The Family CFO: The Couple's Buisness Plan for Love and Money

The concept of THE FAMILY CFO: THE COUPLE'S BUSINESS PLAN FOR LOVE AND MONEY is that couples can and should run the financial side of their homes like a business. Two good friends collaborated and wrote THE FAMILY CFO. One is a certified financial planner and a principal in a large financial planning firm, the other is a journalist whose articles have appeared in Forbes magazine, Wall Street Journal and other publications. One of the first things THE FAMILY CFO authors do is to help couples get past the idea of not talking and sharing personal information about money. Allvine and Larson show couples that co-mingling, managing and talking about their money together is indeed necessary. They talked to real couples about their very real financial problems. As it says in the introduction - After reading this book, you and your partner will know how to: **Make effective financial decisions together without tension or arguments. **Reduce the time it takes to run your finances. **Use money as a tool to help you define your long-term vision and set goals, bringing you closer as partners and moving your relationship forward. The charts, worksheets, resources and retirement information in THE FAMILY CFO is invaluable. If you know a couple getting married be sure to give them a copy of this book along with that bottle of good wine. I grew up in a home where my mother never knew how much money my father made. She received a weekly allowance to run the house. When I was married the whole of it was about finance. We never had enough money and we were bogged down in debt. We pulled in opposite directions and never resolved anything. I wish THE FAMILY CFO: THE COUPLE'S BUSINESS PLAN FOR LOVE AND MONEY had been available then. There is much information for singles also. There are great finance resources and web sites. Chapter 5, The Investment Manager, page 84 starts "Never invest in something you don't understand." Those who want to understand investments and investment jargon should definately read this book. Highly Recommended. Vannie(~.~) Work & Family @ BellaOnline.com http://www.bellaonline.com/Site/workandfamily

Mary Claire Allvine and Christine Larson wrote "The Family CFO: The Couple's Business Plan For Love And Money" to help couples get their finances in order. Allvine and Larson write: "Managing your money wisely means having a clear vision of 1) what you want to do-go back to school, have a family, start a rock band-and then 2) what you need to get there-money for tuition, financial security, an electric guitar. Most couples get this backward; they focus on financial assets (what they have) to the exclusion of their real goals (what they want to do), which makes it impossible to make wise financial decisions. Only by thinking about your life goals can you really make your money work for you." We learn that money conflicts are the biggest source of fights between engaged people and newlyweds. The authors point out that money arguments between couples usually are about priorities. For example, the husband wants to start a rock band, while the wife wants to build savings. To help couples resolve conflicting priorities, Allvine and Larson suggest couples take an annual retreat (OK, it could be at home), write down and share their dreams, and agree on a time frame for achieving their plans. The authors say couples must decide upon both an investment manager (someone to handle investments and insurance) and a cash manager (who budgets family expenses and pays the bills). "The Family CFO" discusses seven key financial decisions couples face, including: 1) Managing debt, including student loans and credit cards. The advantages and disadvantages of pooling money are covered. Suitors learn to tell each other just how much student debt they have, to see if either the bride or groom will bolt for the door, when they hear "the number." 2) Deciding whether or not to buy a home and the process of purchasing one. This section includes solid information about choosing the right mortgage and a home-buying worksheet to help couples evaluate the costs of home ownership. 3) Changing jobs. This section includes the financial planning that may be necessary during a career change. As with each section, couples struggling with the decisions are featured and their reasoning evaluated. 4) Having children and can the couple afford them? The authors write: "If you had a baby in 2001, you will spend between $170,000 and $338,000 on the child over the next seventeen years..." The cost of raising children is evaluated in detail. The authors break down typical expenses by day care, clothing, food, etc. A detailed "Kids Cost Worksheet" is provided. And, they address the question: "Is it really worth it to have both parents working, given the costs of day care?" 5) Planning for retirement. Allvine and Larson tell couples that retirement doesn't just happen, couples must make it happen. Building retirement wealth is covered. Especially for couples without high earnings, Allvine and Larson suggest couples start saving early. They write: "What you lack in money you can m

What a great vehicle for couples about to venture into a partnership! This guide should be used for pre-marital counseling to avoid the huge financial pitfalls which can disrupt a relationship. Even after 40 years of "partnership", some hints can be applied to a long standing relationship. Cleverly written too!!

I'm always a bit skeptical about "how-to" books, especially those about relationships and money. This one, however, is really helping us out. It has taken some of the stress out of talking about money. Instead of having these "discussions"(a.k.a arguments) only after I decide to buy a new guitar, we have them during our board meetings...a much more relaxed environment. I just can't believe nobody thought of this concept before.

My husband and I fight about money a lot, and I've looked at a lot of these books. I've never seen one with such practical solutions as this, and I think it's really going to help us. The business metaphor is fun and really useful, too. And the authors have a great sense of humor.