April 2019 Q and A

QUESTION

My fiancée and I will marry soon and wonder how we can best avoid arguments over money. Any tips about how we can keep the peace?

ANSWER

Start by having a conversation with each other and then with a financial professional. Establish your goals, wants and needs. Then create a strategy to meet these financial goals. Determine who will handle which financial chores. If one handles the checking and banking, make sure you both keep abreast of what’s happening. If you have opposite money styles, learn to compromise and be honest about areas where you can’t. Budget for short-term goals and build an emergency fund for unforeseen financial setbacks.

QUESTION

I own an ice cream shop that stays open only from May through October. Do I need the same types of insurance coverage a year-round business needs?

ANSWER

If you own just about any type of business and have employees, state laws will likely require you to carry worker’s compensation insurance and to pay into your state’s unemployment fund. In fact, your insurance needs may be no different than a year-round business, just for a shorter timeframe. Look for an insurance agent who can talk to you about business insurance coverage for liability, property, commercial auto, cyber liability and more.