Jane Bryant Quinn’s Checklists For Life

by Dual Income No Kids on June 15, 2007 · 0 comments

So, one of the books on our coffee table is Jane Bryant Quinn‘s Making The Most of Your Money. We’ve been peaking at Quinn’s book on and off over the past couple of weeks. Unlike many so called “gurus”, Quinn’s book is full of good ideas. Its good largely due to the fact that Quinn is the real deal. Jane has authored over 5 books on personal finance and has won awards for financial journalism nearly every year since the 1980s. She also helped to co-develop Quickens personal finance plug in and currently serves on Bloomberg’s board (clicky).

So, what good advice does Quinn have for DINKs? In a nutshell, if you’ve already gotten together (e.g. you’re shacking up, cohabiting, have a domestic partisanship, or are married), Quinn’s got a handy checklist. She says you should do the following:

1. Change the beneficiary status on your contracts. Right, so if you have insurance or IRA’s you need to updated your beneficiarys. Just as an aside note, my wife Miel is considering taking a job in Afghanistan. Since there is a war on there, we might be doing this soon.

2. Redo Your Will. If you have a will, redo it. If you don’t have a will, get one.

3. Settle Your Name: Decide who will chance names, or if you’ll be doing this at all.

4. Set up a Joint Financial File: Jane writes that you should both know where the relevant financial information is. For our part, after I proposed to my wife Miel, we started tracking our net worth jointly. We also have a secured excel file which contains all our financial accounts in case something happens.

5. Open a Joint Bank Account: Quinn says you should open a joint account for household expenses, even if you maintain separate accounts. I think this a super idea and we DINKs have both joint and separate accounts.

6. Give Each Other Durable Power of Attorney. This lets each of you act for the other in case of emergency. – Hey accidents happen, this is actually a pretty good idea.

7. Get a Post-Marital Agreement: Under some circumstances, especially when you have children from previous marriages, or if you have large changes in your financial situation (e.g. you get a big inheritance or obtain stock from starting a business), Quinn says you might want to consider a post-marital agreement.

All solid points, we might be considering some of these over the next few weeks.

Best,

James

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