Money and Marriage
You’ve said “I do “. Married the one of your dreams. Now let’s talk about OUR money.
Approximately 65% of married couples combine their incomes. About 35% do not.
Sometimes our mate has a money personality different from our own. This can cause unpleasantness surrounding a very important aspect of our marriage: Our Money!! So what do we do to get on the same page?
Free spirited individuals are authentic to themselves and the world around them. Oftentimes, the need to reel them in is mandatory. These individuals can spend, spend, spend and/or give, give, give.
Savers, on the other hand, still need to be reminded that life is a gift meant to be enjoyed. It’s OK to enjoy life.
Sometimes it’s about the experience of the day, not the premium price tag for the day! Example: I am fully aware of the premium cost of goodies when going out to the movies. However, we all enjoy having a good time so I won’t let it bug me.
Auto Repair...An Emergency or Inconvenience?
Years ago, one of our vehicles was set to have some scheduled maintenance (which required the dealer to need the vehicle for the entire work day). The dealership provided a courtesy shuttle so I wouldn’t have to sit in a waiting room all day.
On my return to pick up the car, the shuttle driver and I had an opportunity to talk one on one. He was retired and provided transportation services part-time which allowed him to keep busy. He mentioned that for 25 years he was a car salesman and informed me that he made much of his money providing a solution to a problem that began in the service department. I listened closely as my ears perked at this revelation!
He stated that when service representatives would inform a customer of a major repair item, most people’s head and shoulders would drop, in a state of despair. He would take note and eventually confirm that the customer had no way of funding the needed repair.
Financial Stress and Depression
A recent report shows a link between financial stress and depression. 72% of the population indicates that they were stressed out about their money.
Financial stress has a way of bringing about an array of emotions to the surface. They can range from worrying about paying your bills to feeling like you are a total failure.
Money has a way of touching nearly every aspect of our lives. The lack of it or worrying about money influences our mental health, emotional health as well as our physical well being. Taking
control of the money we steward is vital. I know that money makes an excellent servant but a terrible master! Isn’t it time to master your money, rather than allowing it to master you? Let us
show you how to never worry about money again!!!!
Part of this post is excerpted from The Dark Link Between Financial Stress and Depression by Elizabeth Renter. Read the full post at:
Retail Therapy is Costly
I have a relative who admitted that when she is depressed or stressed, she makes it a priority to shop. This shopping trip is not to pick up an item or two on a short list of needs required by her wardrobe. It is a full blast budget breaking income wreaking disaster!
She indicates she feels much better while shopping. However once she returns to her stress-free self…... well let’s just say her net worth took a hit and she may need to return merchandise.
I notice this frequently with individuals who may have been told they have acquired expensive taste. You know who you are! Vehicles that retail for the same as revenue generating income
property. Shoes that cost as much as a monthly mortgage payment.
Not to mention a clothing allowance which, if invested properly, could make you a millionaire in record time.
Greatest Financial Books of All Time!
As a financial coach, I am constantly looking to enhance my financial education through a variety of means (books, courses, audio, seminars, etc.). As an avid reader, my preferred choice of continual learning is through books.
I’ve read dozens of finance related books over the years. Some good, some bad. But today, I want to save you some time and effort, by listing 5 of the greatest financial books of all time.
1. Rich Dad, Poor Dad – Robert Kiyosaki – this book is the one that got me serious about financial education. I would read a financial book every now and then, but not really implement what I was learning. After reading Rich Dad, Poor Dad, I began to understand why I would take one step forward towards financial freedom but then two steps back. Making more money doesn’t do anything for you if you don’t know what to do with it and how to keep it.
Primary takeaway: Definition of an Asset vs. a Liability
Financial Mistakes That Can Wreak Havoc in Your Married Life – Avert Them to Stay Safe
It is nothing new that disagreements over financial matters is one of the primary reasons behind couples ending up in the divorce court. Although financial advice for married couples is readily available, yet they prefer continuing their fight over petty fiscal issues. If you and your partner are like most other couples, chances are high that you fight about money.
While you might hear advices that tell you to talk about money with your partner, talking is not always the only trick that works. In fact according to a study by a famous magazine group, it has been found out that 75% of couples talk about money every week. Still where's the problem? The problem is that most of us don't know how to talk about money as most couples tend to be emotional and reactive about money rather than being strategic. When emotions take a grip on you, you tend to take wrong fiscal decisions and this leads to couples drowning in debt. If you want to follow a debt free life, educate yourself on the most common fiscal mistakes that can wreck your married life.
- Combining your finances: One of the biggest issues that the newlyweds usually face is how to handle their finances. Most couples are struggling with this as they wonder whether or not they should merge everything and have a joint single account or whether they should have individual personal accounts and a joint account only for household expenses. A survey shows that 65% couples put their money in joint accounts and the rest of them keep everything in separate accounts. For the newlyweds, the choice should be somewhere in the middle as you should have some autonomy money. When one spouse enters into a hefty debt load, the other spouse can use his/her funds to help the other.