What if someone told you when you graduated from high school that there is one thing you could do that would help cement your future financial success or leave you in financial ruin. You’d likely be very eager to find out what, right?
Once you found out, you’d do what you could to follow the advice, right? After all, who wants to experience financial ruin?
We all want to be financially successful. Yet every weekend, people take the biggest step to financial ruin and do so happily.
So, what’s the secret?
The secret is easy to understand, but sometimes hard to follow: pick your spouse carefully. Pick someone with whom you can agree with financially.
That’s it. It’s not rocket science, but many, many people disregard this advice.
How a Financially Incompatible Spouse Can Ruin Your Financial Future
Many people pick their spouse because they’re good looking or have a good job or are funny. Or they just fall deeply in love and think love will help them bridge their differences.
And for awhile, love can do just that. But once you enter the trenches of marriage, you know, four or five years in, when the overwhelming passion has died down to a low flame, love can’t bridge all the differences. That’s where compatibility comes into play.
If you’re a saver and your spouse is a spendthrift, every day can be a battle. If you’re trying to save money for a down payment on a house and your spouse is going out and buying designer clothes, love won’t bridge the difference.
Being married to a spendthrift can sabotage many of your goals from saving for a house to saving for retirement. If things get bad enough, you may decide to divorce your partner. Now you’re looking at splitting your retirement in half as well as all of the assets you built while you were married. Don’t forget about child support payments.
How a Financially Compatible Spouse Can Help You Grow Your Wealth
In contrast, a financially compatible spouse can help you grow your wealth faster than you thought possible because you’re both working for a common goal. If saving for a house down payment is just as important to your spouse, you can both skimp and save temporarily and save the money faster than you thought possible.
Because you’re compatible, you have a better chance of remaining married over the course of your lifetime, which means all the money you and your spouse make stays within the marriage. You can both enjoy your retirement instead of splitting the retirement fund. Likewise, together you have more buying power than someone who is single.
Most Americans pick their spouses fairly casually. They pick the person that they love, regardless of significant personality differences.
Love is important, but so is compatibility, especially financial compatibility considering money problems and disagreements are the number one cause of divorce. Don’t make the mistake of thinking love can solve your differences because it can’t. Choosing your spouse carefully, considering compatabilities, can be the fastest way to grow your wealth or send you to the poor house.