Money Talk Matters

Posts Tagged ‘words’

This must be one of those days where I focus on credit and its affects on individuals, marriages and students. As I was doing my research, the words Credit Karma made me stop and want to read more. Probably because the word Karma was in the title. If you are like me and immediately thought about the word Karma and its meaning, the good or bad felt that you generate. Another way of saying it, what you put out there comes back to you.

Therefore, when I saw Credit Karma I had to stop and see what it was saying. Actually Credit Karma is a website that provides free financial advice and credit scores to consumers. Today they are adding a new tool that aids users in understanding the components behind the credit score.

Beware: to utilize this service it does require users to give SSN and Date of Birth.

As an individual, married couple, student it is good to be knowledgeable in the area of credit, what is available, what to use and what not to use. We both know that “Credit” can be used to your benefit or detriment. Get all the information you can in order to make informed decisions when it comes to credit cards and various services that give you the option to monitor your credit and credit report.

Last night my husband and I were talking about the housing market and the banks. He was sharing with me how he heard this one woman was saying she tried to be proactive and before her financial situation occurred, she contacted her mortgage lender.

Lender’s response: They did nothing.

Why did they do nothing? Because her mortgage was current and on time.

Result: Financial situation occurred and she got behind four to six months I believe.

Her Next Move: Contact the Lender

Result: Did not help her out because she did not meet that criteria.

My husband was disgusted. I told him there are people out there in her same position. They have taken steps to be proactive and the mortgage lender has shunned them because their situation did not meet the criteria for help. Was not drastic enough because their payment history was exemplary. Then when they got behind a little and asked for help – met with a closed door.

I’ve heard similar stories from people personally that this happened to. What this says is that you have to CREATE your own BAILOUT. When it was announced that we were in a recession, the economy had already been in a recession. Once it was “VERBALIZED” then it was like a domino effect.

I feel comfortable in saying that everyone who is having financial issues and not able to pay their mortgage now, did not spend recklessly, take elaborate trips and etc. More than likely what happened is they were coasting along, paying their bills just fine and then all of sudden the word “RECESSION” was verbalized and work started drying up (if they worked for someone else), orders became less and less (if they owned their own business). Now they were in the position of having to decide pay this or pay that which they had not been in before.

First step in creating your own bailout: Re-evaluate all of your household obligations and be honest with yourself. What do you NEED? Are there subscriptions that you have that you do not benefit from?

You are the one that has take action for your benefit. Take action today.

I must share when I went to see this movie, I hadn’t been to the movies in a very long time. Busy mom of twins and so I was treating myself that day with “Mommy” time. For at least ten minutes, I was in there by myself. I can’t say I was necessarily surprised.

I don’t want to give too much away in case you have not seen the movie but from a money and marriage aspect – wow, I have much to share. Briefly – Boy meets girl, they become high school sweethearts. Boy and girl get married. His dreams of being a pro athelete are shattered by injury. Woman gets a corporate job — makes lots of money. Holds it over man’s head.

First – I did not enjoy how she continued to demean him. Understand this the Power of Speech is crucial in a relationship. Instead of building up their relationship, she continued to tear it down, including when it came to his JOB.

Money Tip for Wives: Do not talk down to your mate about his business or his job. This affects you as well. Sounding unappreciative of what he does and continuing to bring this before him will eventually get old and they could go to someone else that would appreciate what they are doing.

Second –  When the husband had to take over the finances, it was very clear he was not aware of what the bills were. All we see are bills on the table and a look on his face in unbelief. You did not see bill collectors calling at all hours and him trying to figure out how to pay the bills.

Money Tip: Regardless of who manages the money in the household, both husband and wife need to know what is happening with the household personal finances. Share with them what bills have to be paid on the first of the month, what has to be paid midmonth – to who, how much and how it is paid — whether check or automatic deductions from certain accounts. Let them know what is paid quarterly, annually and monthly.

Third –  Remember when you came into your marriage, both of you had dreams. Do not sacrifice one person’s dream for the other. In this movie that did happen because the wife felt because she brought the money, that her dreams were more important which made him feel inadequate.

Money Tip: Agree to go for both husband and wife’s dreams which can only enhance your marriage relationship even more. Help each other achieve those goals because in the end there will be a part of it that deals with finances. Imagine if the husband and wife both achieved those career goals and all the bills were paid off and you could take vacations every other month or donate to causes important to both of you or buy that dream house or start that family. There are a myriad of things husbands and wives can do together successfully when they are on the “same page”.

Fourth: When they were at the restaurant and she wanted to pay the bill, he knew they did not have the money but she insisted on paying the bill. Then one of her clients, ended up having to pay the bill.

Money Tip: Talking about Money is very important. It is a conversation that is more than a one time conversation. Talk about money throughout the week so everyone is clear on what is happening with money in the house. No husband or wife is a mind reader, especially when it comes to finances. It does not matter how long you have been married, Money Talk Matters. Talk about it, talk about it and gain insight and understanding.

Brief Aside: If you talk negative about your spouse to your family, that is how they will see that mate. It is hard to undo negative speech about someone you love. Choose your words carefully.

If you have not seen this movie, purchase below: