Managing Money
After their wedding, Kristen and Alan sat in a bank parking lot ready to combine their finances. Alan had saved considerably more than Kristen's $6,000. But Kristen was the one hesitating.
"I don't want to give up my money," she told him.
Alan's response set the tone for three decades. "That's all right. We're going to keep your account. We'll open a joint account. And then whenever you feel like you have more than you need, you contribute to our family."
That arrangement has lasted their entire marriage. Kristen maintains her own account. When her balance exceeds what feels comfortable, she transfers the rest to their joint accounts.
Alan handles the normal household expenses.
Kristen manages her own special purchases and family trips.
"Getting married in your 30s, by then you really have a sense of your earnings and needs" Kristen explained. "That delineation meant a lot to me."
They've never carried credit card debt. Every month, every year of their lives, they've paid the balance in full.
When Alan got a raise, that raise went straight to retirement.
They lived below their means without feeling deprived.
"We weren't trying to keep up with the Joneses," Alan said. "We just did what we did and put a lot away."
Their approach worked. Today they have a net worth over $2 million, built entirely on college administrator salaries.
Alan’s vigilance made the difference. He knows where every dollar comes from and where it goes. Learning along the way and understanding how their money works for them.
"He's got a finger on every penny," Kristen said. "That has made us very secure."
But Kristen admitted something during the interview. She wishes she'd been more involved. She trusted Alan completely, and his integrity served them well.
If circumstances had been different, she could have been put in a bad spot. Not knowing the full financial picture.
Her advice to younger couples: be more over your partner's shoulder on everything. Feeling secure doesn't mean you can be uninformed.
