Some tips for two

Millennial newlyweds should consider investing their monetary contributions into building a financially secure future together. Here are five steps to investing effectively as a couple.

1. Develop a strategy together

Every couple will have different goals, so it is important that you talk this through before getting married, to ensure that you are on the same page when it comes to making any big financial decisions.

2. Establish a system for resolving disputes

Seeing that money problems are the most common reason for divorce, a financial planner can prove very handy in helping a couple to manage their finances effectively when they may not see eye to eye.

3. Commit to working together

Doing things as a team will result in a better outcome and allow for a better partnership over the longrun.

4. Understand each other’s goals and fears

Be completely honest about your financial position going into the marriage, but also your financial goals and fears for the future.

It is common for two partners to have different levels of aversion to risk, or different spending habits, but be transparent.

5. Stay focused

The last tip is to be realistic about the time horizon for reaching goals. Couples need to keep in mind that building wealth is a marathon, rather than a sprint.

Unit trusts can prove extremely helpful in reaching goals and aspirations sooner than expected.