Since its a slow day here at the DINKs, I’m posting this moderately amusing ABC news video. Its on our favorite topic: financial decision making for married couples. The clip features the latest results of a money magazine poll. Evidently, 75% of men think they are in charge of household finances, but only 50% of women thought their husbands were running the show. The clip rightly points out that marriages are like small businesses and it emphasizes the importance of communicating about ones priorities.

For what its worth – in our marriage, we tend to talk a lot about setting joint priorities, but because my wife Miel is earning like 15 times more than me, she’s currently the financial head of the household.

Check the clip here.

The screenshot is here:

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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