Money Advice

If you and your spouse have walked the isles of any large chain bookstore, the two of you will find many books on how to gain wealth and riches in each other’s life. It’s no secret that many are drawn to these books with the wish or hope that, if only they could learn the secret combination, they would unlock this door and a tidal wave of money or riches would flow into their lives.

Hey, this sounds good to me too, but unfortunately what I have found is that for many the key to unlocking this door is harder to get than at first glance; it makes sense considering most people struggle with money issues and as a nation we are facing some real conflicts. You see, money is such an incredible conduit within our lives, which we unknowingly place conscience and subconscious emotions.

When I proposed to my bride-to-be many years ago, finances were not the highest priority on my mind. However, within weeks following our exchange of vows, economic considerations appeared. With things to buy, bills to pay and monetary decisions to consider, money quickly became important. As matters turned out, I was lucky. I married a woman with a sense of financial responsibility. My wife also lucked out; she didn’t marry the last of the big spenders. I suppose neither of us can take credit for our brilliant stewardship, as we came by our frugal traits naturally.

Do you live with your parents or in-laws? Do you work for them? Do you owe them money? Do they provide daycare for your children? Do you depend on them for transportation?

Many couples, especially newlyweds, sometimes lean on their folks for financial support, which is not necessarily a bad thing. However, it could be a bad thing if (1) your parents or in-laws are controlling, manipulative people, (2) you feel obligated to do everything they want because they take care of your monetary needs, or (3) your spouse feels financially trapped by them. Unite with your spouse to identify problem areas, reach loving compromises, focus on mutual goals, and brainstorm ways to achieve those goals—even if they seem unattainable.

In these uncertain economic times, more and more husbands and wives find themselves having the, "Should I return to work?" or, "Should you return to work?" conversation.

Serious times call for serious choices and decisions. While many couples are willing to make the tough choice to get back into the workforce, they have no idea where to start. And most will start the process filled with fear, resentment and desperation.

"There is no calamity that does not offer the opportunity for some persons to thrive on the misfortune of others."

You needn’t look hard today to find people in financial trouble. The problems are everywhere: a family with a home in foreclosure, a once-employed worker whose unemployment payments are about to run out, or a newly created pedestrian who just lost an auto through repossession.

Everyone knows the economy is acting like an out-of-control roller coaster. Yet, what goes unreported in the news is the fact that a troubled economy often leads to a troubled marriage. After all, money issues are cited as the most common reason couples argue. You and your spouse can easily work through money issues in a way that leads to more love and trust by taking the following five steps.

1. See It As It Is: Nothing good ever comes out of the tendency to deny or distract ourselves from unpleasant facts. To prevent your marriage going the way of our economy, I suggest you take a good look at what's going on between you and your partner in regards to money.

At the risk of sounding like an alarmist, I must report that many American couples are suffering severe financial distress: record numbers of homes in foreclosure; personal and business bankruptcies on the rise; massive job terminations reported daily; and corporate securities values plummeting. Unless you’re among those fortunate few untouched by current economic conditions, you should be taking action to protect your assets. Let me offer three suggestions to assist you.