#SWAAYthenarrative

Financial Myths About Marriage: Debunking Blissful Misconceptions

Finance

So you've found the love of your life – but now it's time to combine bank accounts. As much as a marriage is about creating a lasting bond with the person you love, it's also important to remember that a marriage is a business partnership. Sharing your life with someone means sharing every part of it, including your financial situation. There are a lot of misconceptions about the financial ramifications of marriage, and it's time to learn what's true and what's not.


Myth: Getting Married Always Improves Your Tax Situation

We've all heard people joke that they're just going to get married for the tax benefits. Without a doubt, married couples filing jointly do often see more benefits than those filing separately. Couples typically have lower income tax liability, the standard deduction generally is higher and you may apply for other tax benefits that don't apply to single filers. However, there are still certain situations in which filing separately may be the best option. It is important to remember that filing jointly means you are jointly responsible for any interest or penalties incurred by your spouse. You may consider filing separately if you feel as though your spouse is filing inaccurately or dishonestly or is having too little federal tax withheld from their paychecks. If one spouse has higher medical expenses, it may also be a good idea to file separately. Keep in mind, however, that those filing separately are not eligible for many of the benefits joint filers receive, like the Earned Income Credit and education credits, and only one spouse may claim a child as a dependent.

"Communication with your partner is vital when it comes to being financially successful as a married couple" - Leslie Tayne

Myth: Married Couples Have To Have Joint Bank Accounts and Credit Cards

If your spouse is carrying a lot of credit card debt, it may best to maintain separate accounts and pool your resources so you can avoid becoming legally responsible for their debt, which can also affect your credit score. While this may not be the most romantic move, it can be financially beneficial to both of you in the long run. If you do wish to have a joint credit card and your partner is carrying debt, open a new card together instead of adding your name to one of their existing accounts.

Myth: You Can Maintain Complete Financial Independence Once You're Married

There are misconceptions on both sides of the coin here. Many people go into marriage thinking that they are going to be able to keep all of their money separate from their partner's and that that will work out just fine. Most likely, this won't be the case. Married couples have to make a lot of financial decisions together, even if they are pulling from separate accounts. Holding on too tightly to the idea of “my money" may lead to conflict with you and your partner somewhere down the line. While you can certainly maintain some of your independence – and may want to if your partner has a bad credit history – it's important to realize that the big decisions should be a team effort.

"There are endless benefits to being married – including financial perks. Being educated on how marriage will change your money situation can help you find your financial happy ever after" - Leslie Tayne

Myth: Being Married Improves Your Credit Score

In the same vein, combining your finances with your partner's does not necessarily mean your credit score will improve. Both of you will continue to carry your own individual credit score, even if you combine your accounts. Any debt of your own that you carry will continue to affect your score regardless of how well your joint accounts are doing. However, having your name added as an account holder on your spouse's account that is not in good standing will have a negative effect on your credit score. Additionally, any accounts or loans you may try to open together will take both of your scores into consideration.

Myth: You Should Open New Credit Cards If You Change Your Name

It is a common misconception that you must cancel any credit cards bearing your former name if you change it once you get married. This is simply not true – you can contact your credit card company and have your name changed on the account, and they will send you a new card with your new name. Keeping credit cards open, particularly ones with positive credit history will be in your best interest.

"As much as a marriage is about creating a lasting bond with the person you love, it's also important to remember that a marriage is a business partnership. Sharing your life with someone means sharing every part of it, including your financial situation" - Leslie Tayne

Myth: Talking About Finances Will Ruin Your Relationship

Talking about money can often be an uncomfortable subject, mainly if you fear you may have differing opinions about finances than your partner and feel as though broaching the topic may lead to conflict. However, avoiding the issue will only lead to trouble. Talking openly and honestly about your financial situation, spending habits and savings goals will only serve to strengthen your relationship and allow you and your partner to make well-thought-out decisions that will benefit both of you. If you make money talk a regular, everyday part of your relationship, you will be better equipped to address disagreement if it does in fact arise.

