Hmmmmmm...
This article was forwarded by Aims. A really good read. Interesting...
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The right time to settle down
By Randell Tiongson
Philippine Daily Inquirer
First Posted 21:32:00 04/19/2011
Filed Under: Personal Finance, Family, Wedding,Entrepreneurship
QUESTION: Should I be financially secured before I get married? What should be my financial standing before I consider marriage?
-Charles Sy, businessman
Answer: There is no right or wrong answer to your question and matters of the heart and the wallet are always relative, it seems. I am assuming that you have already found the woman of your dreams and you are already certain that you want to spend the rest of your life with her.
As I write this column and answer the question, I can’t help but feel a bit nostalgic as my wife and I are celebrating our 20th wedding anniversary. I just want to reiterate that finding the right partner is something you should not rush as you are supposed to spend the remaining years of your lives together.
When you are considering marriage, it is admirable that you are taking responsibility very seriously. Since the query is financial in nature, let us tackle the readiness of marriage from a financial point of view. There are some individuals who jump into marriage financially unprepared, particularly in the area of incomes.
When one gets married, you must be prepared to feed two mouths instead of one. I know our modern society frowns upon single income in a couple but prudence dictates that your income should be able to sustain both of your needs. Why? Even if your fiancée has a flourishing career today, there is always a possibility that she may decide to stay home when you are blessed with children.
There is an overwhelming desire for many mothers to be hands-on with their children and many mothers have given up very financially fulfilling jobs, a truly admirable notion if you ask me. When you find your income is just sufficient for you, you may want to consider other options to make more money or take a good look at your expenditures to see if you can cut some of them.
I would also recommend some modest savings, say three to six months worth of your monthly income to tide you over during financial changes that will result from your union, a buffer of some sorts.
I am also assuming that the cost of the wedding is already covered, too.
Just a tip, don’t overspend on your wedding as many of us do. Remember; invest in the marriage and not in the wedding.
Some men feel they need to have millions of pesos, a nice house, a retirement fund, an education plan and all the “security” life can offer before settling down. While that situation may be ideal, it can also be unreasonable and can be superfluous.
Financial security is not achieved overnight and is something that both the husband and the wife should work on in their marriage. On the practical side, achieving financial security may take many years and if the man decides to be so sure of that before getting married, there might not be a bride waiting anymore.
I agree that a man should be prepared-emotionally, spiritually and financially. However, preparedness is rather relative. On the extreme, some men jump into marriage virtually unprepared and they drag their partner into the mess he is in. On the other hand, I know of some men so afraid to be hitched until they have millions in their bank account-both extremities are unhealthy and downright silly.
Charles, I pray that you will have a blessed marriageand that the Lord will always be at the center of your union, something that will make your married life “fire-proof”… that’s assuming you have already found the partner you want to commit the remaining years of your life with (“Therefore what God has joined together, let no one separate.”-Mark 10:9, NIV). Plan and prepare, but take action and be in faith.
“Farmers who wait for perfect weather never plant. If they watch every cloud, they never harvest.” -Ecclesiastes 11:4, NLT
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:)
CARPE DIEM!
I'm out.
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The right time to settle down
By Randell Tiongson
Philippine Daily Inquirer
First Posted 21:32:00 04/19/2011
Filed Under: Personal Finance, Family, Wedding,Entrepreneurship
QUESTION: Should I be financially secured before I get married? What should be my financial standing before I consider marriage?
-Charles Sy, businessman
Answer: There is no right or wrong answer to your question and matters of the heart and the wallet are always relative, it seems. I am assuming that you have already found the woman of your dreams and you are already certain that you want to spend the rest of your life with her.
As I write this column and answer the question, I can’t help but feel a bit nostalgic as my wife and I are celebrating our 20th wedding anniversary. I just want to reiterate that finding the right partner is something you should not rush as you are supposed to spend the remaining years of your lives together.
When you are considering marriage, it is admirable that you are taking responsibility very seriously. Since the query is financial in nature, let us tackle the readiness of marriage from a financial point of view. There are some individuals who jump into marriage financially unprepared, particularly in the area of incomes.
When one gets married, you must be prepared to feed two mouths instead of one. I know our modern society frowns upon single income in a couple but prudence dictates that your income should be able to sustain both of your needs. Why? Even if your fiancée has a flourishing career today, there is always a possibility that she may decide to stay home when you are blessed with children.
There is an overwhelming desire for many mothers to be hands-on with their children and many mothers have given up very financially fulfilling jobs, a truly admirable notion if you ask me. When you find your income is just sufficient for you, you may want to consider other options to make more money or take a good look at your expenditures to see if you can cut some of them.
I would also recommend some modest savings, say three to six months worth of your monthly income to tide you over during financial changes that will result from your union, a buffer of some sorts.
I am also assuming that the cost of the wedding is already covered, too.
Just a tip, don’t overspend on your wedding as many of us do. Remember; invest in the marriage and not in the wedding.
Some men feel they need to have millions of pesos, a nice house, a retirement fund, an education plan and all the “security” life can offer before settling down. While that situation may be ideal, it can also be unreasonable and can be superfluous.
Financial security is not achieved overnight and is something that both the husband and the wife should work on in their marriage. On the practical side, achieving financial security may take many years and if the man decides to be so sure of that before getting married, there might not be a bride waiting anymore.
I agree that a man should be prepared-emotionally, spiritually and financially. However, preparedness is rather relative. On the extreme, some men jump into marriage virtually unprepared and they drag their partner into the mess he is in. On the other hand, I know of some men so afraid to be hitched until they have millions in their bank account-both extremities are unhealthy and downright silly.
Charles, I pray that you will have a blessed marriageand that the Lord will always be at the center of your union, something that will make your married life “fire-proof”… that’s assuming you have already found the partner you want to commit the remaining years of your life with (“Therefore what God has joined together, let no one separate.”-Mark 10:9, NIV). Plan and prepare, but take action and be in faith.
“Farmers who wait for perfect weather never plant. If they watch every cloud, they never harvest.” -Ecclesiastes 11:4, NLT
======
:)
CARPE DIEM!
I'm out.