Money Talk Matters

Posts Tagged ‘parent’

It is soo much fun doing something that I love. Watching these movies and reviewing them from a money perspective is the best. This actually was a play that was recorded and my kudos to Tyler Perry it was fabulous.

Let me give a summary of what this movie is about. In a nutshell, The Marriage Counselor of course counsels married couples that have different issues. But what does a marriage counselor do when there are problems existing in their own marriage? This is one that every couple should watch. I know it is truly a summary and I kept it short because I do not want to tell the whole movie and believe me as good as this movie was it would be soooo easy to do.

Money Implications:

Do not become so focused on your career that you neglect your household expenses and continue to spend beyond your means.

Money Tip #1: If your spouse wants to review the household bills, make the time to talk WITH your spouse about the bills so everyone is on the same page.

Money Tip #2: Plan for your vacations and the costs involved so that you can enjoy your vacation and not have to worry about how you are going to pay bills when you return nor have a good time on the vacation because you need to save a certain amount of money for bills upon your return.

Observation:

Husbands and wives do not fault each other for being a hard worker. It is great to have a strong work ethic. Yes, you should take time to stop and smell the roses. You can make any day special by taking the time to do something “special” for your mate.

This movie had a different situation that I want to comment on here. It was where the wife and husband both were working. Yet the wife commented that the husband was spending all of her money. He stated that he makes his own money. Seems as if the wife was unaware of this. Later on it gets revealed what he is doing with his money.

Recommendations:

1) Parents become elderly and life happens – begin thinking solutions if a parent needed to move in with you and your spouse; or if they  needed to be placed in a senior care facility and money was needed from you to assist with monthly payments.

2) If you are sooo driven by paying bills, you can miss out on living life. Yes, you should set healthy boundaries even when it comes to finances and make sure you enjoy life at the same time.

3) The grass is not always greener on the other side. You are only seeing a part of the picture. Do not mess up your money and marriage because someone else appears to have it altogether or easier. You never know what is truly behind closed doors.

4) Establish mutual financial goals for your marriage. This way everyone’s needs are met and dreams can be accomplished.

5) Husbands and wives prior to walking down the aisle, should exchange credit reports so that both of you know what the financial issues are upfront before you say “I Do.”

6) Financial secrets revealed can have bad consequences. Be open and honest about your financial baggage and plans to clean it up.

7) For those that are faith-based, do not let people in the church judge your marriage based on outside appearance. You know who you married and what drew you to the person.

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Your daughter is engaged and the wedding plans are in full force. For some of you the wedding is happening relatively soon and you continue to charge this and pay cash for that so your daughter can have the wedding of her dreams. Regardless of what the economy is doing, wedding are happening throughout the United States and worldwide.

 You want this to be a day she remembers for the rest of her life. Are you prepared to protect your wedding investment or throw your money down the drain? Think about this, we have all heard money is one of the top reasons for divorce. Do you realize that the BIGGEST marital expense of them all is divorce?

 Now that I have your attention parents, do something that is not the norm when it comes to paying for weddings. I’m talking about protecting your wedding investment and include life skills for your daughter’s marriage. When young women are getting married, their main focus is on their wedding day because they have dreamed about it for years, yet they do not think about what happens after the honeymoon.

 I have talked with different parents over the last few months in various settings and they ask me what do I do? When I share with them that I am a money and marriage advocate, I teach couples how to communicate about money throughout the lifetime of their marriage. Their immediate response is, “I wish you had talked to my daughter before she got married.”

 Have you felt like this as you have watched your daughter plan the wedding and spend your money? So how do you protect your wedding investment? Give your daughter financial skills that she can utilize throughout the life of her marriage. It does not have to be intrusive nor judgmental but in essence a tool that says this is an area where most couples struggle and have limited financial knowledge. Therefore, as your parent that wants to see your marriage succeed, I am giving you this gift of financial education that will keep on giving.  Once you learn how to talk WITH your soon-to-be groom about money throughout your marriage and financial challenges you may face, you can handle anything.  

