Wednesday, February 8, 2006

Marriage And Wealth

It case you already didn't know it, yet another study just came out confirming that marriage is the quickest route to wealth. Now, while it may seem counterintuitive that getting married, having kids, buying a house, etc., would be your best bet for financial independence, the fact is walking down the aisle greatly increases your odds of becoming wealthy.

The explanation for this is based on several “wealth creation” factors specifically pertaining to married couples, including: the pooling of resources, double incomes, home equity, and just a more mature attitude in general when it comes to money and living on a budget. Additionally, people who are married tend to place a greater emphasis on planning for the future and are more practical when it comes to money related decisions than those who are single or just living together with a significant other.

(e.g., Remember that movie, whose title escapes me, with Hugh Grant and Julianne Moore where they play this couple about to have a baby? Grant is torn between keeping his sports car or doing the grown-up thing and trading it in for, heaven forbid, a minivan. Realizing that his becoming a father pretty much does away with his need for his prized babe magnet wheels, he begrudgingly gives in and gets the van. Ouch!!)

The conclusion: The next time you go to the ATM to make a withdrawal--only to realize there’s no money left in your account--you’re probably someone who isn’t wearing a wedding ring.