All Articles Tagged "relationships and money"

Is Your Boo a Bad Investment?

August 4th, 2011 - By TheEditor
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(Black Enterprise) — Relationships are a lot like doing business in that they require a considerable amount of time, commitment and good credit to succeed. Nowadays individual credit scores determine virtually everything, including employment status, car insurance rates and if a person is eligible to get a bank loan to start a home. Whether you’re in business or in love, your partner has to be able to pull his or her weight if you plan on having an emotionally and financially secure partnership—platonically or romantically. So before you make your next relationship official, be sure you look out for these seven warning signs that the person you’re dating is potentially a bad investment.

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Top Money Mistakes for Newlyweds

June 14th, 2011 - By TheEditor
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(Wall Street Journal) — June means wedding season for many young couples. Despite their best intentions, some newlyweds are making financial mistakes right out of the gate that can lead to marital discord.  Not talking about money, mishandling debt and not keeping both partners in the financial loop are just a few of the mistakes couples make, say financial advisers. But a little preparation and some education can help couples avoid these pitfalls — and make for a happier marriage.  The degree to which newlyweds wish to combine their finances will differ by couple, but honest communication early in the marriage is crucial, says Robert Walsh, a certified financial planner in Red Bank, N.J. “Couples need to lay it all out there.”

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The Cougar Economy

May 14th, 2011 - By TheEditor
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(Businessweek) — In the decade since Valerie Gibson published Cougar: A Guide for Older Women Dating Younger Men, the very notion of older women dating younger men has gained acceptance in popular culture, in part, due to the emergence of high-profile women—such as Demi Moore, Katie Couric, and the fictional character Samantha Jones on Sex and the City—who have no qualms about dating younger partners. “There is a new archetype that’s emerging,” says Amy Luna Manderino, the reigning Miss Cougar International. “There have always been free-thinking, vital women over the age of 40. The difference today is our numbers have reached a critical mass.” Christine Lehtonen, a principal at Asterix Group, a marketing and advertising agency in San Francisco, says there are more women in the U.S. aged 51 than any other single age. “Can you imagine what could happen,” she says, “if all these women were marketed to?”  Increasingly, they are. A transcontinental economy is developing around conventions, dating sites, tourism, and other cougar-themed business ventures.

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Are Your Buddies Keeping You Broke?

May 13th, 2011 - By TheEditor
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(Bankrate) — The gang at work heads out for lunch every day. Your book club always meets at a high-end restaurant. Your college buddies want to spring for an expensive cruise. Your neighbor just bought a new car and suddenly your 4-year-old sedan looks like a clunker. And of course you need a smartphone and high-end plan to keep up with all these people.  “We live in a society where people are very prideful,” says Danny Kofke, author of “How to Survive (and Perhaps Thrive) on a Teacher’s Salary.”  “It’s difficult to be different. But that’s why people have gotten in financial trouble,” he says. “They want to be like someone else. Even though, behind closed doors, that someone might be up to their eyeballs in debt.”  Remember, real friends want the best for you. “In a real friendship relationship, pressure to spend as much money or spend it in the same way should not be an issue,” says Jan Yager, Ph.D., friendship coach and author of “When Friendship Hurts: How to Deal With Friends Who Betray, Abandon or Wound You.”  So you can say “no” and (probably) keep your friends. Here’s how.

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Financial Costs of Shacking Up

April 26th, 2011 - By TheEditor
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(Businessweek) — For decades, gay and lesbian couples have known the financial difficulties of living together without the protection of an official marriage. If the government doesn’t recognize a relationship, taxes, estate planning, buying property, and dividing assets after a breakup all get messier—and pricier.

The number of unmarried cohabiting couples has surged, meaning millions more Americans, gay and straight, are facing these issues. New laws and court rulings are increasingly recognizing the rights of live-in couples, but so much rapid change is also making the legal and financial status of couples more confusing. The U.S. Census Bureau estimates 7.5 million heterosexual couples and 620,000 same-sex couples lived together in 2010, compared with 6.7 million heterosexual couples and 476,000 same-sex couples in 2009. The total number of cohabiting couples in legally unrecognized relationships rose 14 percent since 2009, a trend Census analysts attributed partly to the weak economy. Disputes between these nontraditional couples are also on the rise. A survey of the 1,600-member American Academy of Matrimonial Lawyers found 48 percent of the divorce attorneys have detected more court battles between live-in couples in the past five years.

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Marrying for Richer Rather than Poorer

February 9th, 2011 - By TheEditor
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(Bankrate) — Money can’t buy love, but love may bring you money — if you’re married, that is. Though marriage has evolved from a strictly businesslike arrangement to a more romantic union, an official partnership can result in decidedly pragmatic benefits: increased wealth.  A study completed in 2005 by Jay Zagorsky at Ohio State University’s Center for Human Resource Research followed subjects for 15 years and found that being married increases an individual’s wealth above and beyond that of two single people.  Single study subjects accumulated about $11,000 of wealth after 15 years. People who got married, and stayed married, accumulated about $43,000 in 10 years of marriage.  One reason married couples accumulate wealth more easily than their single counterparts is that they have lower overhead. It costs less to maintain one household than two. Similarly, couples can take advantage of economies of scale that make buying for two more cost-effective than buying for one.  For instance, grocery shopping for one can be just as expensive as buying for two.  “Larger quantities are usually priced lower per unit than smaller quantities. This also usually applies to health and auto insurance. It is easier and cheaper to add another person to a policy than to take out a separate policy,” says Michael Greaney, CPA, of Equity Expansion International in Washington, D.C.

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