William and Kate: Financial future for the Royal duo

On Monday, Clarence House announced the engagement of Prince William and his long-time girlfriend, Kate Middleton. The second in line to the throne, popped the question during a stay in the foothills of Mount Kenya, presenting Kate with the engagement ring that belonged to Princess Diana.

With the public trained on their every move and photo op, the couple must now think ahead. The Prince’s job is probably pretty secure, and its safe to say the couple can afford their first home without scrimping.

Along with extending best wishes to the newest royal pair, Kathy McMillan of Richardson GMP also offered some financial advice for the future.

Number one on her list of tips was to “track their cash flow” and to set goals both independently and as a couple. This step, she stressed, is “important to anybody and to any couple. In probably the most contracted marriage known to man, they need to decide where they are financially combined now and where they want to be in the future.”

Secondly, she emphasized the need for couples to “prioritize and practice full disclosure. In difficult times, they need to establish a system to meet challenges, remain leveled headed and have a sense of humour. They need to consider the division of assets and goal set in all categories since they are so much in the public eye.”

As a last comment, Kathy wished to extend her congratulations to the “beautiful couple” and had no doubt that they would create “beautiful babies” and be successful together.

Do you have financial advice for the royal couple? Email us and we’ll print the best advice.

(11/17/10)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.