There is only one real money problem most people have: failure to plan ahead so they can at lease live beneath their means, or at best, allow time to work with them to grow wealth or financial stability. Interestingly, this problem exists even though there are enormous amounts of high-quality free information, web sites, TV shows that detail the relatively simple steps to financial security. What is missing is:
- A frank, in-depth discussion before the marriage so everyone’s goals, needs and issues are on the table, known and understood, then…
- A specific plan to accomplish the mutual objectives. And that plan will depend on the maturity to chase the very important goal of financial stability – the ability to do more saving than spending – more focus on the end goal of financial freedom and security.
The most common way to become a millionaire in the United States today is: get married, stay married, and live beneath your means. If you’re reading this, you probably already have the first two components done! The living beneath your means is actually easier than it sounds, and certainly pays off in the long run. Just like the old saying “nothing tastes as good as being thin feels”, the money saying should be, “no splurge today gives me more options than a paid-off house and money in the bank does when I retire early.”
Have specific financial goals and make acquiring them part of your relationship. As Dave Ramsey, the financial guru says, “the paid for home has replaced the BMW as the status symbol of choice.” Teach good financial planning and management to your children. Have them open a checking account and use it. Get them a debit card, then a pre-paid credit card and let them use it. Have them research stocks they might want and let them buy some. Start a savings account and make sure they deposit regularly and reward them for their savings habits. Make sure they work for someone else and earn a paycheck for at least a year before they turn 18. If they learn it from you, those will be habits that last a lifetime.