The tragedy some people must bare is painful to watch. Recently, I learned of a couple that is losing everything. Their house is in foreclosure. They have already sold their new cars in an effort to limit the debt load. Personal items are both sold or given away in an effort to reduce the workload of the pending move. Their good-byes are being said yet they have no place to go.
Like 15 million of our friends and family, the trigger that put them over the ledge was a job loss.
While the job loss is seen as the straw that broke the camel’s back, their full pain was building over years of bad habits, poor choices and failing to saving seriously. With separate and joint finances, only as their finances spiraled out of control did they both learn of their situation. Each had incurred additional debt without advising the other. As a result they were both surprised by unexpected debt.
Could you have a gambling spouse and not realize it?
With the wonders of the internet and modern communication your Honey can stay at home and still gamble. Pudding may not know how to play Texas Hold-em, Five-Card Stud or Blackjack. Not knowing how to play does not mean they are not gambling. Of course, I am not suggesting you will find your sweetie in the basement with your neighbors rolling dice either.
Too many spouses are gambling away their future by default, and you may be along for the ride.
There are some men that simply do not believe they are capable of handling their finances. Their refusal to accept responsibility means they are gambling with their future, by default.
Some women never learned about financial management because it was too boring. Her lack of interest, or even willingness makes her a gambler too.
Forgive me for butchering a really important quote, this is really a case of “United we stand, divided we fall.” Both parties must be engaged in the relationships finances and understand how their behaviors affect the well-being of all. Ultimately your future relies on the success of both parties.
The array of excuses all comes back on some level to denial. In the end, spouses refuse to take responsibility or participate in their families fiscal activities. They blindly gamble with their future, failing to engage in their finances they continue to work at odds to the good of the family, spending recklessly, ignoring due dates and costing the family through their inefficiency and ignorance.
By refusing to be involved they are placing your financial future in the hands of lady luck. “It will all work out.” she might say. “Let’s just steal from Peter to pay Paul.” he suggests; “We will figure a way out eventually.”
Lady Luck will not always pay the bills for you, she is not one to hang around often or for very long. Survival in this modern world of consumerism, relies on effective personal finance; it is not an option, it is a necessity.
If your spouse is a gambler, it is time to stop rolling the dice.
Readers: Is your significant other a gambler? Is your significant other actively engaged with you in managing your financial affairs? Has this always been the case and if not, what did it take to get them involved?
Here is my story about my wife finally getting involved. It was all due to the book that changed my world.
photo by Boa-sorte&Careca
Daily Yakezie Short Carnival
Do Your Friends Share Your Financial Values?
by Cool to be Frugal
Inherited IRAs – Please Avoid This Mistake
by Wealth Pilgrim
14 FREE Ways to Spend a Friday Night (FUN Included!)
by Canadian Finance Blog
These posts have been chosen as one of their best post by the bloggers who submitted them or hand selected. Please check out each of them and let me know what you think!