The Family CFO: The Couple's Business Plan for Love and Money

by Mary Claire Allvine

At some point in every relationship, money becomes an issue. It often happens when couples first consider moving in together or getting married, or when they're facing a major life decision such as buying a home or having children. Whether it happens sooner or later, though, finally taking control of your financial future is a huge step toward solidifying your relationship and realizing your shared dreams. The Family CFO introduces couples to a personal-finance plan that turns managing your money into a romantic experience. By applying the tools and rules of the business world to minimize conflict and anxiety, you and your partner can focus on setting priorities and reaching goals instead of arguing over budgets. Then, after learning how to run the Family CFO system, you can work out personalized solutions to some of the biggest challenges couples face, * Wresting control of debt
* Maintaining your lifestyle if one of you loses your job
* Deciding whether to change careers
* Arranging for one of you to stay at home with the kids. In plain language illustrated with real couple's stories and supplemented with helpful worksheets, The Family CFO offers best family practices worthy of even the most accomplished chief financial officer. And as the authors well know and show, approaching your joint finances like a business can lead to a lifetime of shared pleasure.

Genres: Finance, Personal Finance, Relationships, Nonfiction

288 pages, Hardcover

First published January 17, 2004

Reviews

[Bethany · Rating 4 out of 5]

Really liked this book. Tempted to give it to all Newlyweds with a check as our gift :) Great job of explaining the cost of decisions you make.

[Ashley · Rating 5 out of 5]

I finished both reading and implementing this book, and I highly recommend it to married and single career folks. Co-written by a CFP and a writing professor who has also published for various financial magazines, The Family CFO is easy to read and understand, yet offers the more complex type of financial planning advice that you need to understand in your 30s. The book covers simple methods for tracking your monthly cash flow and networth and then gives detailed guidelines for retirement planning and making costly financial decisions. It is geared toward couples who are trying to figure out how to manage money in their marriage, but the planning techniques could be used by non-married people. The stories were entertaining. The worksheets were easy-to-follow. Some of the projections methods are tricky, only because projecting for the future is always complicated. I like the idea of setting up and revisiting your list of priorities to remind you why you are saving and spending in certain ways.

[Douglas Lord · Rating 4 out of 5]

Wait–another personal finance book that treats marriage like a business partnership? Yep, and a pretty darned good one. Both seasoned financial advisers, Allvine and Larson offer clear advice in a way that will appeal especially to those of us who are right-brained, liberal-artsy, and in need of a little finance 101. Some key tactics are presented to help the “busy executives at Love, Inc.” run a business-savvy financial ship: clearly identifying jobs for each half of a couple, establishing mutual risk thresholds, and avoiding petty microexamination of cash flow, for example. While this book won’t replace popular titles like David Bach’s Smart Couples Finish Rich: 9 Steps to Creating a Rich Future for You and Your Partner, it will make a quality addition to the field that treats both finances and interpersonal conflicts about money (e.g., Jonathan Rich’s The Couple’s Guide to Love and Money).

[Bryce · Rating 2 out of 5]

I wasn't really that impressed with taking a business view of your personal finances. I agree that when making financial decisions you should take business approach, but the suggestion in the book didn't seem all that different than what I have read in other books.

[Jason · Rating 3 out of 5]

Good read. I skipped around a bit, only reading the chapters most relevant to my current situation and future goals. Good advice and information throughout.