 Of course you could say, she is an adult and knows how to manage money. Are you thinking that or do you know 100% that she is a good money manager? If there is any doubt, get her Money Talk Before The Commitment Walk and The Debt Stops At The Altar today which was created by Dr. Taffy Wagner, of Money Talk Matters, LLC. This financial education program can be purchased through  this site, www.MoneyTalkMatters.com .

Alright readers, I have to say this is not a movie that I would have known about if it had not come recommended. This movie is about two women who were left by their husbands at a certain point in their marriages and left with children to raise on their own. Mind you I don’t think either of them got divorced, one day the husbands just went out and never returned. Consequently these women do what they have to do to make ends meet and provide for their children, hmmm even involved illegal activity. It is a PHENOMENAL independent film that should DEFINITELY be watched.

Money Implication: I can understand being put in a situation where you have to earn money for survival but do not put yourself in a situation where you do something illegal and end up in jail. That has more lasting consequences, especially if you are the only parent that your children have.  THINK BIG picture.

Money Tip #1: If one day your spouse walks out on you and you did not prepare for it, immediately go to your bank where you have a joint account and get the money out so that you are not left without any money.

Money Tip #2: Contact credit card companies if you have joint cards and share what is going on. You do not want that spouse charging huge amounts and you are left attempting to “scrape” money together to pay that bill when you should be maintaining  food, clothing and shelter.

Money Tip #3: Be honest with the kids and provide for them the best way that you know how. For example, you can make a game out of it if you have to have breakfast for dinner.

Money Tip #4: If you are left with two cars per se and one of your children are not old enough to drive it, why don’t you consider selling the car.

Observation:  These women had different backgrounds but ended up being put in the same situation, their husbands left. The character Ray ended up  meeting with Lila who was smuggling immigrants. Lila’s child was taken by the father’s family. Lila was doing what she had to in order to survive. She worked at the local Bingo parlor but apparently did not think it was enough.

Recommendations: Be honest with yourself about what your expenses are.

Make sure that you have food, clothing and shelter whether you have kids or not.

Do not engage in any illegal activity in order to provide for your kids. Check the local shelters, non-profit organizations and churches to see what kind of assistance they can offer you.

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This is one of my favorites – the story of four women that have their individual stories that deal with professionalism, parenting, marriage, a divorced mother and single woman seeking a man. One of my primary  reasons for including this movie is because there are varying dynamics that warrants its inclusion. Each character: Savannah, Robin, Gloria and Bernadine have great story lines.

These women share each others triumphs and struggles throughout this movie. Savannah was the professional, single woman that did not let her “single status” keep her from reaching her goals.  Although her mother felt every woman “NEEDS” a man. Robin was the professional, single woman that had been burned by men so much that she did not look at them the same. Furthermore, she had lost her self-respect but gained it back in the end. Gloria was the divorced parent that owned a hair salon and who had almost cut herself off from relationships because she had gotten used to spending time with her son that was graduating from high school. She does have an interest in the widowed neighbor. Lastly, we have Bernadine who was married to a professional and mother of two children. When Bernadine wanted to start a business, he told her it was not the right time. So she put everything she had into building his businesses. Strongly recommend you watch the entire movie.

Money Implications:  I am going to do this based on each character:

Savannah – she had money and still had some degree of difficulty in who she was as a person. Her mother had limited finances and was attempting to keep it from Savannah. Once Savannah found out, she wired the money for her mother. 

Robin – she lived somewhat comfortably but was settling for mediocre men. Had a great job and clearly was making money but what she thought about herself was reflected in the men she dated. Did not really value who she was until the end of the show.

Gloria – the entrepreneur of the group. She appeared to be doing well financially.

