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Like many savvy business people of the 21st century, David Bach offered his first pearls of financial wisdom to women, in his bestselling book Smart Women Finish Rich. Recognizing that these women are often accompanied by significant others and that money arguments are the number one cause of divorce in America, Bach has now broadened his scope. Presumably intended to help change this depressing statistic, Smart Couples Finish Rich is a well-written financial planning tool, packed with useful charts and information, inspiring examples, and practical advice.
For people who've been disappointed by the shallowness of some of the "quick tips" self-help books out there, the subtitle of this book is a little misleading. Bach's nine steps are not instant change techniques or chirpy little quips to recite to yourself whenever you go to balance your checkbook. Instead, the first few steps include a series of exercises that will help you determine what you know (and don't know, or understand) about saving and investing, what role money should play in your life (which includes understanding your values), and how to work together toward a common financial goal. From there, Bach teaches his readers how to account for "disappearing" money, how to build retirement, security, and dream baskets of wealth (providing detailed options for all three), and how to avoid the most common financial mistakes most couples make. Though the focus of the book is predominantly on working with your existing income, Bach includes a final chapter entitled "Increase Your Income by 10 Percent in Nine Weeks."
Bach's writing style is engaging and his advice is user-friendly. A successful financial planner, he obviously believes passionately in all the "fringe" benefits of being financially responsible but employs a no-nonsense approach that makes financial smarts available to everyone. So whether you're 25 and just starting out on the earning, saving, and spending road or you plan to retire next year; whether you've recently got hitched for the first time or you've just entered your fourth marriage; and whether financial planning comes first or last on your list of fun things to do, the advice in Smart Couples Finish Rich is worth heeding. It's not about becoming a money-obsessed bore, it's about getting smart... and rich. --S. Ketchum
From Publishers Weekly
Bach, author of the bestselling Smart Women Finish Rich and host of a popular PBS series, offers his advice on how couples can keep their financial lives in sync. Familiar financial strategies on routine concerns, such as investments, retirement and insurance, form the bulk of the book. However, Bach's work does distinguish itself in one critical area: Bach believes that all couples (gay and straight, married and unmarried) need to identify values as well as goals as their first step toward achieving financial security. As he explains, values have to do with "being" (e.g., security, health, spirituality, fun), while goals are related to "doing" and "having" (e.g., playing golf regularly, taking frequent vacations, retiring with a million dollars). Moreover, he avers, not only is money management an issue that couples should plan and work on together, it is one that they should talk about, in a positive way, all the time. For example, Bach firmly believes that all couples need to be aware of their spending (what he calls the "latt‚ factor," or being more conscious of the regular little purchases they make each day) in order to make positive changes in their financial lives. Agent, Jan Miller. (On-sale date: Mar. 6)Forecast: Given Bach's previous success and the support of a five-city author tour and 22-city radio satellite tour, this book will quickly move toward bestseller lists, though its ho-hum approach doesn't mark it as a future evergreen paperback.Copyright 2001 Cahners Business Information, Inc.
From AudioFile
The author of SMART WOMEN FINISH RICH taps his experience and perky personality to help couples manage their money. He covers spending, investing, and the habits you need to do both wisely and speaks with wisdom about the importance of clarifying personal values before starting a financial plan. By focusing on who they are, instead of what they do or what they have, a couple can tap into a powerful force that will guide their activities to be consistent with what they believe. With many clever questions and challenges, this is a delightful resource that will really make you think about where you and your partner are going financially. T.W. © AudioFile 2002, Portland, Maine-- Copyright © AudioFile, Portland, Maine
From Booklist
Most books on personal finance now emphasize the need to assess the true purpose of money in one's life. This is difficult enough to do for oneself. For couples, though, it can be disastrous when mates discover that their attitudes about money do not mesh. Bach, who is the author of Smart Women Finish Rich: 7 Steps to Achieving Financial Security and Funding Your Dreams (1999), reports that fights about money are the main reason couples divorce in the U.S. Bach asks readers to examine their values jointly and shows the benefit of "align[ing] spending habits with . . . values." He emphasizes saving and makes a key point that when couples save together, the rewards are compounded. Bach then offers the "three-basket" approach to personal money management, recommending that money be set aside for retirement, security, and transforming dreams into reality. He concludes by identifying some of the "most glaring financial mistakes couples make" and offering specific techniques for "growing your income by 20%" during the next year. David Rouse
Copyright © American Library Association. All rights reserved
Robert T. Kiyosaki, author of Rich Dad, Poor Dad
Smart Couples Finish Rich teaches women and men to work together as a team when it comes to money.