"Talking openly and honestly about your financial situation, spending habits and savings goals will only serve to strengthen your relationship and allow you and your partner to make well-thought-out decisions that will benefit both of you." - Leslie Tayne

Communication with your partner is vital when it comes to being financially successful as a married couple. If you have had credit problems in the past, be honest with your spouse about how it could affect your situation. If your spouse has had credit problems, be open about your concerns and consider how their financial history could affect your own standing. There are endless benefits to being married – including financial perks. Being educated on how marriage will change your money situation can help you find your financial happy ever after.

How to Learn Much More From the Books You Read

It is one thing to read and another thing to understand what you are reading. Not only do you want to understand, but also remember what you've read. Otherwise, we can safely say that if we're not gaining anything from what we read, then it's a big waste of time.

Whatever you read, there are ways to do so in a more effective manner to help you understand better. Whether you are reading by choice, for an upcoming test, or work-related material, here are a few ways to help you improve your reading skills and retain that information.

Read with a Purpose

Never has there been a shortage of great books. So, someone recommended a great cookbook for you. You start going through it, but your mind is wandering. This doesn't mean the cookbook was an awful recommendation, but it does mean it doesn't suit nor fulfill your current needs or curiosity.

Maybe your purpose is more about launching a business. Maybe you're a busy mom and can't keep office hours, but there's something you can do from home to help bring in more money, so you want information about that. At that point, you won't benefit from a cookbook, but you could gain a lot of insight and find details here on how-to books about working from home. During this unprecedented year, millions have had to make the transition to work from home, and millions more are deciding to do that. Either way, it's not a transition that comes automatically or easily, but reading about it will inform you about what working from home entails.

Pre-Read

When you pre-read it primes your brain when it's time to go over the full text. We pre-read by going over the subheadings, for instance, the table of contents, and skimming through some pages. This is especially useful when you have formal types of academic books. Pre-reading is a sort of warm-up exercise for your brain. It prepares your brain for the rest of the information that will come about and allows your brain to be better able to pick the most essential pieces of information you need from your chosen text.

Highlight

Highlighting essential sentences or paragraphs is extremely helpful for retaining information. The problem, however, with highlighting is that we wind up highlighting way too much. This happens because we tend to highlight before we begin to understand. Before your pages become a neon of colored highlights, make sure that you only highlight what is essential to improve your understanding and not highlight the whole page.

Speed Read

You might think there have been no new ways to read, but even the ancient skill of reading comes up with innovative ways; enter speed reading. The standard slow process shouldn't affect your understanding, but it does kill your enthusiasm. The average adult goes through around 200 to 250 words per minute. A college student can read around 450 words, while a professor averages about 650 words per minute, to mention a few examples. The average speed reader can manage 1,500 words; quite a difference! Of course, the argument arises between quality and quantity. For avid readers, they want both quantity and quality, which leads us to the next point.

Quality Reading

Life is too short to expect to gain knowledge from just one type of genre. Some basic outcomes of reading are to expand your mind, perceive situations and events differently, expose yourself to other viewpoints, and more. If you only stick to one author and one type of material, you are missing out on a great opportunity to learn new things.

Having said that, if there's a book you are simply not enjoying, remember that life is also too short to continue reading it. Simply, close it, put it away and maybe give it another go later on, or give it away. There is no shame or guilt in not liking a book; even if it's from a favorite author. It's pretty much clear that you won't gain anything from a book that you don't even enjoy, let alone expect to learn something from it.

Summarize

If you're able to summarize what you have read, then you have understood. When you summarize, you are bringing up all the major points that enhance your understanding. You can easily do so chapter by chapter.

Take a good look at your life and what's going on in it. Accordingly, you'll choose the material that is much more suitable for your situation and circumstances. When you read a piece of information that you find beneficial, look for a way to apply it to your life. Knowledge for the sake of knowledge isn't all that beneficial. But the application of knowledge from a helpful book is what will help you and make your life more interesting and more meaningful.