Bernadine – the true “lesson” in this group. Do not put everything you have into your spouse. This lady was not aware of what the husband had been doing regarding putting EVERYTHING in his name. Once he decided he wanted a divorce, initially it appeared as if she was not going to get anything.

Money Tip #1:  Having money does not mean you cannot have financial problems in your life.

Money Tip #2: If you are an entrepreneur or seeking to become an entrepreneur, do your homework. What type of business are you seeking to start, what are the start-up costs, who is your target audience, can you start this business without taking money from the household budget and another major statement that you cannot ignore: If you are married, talk with your spouse before starting a business especially if it will impact your time and family finances.

Money Tip #3: This applies to the husband and the wife – share with each other about the household finances. Do not let the money manager be the only one that is aware of all the bank accounts, how much money is in each account and when the bills are due.

Money Tip #4:  Husbands and wives do not get lost in the marriage. Meaning put everything into the one person where you have no self-identity. That costs you in the long run.

Money Tip #5: Husbands and Wives – stay faithful to your mate and do not even think about the grass on the other side. It does not matter who attempts to flirt with you.  Based on a lot of stories in national news  and facts – people that enter into infidelity are paying a “HEAVY PRICE” and sometimes it is their life in addition to money.

Money Tip #6: For single parents, if you are not getting the child support that you are due it is up to you to decide what action you are going to take. Also, recommend that you create great memories every day with your children. Creating memories does not necessarily have to involve a lot of money.

Money Tip #7: For the new single parent, when it comes to money – take the time to sit down and detail your new household budget and expenses. This will show you what you need to run your household from month to month.

Observation:  Money impacts lives in many ways and should not be ignored. Take the time today to look at the roles money plays in your life.

Recommendations:  I know there are times when we as women vent to our girlfriends about our spouses, what I want to say on this is take the time to talk with your husband about your finances and issues you are facing. The two of you are on the same team – solve the situation together.

For the single parent, ensure that you find out all of the resources available to you through different organizations that assist single parents. Some could be local and there could be some that are on the internet. Do your research.

For the newly divorced spouse, pull yourself together and know that being single does not define who you are. Think about what you want to do with your life and what example do you want to set for your children.

Add this to your movie collection today:

Hear ye, hear ye – the dishonorable debt is being invited to your home because you thought debt would not come to your house because of

your ethnicity

your economic background

your marital status

your education level

your age

who your parents are

your religion

your employment

I said it that way because now you should know better. Debt is an equal opportunity, frustrating and stressful situation if you do not take control of your finances.  Debt changes personalities, impacts marriages negatively, can ruin friendships – because people are ill-equipped with finances.

I have been guilty of not paying attention to what was happening in finances at different times. Nothing like a recession to get your attention. Now when you are faced with less money and the same bills, what action do you take in order to maintain and correct financial situations?

Options: (1) Talk with Creditors and work out a more affordable payment arrangement;

                  (2) Create your own bailout – by starting a home based business from a hobby or something that you have always wanted to do that has low overhead.

                 (3) If you already have a business, re-evaluate your services and contact previous clients. Could institute a referral policy to generate new clients.

                 (4) Get a second job if necessary. If that is what you choose to do.

                 (5) Make sure you establish a household budget if you did not prior to this happening.

Do not let debt cause you to act out of character and hurt those you love. Choose to take control of your money and not be controlled by money.

Money and marriage are near and dear to my heart because this is what I live.  I am the person that came to their marriage with financial baggage and maybe different than you I did put it on the table. As a matter of fact, so did my husband. We both came to our marriage with financial baggage and we are both Christians. My husband and I are a happily married couple of 13 years that know from our own experience how to be successful at money and marriage.

When it comes to dealing with financial baggage which can be anything from  - slow pays, homelessness, debt, bankruptcy, cleaning up credit, family and money, becoming parents, job loss, spending, student loans, bad credit, business decisions affecting finances and relationships – we have experienced it.

