We’re in the midst of wedding season, and for many people, marriage is the first time they ever have to consider managing money with someone else in mind.
As Chairman and CEO of BPU investment firm and a member of the Board of Directors of the Pittsburgh Chapter of the Financial Planning Association, Paul Brahim helps clients make sound financial decisions to fit their lifestyle.
When it comes to couples, this can mean he has to be part adviser, part relationship therapist. Brahim helps couples manage money at all stages of life, and one of the largest groups he advises are those who are near retirement.
Brahim shared one experience where one spouse was a "hard-charging" corporate business man, who then found himself retired, and home all day with his wife. Brahim said the sudden extra time together was hard on the couple.
“They were spending all this time together, and hadn’t learned how to do that, because he had done his job, she had taken care of the kids and had her life, and now they come together. So I ask people to practice retirement. What are you going to do with yourself? Where are you going to hang out?”
Brahim said he recommends having discussions about differences when it comes to financial matters, family history with respect to money, what plans require money, and planning that will cause the couple to feel fulfilled when they are completed.
Brahim also recommends to planning for a longer than average life expectancy, so plan your finances as if you'll live to the age of 95.