Host: Is it important to have our finances in order before getting married?
Bill Cochran: I believe it's important to have a handle on your finances. What is it mean to have our finances in order because I hear couple say that from time to time, Well, we are not quite ready yet because we don't have our finances, which can be interpreted a lot of different ways. What they are saying sometimes is I still don't have my million dollars in the bank or I don't have all the toys I want yet or whatever.
It's important, I believe in a couple planning for marriage to spend some time talking about their finances. The debt they are bringing in. The way they are going to work on it together and lot of things that lot of couples don't think about is you are getting ready to merge and to manage a multimillion dollar corporation, well, the corporation of your lives. If you think about over the course of your lifetime especially with inflation, it's going to be worth millions of dollars from now till the end.
So having a plan in place to know how you are going to manage your finances, even if you are in debt when you get married and determining who is going to do what in working on the finances, is a very, very important thing.