Introduction
Ed and Peg met the old fashioned way, at a bar in Pawtucket, and have been together ever since.
I first met Ed and Peg in high school. I was always impressed by their good taste and kind hearts.
They are exactly the kind of couple that newly weds can learn from.
Building Wealth
When Peg and Ed first married, they were young. Like most young couples in a new relationship their finances were uncertain.
A common question they would ask is “Where am I going to find the dollars needed to cover the basics?”
Peg has always been a hard worker and has seen the definition of “work-life balance” change significantly.
She traveled more than most during her career. Prioritizing work above all was a norm then. Looking back, Peg thinks that current workers face less intense hours, allowing for better balance.
She may wish that she had more time with her family, but her commitment at work gave them the ability to travel and create important memories that they often remember fondly.
Nowadays, Peg is retired after a 40-year career in commercial banking.
Her career culminated as Chief Risk Officer for small business banking at Citizens Bank, a large regional bank.
She emphasized the difficult and rewarding nature of lending to small businesses. The friendships she made during that period are still with her today.
Because of her background in banking, Peg always managed household finances.I’ve noticed that If one partner is more involved in finances professionally, they often use those skills at home too.
Marriage Pillars
Peg’s career in risk management may have influenced their first pillar of lasting love: Prudence
Financial success did not come to them immediately. "You learn little bits along the way." she remembers
I asked if they had ever made any mistakes with money:
An early mistake: investing in a private, early-stage startup investment, which folded within a year.
The insight: Excitement around new ventures can cloud judgment. But prudent, limited exposure helps build practical knowledge without risking long-term goals.
Their marriage is constantly reinforced by their second pillar of lasting love: Respect
Their conflict resolution style is pragmatic; after decades, they know when to explain, make counter arguments, listen and finally decide to stop talking and act.
“We understand that we're individuals, so we're not going to agree 100%, nor would I want to. That would, I think, be uninteresting." Peg says
An example is how they divide their time and responsibility when managing renovation projects. Peg interprets blueprints and Ed contributes to finer details like appliance selection. Each playing to their strengths.
Marriage Foundation
Ed and Peg are blessed to have a strong foundation in faith and family. Their pillars of prudence and respect are very stable due to their strong foundation.
Ed has four older brothers, and collectively, the five brothers have been married for "over 250 years of marriage". Wow!
No wonder they’re successful! Through their family, they've benefited from the type of shared experience and positive examples that I’m bringing to readers of this newsletter.
"Faith is a big part of who we are." says Peg.
They actively participate in their local parish. Peg serves on the finance committee, sharing her financial wisdom with the community.
Their involvement includes support for local social programs, such as food banks, reflecting a commitment to neighborly aid during funding shortfalls.
"We may be the last of the more traditional Catholic families” says Peg
Peg hopes their granddaughter will attend the parish school, promoting continuity of values across generations.
Conclusion
I asked Peg if there is any advice she would share with the next generation of married couples.
"I’ve been reading that the younger generation are not investing for the future,” she said. “They don’t take advantage of the employer match to the savings programs that they have.”
“That really surprises me and it makes me think, okay, so in the long run, what are they thinking?... How are you going to get to retirement?"
She urged cultivating a long-term mindset in spite of perceived economic and social uncertainty, stressing that history shows tough times can be overcome with disciplined saving.
