Watch this story about a woman who recently won $1,000,000 on a gameshow called "Are You Smarter Than a 5th Grader?" She may have proved to be smarter on the show but now she's filed for bankruptcy because she co-signed on her husband's business loans that are now defaulting to the tune of $3.5 million. She sites the tough housing market for her husband's "small business" having so much debt. That's a mighty LARGE debt for a "small" business.
Lessons to be learned:
1. Don't ever co-sign for a loan outside of your own home. (Biblical reference)
2. Seek to become free from debt in your personal as well as business life (reference)
3. Wisdom is better than money...and it will help you keep your money too. (reference)
11.25.2008
11.19.2008
How your checkbook can lead to your divorce...
This quote originates from this story about the state of divorce in a struggling economy. I understand divorce on a personal level because I'm married to a victim of divorce. Children are the victims of divorce and my wife is a child of divorce. I have seen first hand the LONG lasting pain that comes from seeing your family foundation split in two.
So here's the question; how do we remove money as an obstacle in marriage? How do we avoid money becoming a source for arguments, frustrations and division in marriages? Frustrations about money are a SYMPTOM of a larger problem in marriage. How we use our money is a picture of the condition and the priorities of our heart. When we don't trust our spouse with how they use money what we're really saying is, "The priorities of my heart is different than the priorities of your heart."
SOLUTION: When couples can first agree on what is important in their lives then their money gets in line with those agreed upon standards. A vast majority of couples never discuss what they are going to base their family spending on so they just spend and the problems build. If you're struggling in your marriage and money seems to be a source of that frustration then remember these two things.
REMEMBER THIS:
1. It's not about the money, it's about your feelings about how the money is being used. Find out why you feel the way you do about how the money is being used. That's the important thing, not the receipts.
2. Divorce costs A LOT. It costs include emotional trauma to your children, lawyer and court fees, alimony payments and separate living spaces.
There are certainly situations where divorce is the only option because of an unrepentant or abuse spouse, but divorce often times does not relieve pain, it actually prolongs it for your lifetime and passes onto the next generation. If you want help on resolving issue about money in your marriage then contact me today.
Aren't consumers already suffering?
The bailout of our auto industry is a great example of how government and business should not work together. Government should encourage business to grow, to compete, to improve the products they sell. So the headlines of a recent CNN.com story found here was laughable. The headline reads, "Consumers to suffer if GM goes under" Isn't the fact that GM can't compete with other car makers because their labor agreements are strangling them and their product is inferior the real issues? Furthermore, aren't consumers suffering already if they buy a product that is less efficient, needs more maintenance and doesn't even look as appealing as the competitor's offerings?
Consumers won't suffer if they have to pay 20% more for a car that's 50% better than a GM car. Businesses fail and they succeed. It would be a MAJOR blow to the economy if we lost any of our car makers but it isn't healthy for us to support businesses that aren't succeeding. Bailing out unprofitable companies is like buying an extra ticket on the Titanic. Even if you get a great price on the ticket, you're never going to get where you want to go riding on that ship.
11.13.2008
Mommy at Home?...research has started
1. Are working women happier now that they have found more equal footing in the workplace?
2. What effect has this had on the children of those women?
Thus far in my surveys of working mothers I have found a tremendous interest in how they might be able to forgo their work weeks and replace them with staying at home with their children. This is obviously not a universal feeling amongst working women but it is certainly one worth exploring. If you have any comments on the subject then click the "comment" link below. I'd appreciate hearing your thoughts on the topic. Guys, you can comment too. The role of the husband in this topic is one that I will also be exploring in depth in this workshop.
Blessings,
Andy Traub
Financial Coach
11.07.2008
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