Jane Bryant Quinn’s Checklists For Life

by James Hendrickson on May 19, 2020 · 0 comments

So, one of the books on my coffee table is Jane Bryant Quinn’s Making The Most of Your Money.  I’ve been a fan of Quinn’s book on and off over the past few years. 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.  Quinn 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 recently served 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 beneficiary information.

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 change 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.  I’ve historically had a secured excel file which contains all my 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.

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, if you’re a DINK, they’re all well worth considering.

For more great DINKs articles read these:

Finance Guru Jean Chatzky’s Net Worth

How To Get Paid To Live In Your House

Ten Factors Affecting Your Wealth

Side Hustles For Couples

 

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