Highlights of today's show:
- Is strategic foreclosure ethical?
- Can technology help out your finances?
- Combining finances in marriage or keeping them seperate
- The best investment you can make is in yourself
- Now taking requests to have guest posters on the blog
We wrap up Financial Literacy Month today by answering a few common questions that I receive when I am among family, friends, and co-workers. The first question is about strategic foreclose. Foreclosure is not a fun topic to discuss, although it does happen, but strategic foreclosure is a whole different topic. Losing the home or having to sell the house because you are behind on bills is one thing, but just walking away from your home because it is inconvenient is another thing. Strategic foreclose has become quite popular in some financial circles, but I highly recommend people not go that route. It might seem easier in the short term, but in the long run you are only hurting yourself.
The second question I get is what financial software should I use to help my finances? There are a lot of good ones out there, but I caution people in using them and thinking that your finances will take care of themselves. They won’t because software cannot force you to follow your budget, only you can! Nothing against software as it can be a good aide in helping you track certain items, but personal finance is PERSONAL. It is about you making decisions to improve your life, not some computer program.
Finally, we wrap up Financial Literacy Month by talking about combining finances in marriage. There might not be any greater controversy in the personal finance world than this question. To me it is pretty simple; I have never coached any couple that is succeeding with money with separate finances. How can you if you aren’t on the same page financially? When you get married “His” and “Hers” becomes “Ours” and that includes your finances. By combining your finances you are working together and having constant discussions with your money which will get you on the same page. Remember, when you agree on your spending, you are agreeing on your life.
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