Sometimes there is tension between making money and maintaining your relationship.

For example, we had a multi-family property in the Shaw neighborhood of Washington, DC. It was a nice place and was profitable, with good capital appreciation and modest cash flow (very modest). Main trouble was that managing it was causing a great deal of wear and tear on our relationship. The building required a lot of upkeep, painting, bug extermination, tenant showing, work on the HVAC systems, landscaping, roof work, etc. It got to the point that we had a couple of fights about it and were looking at a testy conversation, followed by a lot of hard physical labor nearly every night after work and weekends.

The main point here is: decisions need to be made with the harmony of the relationship as a paramount concern.

We sold the place and haven’t regreted the decision.

-James

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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