Writing a financial blog and running a financial coaching business, we would be remiss if we didn't provide a sense of transparency and proof that we actually do the things we so adamantly push others to do.
In this post, I want to give you a look at what our budget has looked like for a few of the most recent months: June, July and August 2015.
Often, I am asked questions like:
Guest post from Trea S. Branch of Trea's Two Cents
- We dream of being able to support family financially without being set back
- We dream of traveling at will, all over the world
- We dream of sending our kids to college, completely paid for
- We dream of quitting the 9-5 gig waaaaay before we’re 65
- We dream of not having to work for money
- My husband and I dream of financial freedom, and here’s how we plan to get there
So, let’s play a game: you loan me a dollar. In about a year, I’ll give you $1.02 back. Not bad huh? You do practically nothing and get a return on your money. Pretty fun game huh?
Now let’s add a twist to the game: I’ll loan you a dollar as well. But at the end of the year, you’ll owe me anywhere from $1.05 to $1.23, depending on how trustworthy I initially felt you were.
I forgot to mention that if you pay me late, you’ll owe me an additional one to three cents. Plus, I’m going to smear your name to others and tell them they shouldn’t loan you anything.
An often debated topic within marriages is whether the spouses should keep their finances separate or combine them?
Before getting married, each person usually has their own source(s) of income, their own debts, bills, etc. FYI: in most cases, the man is coming in with
more debt than the woman. Go figure!
Once you tie the knot, do you continue to operate as “His and Hers”? Or is it time to make it “Ours”? I know people who will vehemently say that once you get married, “there is no more Yours or Mine; it all belongs to Us”. I also know folks who take the stance, “As long as she pays her bills and I pay my bills, we’re fine”.
Which is the right way? Well before answering that, let me tell you what Gina and I do. Every single dollar that comes into our household, whether generated by her or generated by me, goes into a “combined pot”. From that, we take care of all our financial obligations i.e. saving, giving, bills, expenses, etc.
Over the years, I have learned the following: Make poor decisions with your money and you will become poor; make wealth enhancing decisions with your money and you will become wealthy.
So how is it that some individuals end up in the middle? They do some of both!
Over the years, I’ve had the opportunity to talk with individuals at all walks of life. From high income to low income and everywhere in between. I have provided input to attain healthy financial goals with many of them. I’ve also learned and experienced that not everyone will follow the coaching and/or instruction provided. Let me share a story of one individual who comes to mind.
Guest post from LaKeisha Mallett of Mallett Coaching
In our world today we make promises and vows often, especially at the beginning of a year. We make vows to lose weight, stop over eating, be a better parent than our parents, and many of us make the vow to live together in holy matrimony as husband and wife. There is a common saying in most marriage vows, ‘til death do us part’. But in America where money issues are noted as the number one cause of divorce, what we really mean to say is ‘til debts do us part’. And while we don’t actually mean that, our daily actions communicate that point.