Don't Be a Finance Pig: Be Sure Your Spouse is Financially Literate Too!

The quest for life insurance once again has the Armchair Fiduciary thinking about his own mortality. Perhaps the most important thing you can do for your spouse besides leaving him/her on stable financial footing is leaving him/her the knowledge to stay that way. If you are like the Armchair Fiduciary there is a clear division of labor in your house between finance and many various other tasks. While your significant other may not do the financial houskeeping very often s/he does have to know how. S/he should be aware of all financial accounts, insurance, bills, and debts you have and how to access and or pay them. Furthermore, s/he should have some basic understanding of the time value of money, the power of compound interest, and common sense rules like: "If it sounds too good to be true; it probably is." With these basic elements and your well laid financial plans, your spouse should be fine even if you face an untimely death. So take some time this weekend and bring your better half up to speed on some basic personal finance.