Review
"David Bach brilliantly acknowledged the true economic power of women in his EVEolutionary first book, Smart Women Finish Rich. He smartly follows up with Smart Couples Finish Rich, believing in the importance of women, recognizing that traditional roles are changing and that incorporating a woman's financial needs will move a couple into their best future."
—Faith Popcorn, futurist, author of EVEolution: The Eight Truths of Marketing to Women
Anthony Robbins, author of Awaken the Giant Within and Unlimited Power
David Bach is the one financial expert to listen to when you’re intimidated by your finances.
Review
"David Bach brilliantly acknowledged the true economic power of women in his EVEolutionary first book, Smart Women Finish Rich. He smartly follows up with Smart Couples Finish Rich, believing in the importance of women, recognizing that traditional roles are changing and that incorporating a woman's financial needs will move a couple into their best future."
?Faith Popcorn, futurist, author of EVEolution: The Eight Truths of Marketing to Women
Book Description
Fighting about money is the #1 reason for divorce in America. From first-time newlyweds at the start of new careers to people marrying later in life or on their second or third marriage, couples face an overwhelming task when creating and managing a two-income household. Most couples find themselves frustrated when it comes to combining their complex financial histories, and, as a result, both their relationships and bank accounts can suffer.
David Bach, nationally renowned financial advisor and author of the bestselling Smart Women Finish Rich, knows that it doesn't have to be this way. After years of first-hand experience working with couples young and old, David Bach reveals that through communication and partnership, planning your finances together can be both fun and easy when you have the right tools.
In Smart Couples Finish Rich, David Bach offers couples a step-by-step guide to building and maintaining financial wealth for years to come. Instead of avoiding each other when it comes time to balance the checkbook, you and your partner will learn how to come together and identify your core values and dreams, creating a spending and saving plan that reflects your values as a couple. Packed with easy-to-use tools that will take you from credit-card management to long-term care, each chapter will guide you and your partner as a team toward a more rewarding financial plan based on the same overall financial objectives.
The Smart Couples Finish Rich nine-step journey provides every couple with strategies for organization, communication, and smarter spending that you can put into action immediately. This journey reveals:
* The Couples' Latte Factor — how to build a million-dollar portfolio on $3.50 a day
* How to talk to your partner about money without fighting
* How to increase your income by 10 percent in nine weeks
* The FinishRich File Folder System — giving yourself a financial clean-up
* The 10 biggest mistakes couples can make
A book for couples of all ages and all tax brackets, Smart Couples Finish Rich is the ultimate guide for creating a lifetime of wealth—both personal and financial.
Download Description
Fighting about money is the number-one reason for divorce in America. David Bach knows that it does not need to be this way. In Smart Couples Finish Rich, David Bach makes his tips available for everyone trying to navigate the complex joint-finance waters.
From the Inside Flap
Fighting about money is the #1 reason for divorce in America. From first-time newlyweds at the start of new careers to people marrying later in life or on their second or third marriage, couples face an overwhelming task when creating and managing a two-income household. Most couples find themselves frustrated when it comes to combining their complex financial histories, and, as a result, both their relationships and bank accounts can suffer.
