How to Budget as a Couple with Nico Bolzico

by Venus Zoleta, on category "Featured Articles,Lifestyle"

May 12, 2017


how-to-budget-as-a-couple-nico-bolzico
Have you talked with your partner about achieving financial goals in your marriage? If you haven’t done so, better do it now.
Money problems are among the leading causes of failed marriages, so one of the first things you need to do after your wedding is to work with your spouse to manage your finances well.
You can draw inspiration from popular celebrity couple Solenn Heusaff and Nico Bolzico. Fans adore them for their hilariously playful banters on YouTube and funny Instagram posts, but there’s something they take seriously besides fitness: their financial wellness as a married couple.
Nico shared with MoneyMax.ph his and Solenn’s financial journey and his money advice for newlyweds and soon-to-be-weds. Nico is an Argentinian agriculturist-entrepreneur with a master’s degree in global finance and capital markets.
Here’s what one-half of the SosBolz pair has to say about being money smart:

Discuss your financial goals as a couple

Nico and Solenn work as a team to identify their money goals and find ways to achieve them. The celebrity businessman said that he and his wife had talked about their financial goals since they got married in May 2016.
From the get-go, the couple has made sure they’re on the same page in terms of how they wanted to grow their money and where it would go.
“We started doing joint investments in the food and beverage sector, and we have a joint bank account where we deposit the dividends,” Nico shared. The couple hopes that by the second half of 2017, these investments can cover all their basic needs.
It also helps that the celebrity duo has a relatively frugal lifestyle. They don’t splurge on material things, as they spend only on travel, food, and dining in restaurants.
In a recent interview with GMA News Online, Solenn shared their secret to a drama-free marriage: “We’re not really materialistic. There’s nothing I can buy for Nico that would make him super happy… I like preparing food for him. Cooking is my love language.”

Have both joint and separate bank accounts

Asked for his advice for couples who will get married soon, Nico said: “Don’t be afraid to share bank accounts.”
“As long as the wife doesn’t have a limitless credit card, you’ll be fine,” he quipped.
However, it’s still important for married couples to have their own income and savings in addition to their joint bank account.
“I don’t believe in ‘what is yours is mine’ and vice versa. We share a lot of things, but we still have our separate income,” Nico said.
For instance, 80% of Nico’s money is invested in LM10 Corporation, an agribusiness tech company he founded in 2012, as well as more diversified investments. The rest is invested in private equity at a 5% yearly return with no exit cost.
But of course, things will have to change a bit once they start to build a family. “Perhaps when we have a child someday, we’ll have a greater share of joint spending than what we have today,” Nico added.

Don’t be too risk averse

When they’re presented with various investment options, many people tend to choose the one with the lowest risk. For Nico, this is a pitfall that married couples must avoid.
“If you’re still young, the returns can benefit you as a couple in the long run. Get advice from financial advisors who can provide you with a suitable choice based on your risk appetite,” he said.

Final Thoughts

When it comes to money management, SosBolz could very well be your #couplegoal and #finanspiration. Although there’s no one-size-fits-all rule for handling finances in a marriage, it doesn’t hurt to learn from the stories of money-savvy couples like Nico and Solenn.
 Note: Featured photo from Cosmo.phApply for a credit card at Moneymax.