and can rarely be completed in a flash, but if you are determined to improve the quality of your life and your relationship, you can start today, and you will be amazed at the positive changes that will begin almost immediately to flow into your life.  Most of all, every day that your finances can be improved by a fraction, an inch, and then a foot (or perhaps better stated as a penny, a nickel, and then a dime), brings you that much closer to financial security, strength and peace.

What is the alternative?  Ignoring financial problems is like speeding a hundred miles an hour down a highway with a brick wall around a bend.  You may not know which bend, but that wall is there, and the crash will be a messy one.  Guaranteed.  So, the time is now to slow it down, turn it around and head in the opposite direction.

That’s why I wrote this book andworkbook, to help men and women who may be struggling with money matters.  Maybe it’s for you.  Maybe it’s for your children.  (I was amazed when the book first came out and the major buyers were parents of adult children, buying the books as anniversary, birthday and Christmas presents.)  Either way, this book will provide a roadmap and the tools needed to do the job and help you turn around your financial condition and the overall quality of your life. 

++++++++++++++++++++++++++++++++++++

Special offer, good through August 20th!  Order the two-book set of The Back to Basics Book of Money directly from my office, and I will split the middle-man savings.  The set retails for nearly $31, plus shipping.  If you order directly from me, send a check for just $22.95 (a savings of more than 30% when you consider shipping).  Checks only, please.  Send payment to:

John Ingrisano, Director

Family Finance Conference Center

204 Lakeview Drive

Algoma, WI 54201

BOOK SIGNING EVENT IN ALGOMA 8/12

By John Ingrisano

The Bank of Luxemburg, having just about wrapped up major remodeling of its branch at 512 Second Street in Algoma, is having a Grand Re-Opening Celebration on Thursday, August 12.  The renovations alone are worth dropping by for a look-see.

Additionally, the bank has graciously asked me to hold a book signing that day, between 11:00 AM and 2:00 PM, for my book and workbook set, “The Back to Basics Book of Money!  A Couple’s Guide to Financial Peace.”

There will be all kinds of other events and give-aways, too, so mark your calendar and plan to drop by the Bank of Luxemburg in Algoma on August 12^th. 

* * *

Does Your Will Reflect Your Wishes?

By John Ingrisano

Your will dictates how your possessions will be distributed at your death. Within broad limitations, you can do pretty much what you want through your will.

If you don’t have a will, the laws of your state dictate how your assets end up being distributed. This often involves appointment of an administrator, possibly a lawyer who neither knows you nor has a personal interest in the outcome of your affairs. The administrator, who may receive an hourly fee or percentage of your estate, might then be required by law to sell or distribute your possessions to settle your affairs.

Even if you have a will, potential problems may exist.  To be safe, make sure your will has been properly drafted by a lawyer and witnessed.  None of the witnesses should be beneficiaries. 

Other typical problems involving wills result from failure to regularly update them.  As a result, an out-of-date will can be worse than no will at all. Typical problems of outdated wills include:

• A will that mentions children by name, but does not include children born since the will was drafted. These heirs could be unintentionally excluded from your estate.

• A will listing the name of an executor and/or beneficiary who is deceased. This can drastically slow the estate-settlement process.

• A will referring to specific property that has already been disposed of, or mentioning some property in particular, but not general assets.
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  The result can be confusion – and possibly bad feelings – among your heirs.

Recommendation:  For your family’s sake and your own peace of mind, talk to your attorney and draft or update your will as soon as possible. 

Also, if at all possible, discuss your wishes with your heirs (provided they are old enough and mature enough).  Make it a two-way dialogue.  Find out what they want. 

Finally, select your executor carefully.  Select someone who has both the ability to and interest in taking on this responsibility. 

These are tasks that may take a few days or a few months.  However, they are worth addressing to assure that your estate is distributed as you wish and that the potential for family misunderstandings is reduced as much as possible.

Want to learn more about how to manage your money and your life?  Check out The Back to Basics Book of Money! A Couple’s Guide to Financial Peace.  The book contains 10 valuable Couple Money Skills.  Plus, the Back to Basics Book of Money Workbook (which dovetails with the main text) offers 31 practical, hands-on Wealth Builder activities that can help you and your partner build financial and domestic stability.  Both the book and workbook, which retail for $31.98 plus S & H, are available at the Family Finances Conference Center website for $27.99 total.

The Family Finances Conference Center tailors programs to the unique and individual needs of client organizations and their members and employees, based on the principles of the book and workbook set, The Back to Basics Book of Money!  A Couple’s Guide to Financial Peace. 

For more information, contact me at the Family Finances Conference Center by email (john@b2bbookofmoney.com) or my direct phone line (920-559-3722).

John Ingrisano

Director

Family Finances Conference Center

204 Lakeview Drive

Algoma, WI 54201

(920) 559-3722

john@b2bbookofmoney.com