David Bach, nationally renowned financial advisor and author of the bestselling Smart Women Finish Rich, knows that it doesn't have to be this way. After years of first-hand experience working with couples young and old, David Bach reveals that through communication and partnership, planning your finances together can be both fun and easy when you have the right tools.
In Smart Couples Finish Rich, David Bach offers couples a step-by-step guide to building and maintaining financial wealth for years to come. Instead of avoiding each other when it comes time to balance the checkbook, you and your partner will learn how to come together and identify your core values and dreams, creating a spending and saving plan that reflects your values as a couple. Packed with easy-to-use tools that will take you from credit-card management to long-term care, each chapter will guide you and your partner as a team toward a more rewarding financial plan based on the same overall financial objectives.
The Smart Couples Finish Rich nine-step journey provides every couple with strategies for organization, communication, and smarter spending that you can put into action immediately. This journey reveals:
* The Couples' Latte Factor — how to build a million-dollar portfolio on $3.50 a day
* How to talk to your partner about money without fighting
* How to increase your income by 10 percent in nine weeks
* The FinishRich File Folder System — giving yourself a financial clean-up
* The 10 biggest mistakes couples can make
A book for couples of all ages and all tax brackets, Smart Couples Finish Rich is the ultimate guide for creating a lifetime of wealth—both personal and financial.
From the Back Cover
"David Bach is the one financial expert to listen to when you're intimidated by your finances. His powerful and easy-to-use program will help couples of all ages learn to save and invest to afford their dreams."
--Anthony Robbins, author of Awaken the Giant Within and Unlimited Power
About the Author
A senior vice president of a major New York brokerage firm, David Bach is a partner of The Bach Group, which manages over a half-billion dollars of individual investors' money. The national bestselling author of Smart Women Finish Rich, Bach is the host of his own television special, "Smart Women Finish Rich," airing on PBS nationwide. His investment principles are taught nationally through his Smart Women Finish Rich workshops, which are currently being hosted by 5,000 financial advisors in 1500 cities with over 100,000 attendees annually. He lives in San Francisco, California with his wife, Michelle. Please visit his website at www.finishrich.com.
Excerpt. © Reprinted by permission. All rights reserved.
Why Smart Couples Are Taking Control of Their Financial Future
I'll never forget the first fight I had with my wife Michelle over money. We were just back from our honeymoon, and the bliss of getting married was still in the air. Our new apartment looked great. We were incredibly excited to be starting our lives together.
As Michelle began to unpack, I sat down at the kitchen table and started sorting through the mail. Since we'd been gone almost two weeks, there was a lot to go through. I began separating the important stuff from the junk mail, taking the bills that needed to be paid and placing them in piles. Nice, neat organized piles. In my mind, this bill-paying stuff would clearly be a nonissue. After all, both Michelle and I were financial professionals. I managed money for hundreds of couples; she helped corporate executives trade restricted stock. What's more, I'd spent the last five years teaching classes on financial management and had just started writing a book on money for women. Paying our bills and managing money as a couple were bound to be a breeze.
Neat and Simple?
As I sorted out the bills, I created a "David" pile and a "Michelle" pile. This was going to be so easy. I'd pay my bills (like my car payments and my cell phone) and Michelle would pay her bills (like her car and her cell phone). We'd split the household bills, which meant we needed a "we" pile. And . . . hmmm . . . who pays the insurance bills? Well, we'll figure that out. Maybe we also need a "to be discussed" pile. Let's see, that's four piles.
Oh, here's a bill for the cleaning lady. I guess that could go in our "we" pile. But what about this American Express bill with all the honeymoon expenses on it? Well, the card's in my name and I guess it's pretty much the guy's job to pay for the honeymoon, so that should probably go in the "David" pile. Dry cleaning? Well, even though we now get our dry cleaning done at the same place, the account is in my name, so I guess I can pay it. Let's see—how much does this cost? No way . . . this can't be right! How could my dry-cleaning bill have tripled in a month?