When I say this morning, Money and Marriage is My Ministry,  it is a ministry for me that I do not take lightly. I thought back to when I was interviewed by US News and World Reports - a question she asked was does faith impact money? I had soooo much fun answering that question because it does when you are a Christian, believer.  I am here to listen, then encourage and provide solutions that work to:

• Couples that are in church whose finances are funny and they do not understand but do not think they can reach out to anyone for help because they believe they will be judged or their situation will become church staff gossip

• Couples who are embarrassed to even say we have made wrong decisions and want to get our money and marriage right. We don’t want money being a reason we get divorced.

• Individuals who are tired of making wrong financial decisions but need help in cleaning it up.  

• Anyone that want help in the area of money and marriage without judgment and condemnation. 

• The person that has fear when it comes to money.

Regardless of what you think, you can come out of financial frustration today. As far as I am concerned, Christian Marriages should be setting the example for those not of faith and encourage them to want to be a Christian. But I know that is not what has happened.   

It is time to equip Christian marriages with life skills to sustain marriages and not let them be a divorce statistic.  Let me address this – do you have to be a Christian to contact me? No, you do not and I will continue to provide you with solutions based on what I know works. 

Christian or not, when you are given solutions it will be your choice whether or not you utilize the information and move beyond financial frustation and begin the path of financial independence.

This movie has several of my favorites again Taye Diggs, Morris Chestnut, Nia Long, Sanaa Lathan and Terrance Howard. It is always my goal not to spoil it for you if you have not seen the movie, so here is my brief recap.

Harper Stewart (Taye Diggs), who is a writer and The Best Man at the wedding of Lance (Morris Chestnut) and Mia (Monica Calhoun). The three of them went to college together. Lance was a football player and becomes  a pro player. Needless to say he lived up to the reputation of a football player being physically intimate with all the girls. Then he meets Mia and decides he needs to be with her. Harper tends to dissuade him saying she is a “good, Church going girl”. Eventually Lance and Mia do hook up and he plans on marrying her. The weekend prior to The Wedding, all of their old college friends get together in celebration of this upcoming union. Harper’s book comes out and they discover he has captured their lives in print but changed their names. He tries to say that it is fiction. Lance believes he is the only person Mia has ever slept with but according to Harper’s book secrets begin to come out… You will have to see the movie to get all the juicy details. It is a GREAT movie.

Money implications:

Once secrets are revealed, it can alter the course of a relationship either temporarily or permanently. Whether they are salvageable or not depends on the people in the relationship. These young people set out to accomplish different professions and they did it. It did not change them and they were genuinely happy for each other.

The character Terrance Howard played tried several different things and was talented. The bottom line is he did not stop at one thing  – he kept on going. The bride-to-be was comfortable in who she was and so was the groom regardless of what anyone thought.

Nia Long’s character, Jordan was an independent business woman that had everything going on. Yet she was not in a relationship. Although while they were in college, something almost happened between her and Harper. She is very career focused which happens with many women. Once their career is at a certain point, then they think about dating and/or marriage.

Julian was a teacher and content doing that job, yet his girlfriend Shelby all the college friends did not like. Shelby was a woman that was into shopping and prestige. She wanted Julian to return to become a lawyer and he is not interested. She also was big on pouting if she did not get her way. You will have to watch the movie to find out what happens.

Observation:

One of the main secrets revealed almost caused this wedding not to happen after a lot of money had been spent. It does not matter if you are on the bride’s side or the groom’s side, if a wedding is called off after the money has been spent and you cannot get deposits back it can upset everyone. Granted if you found out something the night before that you just could not live with, then those expenses would not amount to what it could costs you later. Be true to yourself and decide what you need to do. Think about the big picture not just the short-term. CAUTION: Too many people rush into a wedding trying to save face. They are more concerned with what people are going to think about them instead of their true feelings about getting married and the person they are marrying. Do not get into the habit of trying to please people.

