Five Ways Key Wealth Direction® Helps Spouses Plan

by Joseph Capriotti, CFP®, Senior Financial Planner

Five Ways Key Wealth Direction<sup>®</sup> Helps Spouses Plan

You and your spouse are making plans for the future. Whether you’re planning to buy a second home, deciding when to retire or just trying to save as much as possible, you have a lot in the works. For you to reach your joint goals, you both need to have the same information. To make solid financial decisions together, you and your spouse need to understand exactly how you are positioned financially.

Key Wealth Direction can help you do just that. Through Key Private Bank’s exclusive, personalized online portal, together you’ll be able to see your entire financial life with clarity. You don’t need to pull up individual statements or remember your passwords for all your accounts. You can both clearly see all the details of your financial life laid out in living color.

You’ve got so many wonderful things to plan for. These tips will help you work together to ensure your life’s journey takes you everywhere you want it to.

Tip #1

Set Joint Goals

Picture yourself and your spouse on a bicycle for two. You’re riding along and your plan is to head to the library while your spouse’s plan is to go to the park. You’re not going to make it to either destination unless you coordinate your goals and your strategy for how to get there. Otherwise you’ll each be leaning in opposite directions. Planning for your future is the same way. To get where you want to go, it’s important to create joint goals together.

Key Wealth Direction helps you create a financial plan with needs, wants, and wishes, so that you can prepare for essential expenses, get ready for the unexpected, and do what you need to for your dreams to come true. Working together to state your goals and then see them clearly laid out puts you both in the driver’s seat, together.

Tip #2

Ask Questions

You and your spouse know each other so well, but there are moments when you realize neither of you is a mind reader. Your spouse thinks that you’ll just stay home Friday night and have a quiet dinner, while you’re thinking that heading out to a movie would be perfect. You’re both surprised when your spouse is stirring a pot of risotto and you’ve bought seats for the movie online. It can be easy to assume you’re both thinking the same things and it can also be easy to assume you both have the same information when you don’t.

Asking and answering questions about your assets, your budget and your plan for the future helps get you both on the same page. And when you work on your joint financial plan, you both have the opportunity to ask the team of financial experts at Key Private Bank for the advice and information that you need to understand your situation and achieve your goals. Getting the deep insight you need into your financial life will make it easier for you both to know where you are and where you’re heading.

Tip #3

Learn Patterns

You’ve been married long enough to know there are rhythms to your life. There are patterns to the way you move through your day and your life. You and spouse have synched your rhythms together to achieve daily goals. There are also patterns to your spending and saving you might not be aware of. When you can clearly see those patterns, you can understand them and decide to change them if they aren’t what you want.

Our budget tracker allows you to isolate the patterns in your spending that have always been there, but you might not have been aware of. When you and your spouse understand these trends, you can work together to adjust them to meet your long-term goals.

Tip #4

Build Confidence Together

When you’re working toward your future together, there are lots of questions, forks in the road, and unknowns. It can be tempting to look at each other and say the future will take care of itself, but in truth a solid future requires careful planning today. Easily accessing tools and advice can help you carefully allocate your funds. You can then meet your necessities and fund all the things you hope to do, and finally relax and feel confident that the future will hold exactly what you hope it does.

Key Wealth Direction is designed to help you easily find that comfort zone, in fact, it’s clearly marked so that you can see you’re on track. When you can see that you’re on pace to succeed with your goals, you truly can feel confident that together your future will be bright.

Tip #5

Role Play

One of the best ways to find out whether something might be fun, worthwhile or make you happy is to try it on for size. Before you and your spouse plan a trip to the beach, you might imagine yourself there, feeling the sand, the water and the relaxation, but you also give yourself a chance to think about sunburn, what it might be like on a cloudy day and how your spouse who can’t swim might react. Seeing yourselves in the scenario helps you decide whether you really want to go to the beach or whether you might be better to plan a trip to the mountains or a big city.

You can benefit from the same kind of exercise when you’re making plans for the future. Wealth Direction’s Play Zone® lets you do exactly that. The Play Zone lets you change variables and see what happens. If inflation increases, will you still be in the Comfort Zone? If you decide to buy purebred horses to keep at your country home, how will this impact your other longterm goals? The Play Zone lets you role play all of these scenarios and see together exactly how they play out. You can even change the priority of your goals to see how that affects your plan. When you and your spouse experience the implications together, you can make solid decisions about your future with a clear joint vision.

Any opinions, projections, or recommendations contained herein are subject to change without notice and are not intended as individual investment advice.

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