Michelle was in the bedroom organizing her closet. "Honey," I yelled to her, "do you know they charge $7 to dry-clean one of your sweaters? How can it cost so much to dry-clean women's clothing? And do you know you had them dry-clean seven sweaters this month? This is insane. We're going to have to get two dry-cleaning accounts, because I'm not paying these ridiculous prices for you."
Michelle stopped what she was doing and came into the kitchen. "Of course I know it costs $7 to dry-clean a sweater," she said. She looked down at my nice, neat piles of bills. "Hey, what's with all this?" she
asked.
I grinned up at her. "Oh," I said, "I'm getting things organized. I'm separating our bills to see who pays what."
Michelle looked at me a little strangely. "Honey, you don't need to waste your time doing that. This is going to be easy. We are going to put all of our money in a joint checking account and pay everything together."
"We are?"
"Of course we are. We're married now, we love each other, and from now on everything we have is one and everything we do as one."
"Well, actually," I said, "that's not exactly what I had in mind." Sensing a little tension, I quickly added, "In the beginning at least, I think it might be easier if we sort of split this stuff up."
"But David," Michelle replied, "you make more and spend more than I do. You can't expect us to just split all these bills down the middle."
"Well, no, of course not," I said. "I thought I'd sort of split them up in a way that's fair."
"Well, what's fair?"
Good point, I thought. "Well, I need to think that through."
Michelle shook her head. "No, you don't. I'll tell you what's fair. What's fair is that we put all our money in one account and pay all the bills out of this account."
Something's Not Working
Fast-forward a few months. Michelle and I still hadn't totally agreed on who was responsible for paying what. Unfortunately, the bills kept arriving, just like clockwork, every 30 days. Only now they were starting to get paid late (and, as a result, we were getting hit with late fees).
Upset about all the money we were wasting on late fees, I began freaking out and blaming Michelle for the problem. In turn, she was telling me it was all the fault of my stupid "pile system." Needless to say, what we were doing wasn't working. And rather than sorting itself out, the problem was only getting worse. Instead of sitting down and discussing how we might reconcile our clearly different attitudes about handling money into one simple system that worked for both of us, we were running on "assumptions." I was assuming Michelle knew how I wanted our money to be managed, and she was assuming I knew what she wanted to do. We were each assuming the other was paying certain bills. We weren't on the same page—and the consequences were that this "money stuff" was creating more stress than it should.
The Good News . . .
Eventually, Michelle and I did come up with a system to manage our finances together. As a result, I'm happy to report that things are much, much better for us on the money front. We now work together on our finances, and instead of making assumptions about how the other one feels, we put our heads together and bounce ideas off each other. In short, we've learned to make a priority of discussing our finances and planning our financial goals and dreams together. Doing this changes everything: it ends the fights and it focuses the energy of a relationship on the positive instead of the problems.
Looking back, it's not surprising that as newlyweds Michelle and I had a hard time figuring out how to handle our finances. Even though we both had financial backgrounds, we had never taken a class or gotten any coaching about how to manage money as a couple. As a result, neither of us had ever thought about how different things become when you go from being two single people managing your money separately as individuals to a couple managing your money together.
Needless to say, what Michelle and I went through was hardly unique. Most couples have never been taught how to plan their financial future together. As a result, most couples rarely talk about money . . . unless they are fighting about it. My goal with this book is to change that. Having been a financial advisor for nearly 10 years, and a husband now for 3, I'm happy to report that it's both possible and fun to become a Smart Couple Who Finishes Rich. The key to being able to "win financially" is learning how to take the right actions in the right order. It's really not difficult at all—especially when you do it together as a couple.
In this book, we're going to work on how the two of you, as a couple, can both talk about and handle your money in a smart way. Whether you're just starting out or are well into midlife, whether this is your first marriage or your fourth, this book will show you how to get your financial goals and your personal values in synch so they—and the two of you—can work together to make your dreams a reality! What's more, if you have financial fears—and most people do—you will learn how to address and overcome them as a couple.
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