Since discovering the local library, I've made it a point to check their inventories first before purchasing the book. This time around, I was interested in the book "Smart Couples Finish Rich" by David Bach (The guy who invented "The Late Factor"). Luckily enough, I found the book in the library online catalog and put it on reserve.
Upon receiving the book, I quickly dove right in. After reading his other books "The Automatic Millionaire" and "Smart Women Finish Rich", this book had a very familiar tone, but with a twist. Instead of the typical "Pay Yourself First" and "Contribute to your RRSP" advice that I'm used to reading about, this book focused on finances for couples and their relationship with money. What really hit home for me was where he explains that "Money has nothing to do with Love", and that money can be the #1 source of argument between couples if it's not addressed.
The book can really be divided into two portions. The first portion works on the relationship between money and couples and suggestions on how to fix money related problems, the second portion talks about compound interest, investing, wills, insurance and saving.
My favorite part of the book was the "Value Circle" chapter. In this chapter it made you think about the important "Values" in your life and how to base your financial goals around your values instead of monetary goals. This exercise was meant for you and your spouse/partner to sit down and see which values are important and how to line them up for a common purpose.
Main points made by the book:
- Couples need to plan their financial future TOGETHER.
- Couples should be on the "same page" when it comes to their finances.
- Base your financial goals based on VALUES not just monetary goals.
- Everyone should have some sort of insurance and a will.
- Step 1: Learn the Facts and Myths about Couples and Money
- Step 2: Determine the True Purpose of Money in Your Life
- Step 3: Plan Together.. Win Together
- Step 4: The Couples Latte Factor
- Step 5: Build your Retirement Basket
- Step 6: Build your Security Basket
- Step 7: Build your Dream Basket
- Step 8: Learn and Avoid the Ten Biggest Financial Mistakes Couples Make
- Step 9: Increase your Income by 10% in 9 Weeks
What I liked?
- As explained above, I really enjoyed the "Value Circle" chapter (2).
- I agree that love has nothing to do with financial compatibility as explained in the book. Financial compatibility should be a addressed BEFORE getting married (IMO).
What I didn’t like?
- Nothing in particular.
Who should read this?
- Anyone who is engaged, married or in a serious relationship.
- Two thumbs UP! Great book that is written clearly and covers topics not covered by other personal finance books.
- I picked this up at my local library, so check into your library to see if they carry it.
Find out how you can save an additional 4% on this book through Chapters.If you would like to read more articles like this, you can sign up for my free weekly money tips newsletter below (we will never spam you).