RECOMMENDATIONS:

1) Financial secrets can tear down trust in a relationship and marriage. Share your financial background upfront and if the fiance’ cannot handle it then you are better off.

2) Be comfortable in who you are. That means if you are comfortable being the homemaker then be the homemaker. If you are employed outside the home, then you are employed outside the home. Have the discussion about what the role of the husband is and what the role of the wife is according to how each of you see it -  not what your parents think. Talk about the respective roles and agree. If you choose not to talk about it, it can be costly in the long term.

3) Husbands and wives have to believe in each other and support them in their individual dreams as well.  At the end of the day, it does affect the household bottom line. Do not be so short-sighted that you think it is only about you. Once you said “I Do” it is no longer “ALL ABOUT YOU”.

Definitely one for the library:

I did not know about this movie until I was doing some research and very glad that I found out about this movie. Favorite actors and actresses Matt Dillon, Kate Hudson, Owen Wilson and Michael Douglas are the main characters for this movie. I will be brief in my summary.

Kate Hudson whose character is Molly prepares to marry Carl who is played by Matt Dillon. Carl works for Molly’s father, Bob who is Michael Douglas. Carl’s best friends Neil and Dupree, played by Owen Wilson have been with him through everything in his life. Of course they are in his wedding and Dupree is his Best Man. Upon returning from the honeymoon, newlywed life begins with some interesting issues that can impact a marriage such as the place of friendship, parenting, money and employment. This is a must see movie for engaged couples and newlyweds.

Money Implications:

1) Accept yourself for who you are and do not let the parents of the spouse make you feel inferior. Those feelings affect your job, relationships and your marriage.

2) Maintain your friendships within your marriage but not at the expense of your marriage. There is no rule that says once you are married you have to get rid of your friends. CAUTION:  Be careful if you are a husband and has a single female friend or vice versa if you are the wife and have a single male friend. Do not open that can of worms.

3) Know what your household income is and work your mutual financial plan. Establish mutual financial goals even while planning your wedding. Anyone outside of your household (this includes parents, grandparents) does not need to know what your income and expenses are unless you are seeking to establish a financial plan utilizing a financial advisor or planner.

4) Have candid talks with your soon to be spouse regarding finances, especially if they grew up in an affluent environment. The true financial picture of your marriage should be discussed before you walk down the aisle so they do not come into the marriage with unrealistic expectations based on their upbringing.

Observations:

Newlyweds must be comfortable in their marriage and relationship because when other factors present such as relationships with parents and best friends arise that may cause conflict, the newlyweds must stick together despite what parents and best friends think. Even though best friends have generally been around longer than the spouse, the spouse comes first. A true best friend will not place you in the position of choosing between them and your spouse.

WORD OF CAUTION: If one friend is saying this is not the person to marry, consider the source. BUT if EVERYONE is saying you should not marry this person, then you need to WAKE UP and be truthful. Do not marry a person that is not good for you just to get out of a) your parents’ home;  b) because you want to be married and do not truly love this person or c) for the money.

Recommendations:

1) Pay attention to how the bride is handling money while you are engaged and planning for the wedding. Listen to what they are saying and whether or not they are willing to compromise on wedding purchases and reduce costs. For example, if the bride comes from an affluent family and knows that her parents are paying for everything and is not willing to compromise based on the groom wanting to reduce or alleviate something, this could be a glimpse into what they will do once you are married.

2) Money cannot buy you love. Do not let your parents money and their thoughts about money and a mate dictate who you should marry.

3) Be true to yourself about who you really are and who you love. Do not get into the habit of pleasing people or you will end up unhappy.

Another movie that I cannot recall why I had not seen this one before especially since I am such a huge fan of Richard Gere and Julia Roberts.  Really after Pretty Woman you think I would have been one of the first ones to see this but I had not seen this until recently. Almost embarrased to admit such. But I digress, let’s see if I can summarize it without giving too much away.

