Editor's note: This is a transcript of the audio file.
For couples who want to make the most of their investment dollars, investing together can be a smart strategy, but it can also mean trouble. I'm Kristin Arnold with your Bankrate.com Personal Finance Minute.
Before investing, learn your spouse's financial history and experience by filling out risk questionnaires. Compare answers and spend some time discussing your spouse's views and goals on finances.
Couples need to determine who will be the lead partner in investing. But if possible, both people should look at investments and develop a workable investment strategy.
Start by specifying the purpose. You may want to buy a house, fund a child's education, start a business or save for retirement. Next, estimate the amount of money you'll need to meet that goal. Don't forget to factor in variables like savings, inflation and taxes.
And as you invest together, realize that clashes may occur. Before you and your spouse come to a deadlock, devise a method for working out disputes, focusing on risks and rewards. For more investing advice, go to Bankrate.com. I'm Kristin Arnold.