A journalist (played by Richard Gere) who is on deadline finds out about this “Runaway Bride” and decides to write about her without getting all of the facts. Okay I know from my brother having been a journalist, that is Journalism 101 – always check your facts before you run a story. The Runaway Bride (played by Julia Roberts) turns around and writes the newspaper and gets him fired. Journalist decides to do his fact checking a little late, after the fact by going to the town where the Runaway Bride is in order to clear his name. He befriends her family, friends and fiance. While the journalist is talking with the Runaway Bride’s father, he shares that he has all of her escapes via videotape and gives them to the journalist.  The father also comments on how he has paid for all of these weddings. Runaway Bride says she is paying for number four. Journalist believes she will not make it down the aisle to number four. The more he finds out about her…. Next question is does she make it down the aisle and marry number four or what does she do? You will have to watch the movie if you haven’t already to find out what happens.

Money Implications:

1) Considering her father paid for three weddings, I do not expect anyone to believe their parents will pay for a second wedding if the first one does not last. The expense of three weddings sure enough could put parents in debt.  

2) This bride has major premarital concerns and if the day of the wedding arrives and you continue to have questions, you should either delay the wedding or call it off. It does not matter what people will think – be true to yourself.

3) Realize that money is being spent for a wedding. Whether you are paying for the wedding or your parents are paying, money is being spent. Do not take it for granted that some of these expenses once you have spent the money there is not an opportunity to get the money back. If you have not begun to talk about finances, now is just as good as any time. Start talking about money for your marriage while you are talking about compromising on financial expenses for the wedding.

Observations:

1) The bride continues to panic as she is at the altar or approaching the altar. The father makes a joke about it but you can tell he is not necessarily happy about this situation. The bride says she is going to pay this time. It’s as if she almost has some guilt about these different attempts.

2) When the bride wants to purchase an expensive wedding gown, the lady at the dress shop does not want to sell it to her because she knows her past history with weddings and not making it down the aisle. She recommends she purchase something less expensive. The journalist steps in and says he will buy the dress. When choosing a dress, buy within your budget.

Recommendations:

1) Wherever you are in your relationship, six months to a year or even longer, start talking about money now. Three out of four married couples argue about money. It is not a written rule that you must become a part of that statistic. Talk about money in order to prevent financial stress in your marriage.

2) Be certain that the person you are about to marry is the person you love regardless of income, appearance or employment status. Let’s be honest, some of the cutest people or most handsome treat people the worse. People do not stay the  same age, size and could change jobs several times throughout marriage.

3) Do not lose your identity in becoming a wife. All to often women lose themselves when they become married, especially if their husband has some type of position. They get lost in being Mrs. XXX and then when he loses that position and/or becomes depressed or becomes upset then they too go through that same behavior instead of being strong and talking him through what happened and encouraging him to move forward. Instead the entire household is now depressed and cannot seem to move out of the slump they are in. **Part of what I saw was the problem with Maggie is she felt she could not be herself which incidentally cost her family in the long run.

Listen – BRIDES, GROOMS, PARENTS - what will it take for people to realize that money is such an important topic that needs to be addressed before walking down the aisle. Obviously this man did not know his bride enough to know that she would BECOME a DIFFERENT person because of money.

If you are in the process of getting married and you have not talked about money - CAUTION – what could possibly happen if you reveal after the wedding that you have DEBT? Do not set yourself nor your future spouse up like that. It is not fair to either one of you. Do not rush yourself. If having this discussion means you do not end up getting married then you are probably better off. Money discussions are not to be taken lightly nor ignored.

You must read this story – this husband says, he assumes her motive was money. Judge grants bail for Boynton Beach wannabe…

Before you think so little about discussing money – bride or groom – think enough of yourself to ask the question. Parents – LOVE your son or daughter more than enough to give them Financial skills for marriage. Go to www.DebtAtTheAltar.com and get Money Talk Before The Commitment Walk and The Debt Stops At The Altar.