7 Things You Need To Know About Matrimoney Even If You're Single

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Successful man can buy his wife everything she wants and pay cash for it.

Successful woman is someone who knows where to find such a man.

Single women?  “Girl, you’ve been running. . . .”

Who’s got some money? ((illustration))

“….Behold, the heavens and the heaven of heavens belong to the Lord your God, the earth also, with all that is in it and on it.”  Deuteronomy10:14  AMP

The earth is the LORD's, and the fulness thereof; the world, and they that dwell therein.”  Psalm 24:1

The New Living Translation says it even clearer if that is possible:

“The earth is the Lord’s, and everything in it. The world and all its people belong to him.”

Need more scriptural backup?

“Now if you will obey me and keep my covenant, you will be my own special treasure from among all the peoples on earth; for all the earth belongs to me.”  Exodus 19:5

The heavens are Yours, the earth also is Yours; the world and all that is in it, You have founded them.”   Psalm 89:11AMP

“Who has given me anything that I need to pay back?  Everything under heaven is mine.”   Job 41:11 NLT

“For every beast of the forest is mine, and the cattle upon a thousand hills [and all the sweet potatoes underneath—using my translation].  I know all the fowls of the mountains: and the wild beasts of the field are mine. If I were hungry, I would not tell thee: for the world is mine, and the fulness thereof.”  Psalm 50:10-12

# 1 It’s not her money. . .it’s not your money. . .it’s HIS money.

I can’t begin to tell you the horror stories I’ve heard about some sinful slacker husbandwho has run up the debts and then bailed on his wife and children. . .leaving them to survive any way they can.

I could tell you story after story about families losing homes, mothers working two and three jobs and children placed in peril because of the debt left behind during a divorce.

# 2 What he/she doesn’t know won’t hurt them is a MatriMoney Myth.

BONK!  Wrong answer!  Thank you for playing the Newlywed Game but you’ve just lost more than a game show prize.

Hear me…there are NO money secrets in marriage.

I can’t tell you the number of people over the years who told me they had no idea how much debt their spouse had before they got married.

I’m talking serious money…can you imagine finding out after you’re married that your spouse has $40,000 in credit card debt…or how it feels to have a process server shows up at your front door with 3 judgments for defaulting on loans?

If you think or say your spouse doesn’t need to know everything you spend money on.    That’s a prescription for divorce.

Surveys shows that 48% of spouse do not tell the other spouse the full purchase price for items they’ve bought.

Financial infidelity will ALWAYS be exposed at some point. . .you may get away with it for a season. . .but there will come a day of reckoning.

If you begin your marriage with dishonesty. . .it’s more of a trick than a treat.

# 3 There are things we just gotta have is a MatriMoney Myth. 

We live in an age of unrealistic expectations.  You see the result by the number of people in debt all around you. You don’t have to have matching new cars, the nicest furniture and all the latest electronic toys. 

Make a pact that you will never go into debt for "stuff." Period.  Paragraph.

Audi 8….car $25K less….Mercedes E 300….sounds smart…until you realize….

$900 a month payment…that’s $10,800 a year or $32,400 over three years. . .plus the insurance, plus the service at a Mercedes dealership which isn’t cheap.

Instead, if you were to buy a less expensive car with a monthly payment of $350 and invest the remaining $550 a month for three years at 6 ½%. . .you would have $21,797 available to buy your next car for cash.

Do you really need it?  Will a least expensive model do the same thing?  Do you need all the bells and whitles.

# 4 We can afford the payment is a MatriMoney Myth.

That kind of logic will plunge you into a Financial 911 quicker than you can say, “You’ve lost that loving feeling.”

Here’s the bottom line…if you can’t pay off your credit card balance in full each month or if your mortgage payment, insurance and taxes represent more than 30 percent of your net income…don’t sign the dotted line.  Just because you get the credit, doesn’t mean you should get it and spend it. 

Microwave

Let me also point out that doubling your income will not cut your expenses in half.

Parkinson’s Law says that expenses will always rise to meet income…so you really need to have a family financial plan or you could see expenses rise faster than a speeding bullet.

Our advice is to live off one income and save or invest the rest.  This approach will always ensure that you’re never snagged into trouble by the changing economic climate.

One more thing, Never make financial decisions and purchases based on hope of future income.

Way too many couples are living at Bed, Bath and Beyond Their Means.

As the old saying goes, a bird in the hand is worth two in the bush.

# 5 We’ve got plenty of time to start saving money and investing for the future is a MatriMoney Myth.

Years ago we came across an illustration that more than proves the benefit of starting your savings early.   Using the example of twins, Lori and Larry graduated from college at age 22.

Lori decided she’d better start saving for the future so for the next 8 years she put away $2,000 a year.  After eight years, she quits saving but leaves the money in an account.

Larry, who has not invested at all, decides at age 32 that he’d better get a plan.  He then begins investing $2000 a year until he retires at age 65 some 33 years later.  If both Lori and Larry had a consistent 8% return on their money, at age 65, they will both have $347,000.

Does that explain the benefit of compound interest?

# 6 We’re too deeply in debt to ever get out of this mess is a MatriMoney Myth.

I have never talked with anyone that I couldn’t show how to be debt free in seven years or less….but if husband and wife. . .who are scripturally speaking ONE FLESH… become one flesh in finances…then things will turn around a whole lot quicker.

Open communication. . .no matter how painful at the moment is the prescription for a long, financially-secure marriage. . .the way God intended.

# 7 You’ve got to have a plan…(depending on time is which one I do)

7 Dreaded D’s of Debt

First, Divorce

I can’t begin to tell you the horror stories I’ve heard about some sinful slacker husband who has run up the debts and then bailed on his wife and children. . .leaving them to survive any way they can.

I could tell you story after story about families losing homes, mothers working two and three jobs and children placed in peril because of the debt left behind during a divorce.

Second, Disability

Many hard-working people got in debt or back in debt simply because they were injured and unable to work.

Rarely do disability benefits cover the salary of the injured person or the additional medical expenses involved during a recuperative period.  Sadly, many folks don’t have medical insurance. . .so the problem is intensified.

This is particularly true of self-employed people who are injured while working on the job.  Simply put, if they don’t work. . .they don’t get paid. . .which means bills will go unpaid. . .while the family is trying to survive.

When a family desperately needs income. . .they will often turn to their credit cards until they’re maxed out. . .always believing things will turn around tomorrow.

Third, disease.

When a disease strikes an employed or self-employed member of the family. . .it creates a multitude of problems.

First, if the family member who is stricken with a disease is either employed or self-employed. . .they are faced with a loss of income.

Second, if the disease is debilitating . . .the person facing the disease will often need on-going medical assistance.  Many medical plans have a ceiling on the length of time that a person may receive such assistance.

This will necessitate either paying someone to provide the necessary care which is an added expense or a family member will have to quit their job or take a leave of absence to provide the necessary care.  Either way, it’s all cost money.

Finally, even if the person has good medical insurance. . .there are still co-pays for doctor’s visits and often expensive prescription drugs.

If the person whose health has been compromised is the primary bread-winner it creates an even greater financial burden on the family..

I know many Godly folks whose financial future was decimated by disease.

Fourth, death.

It is not negative or fatalistic thinking on behalf of a married woman to think of the consequences she and her family may face in the event of divorce or death and take precautions to protect the family.

I recommend that every woman, and man for that matter, begin educating themselves on finances if they haven’t already.  I consider it absolutely necessary that you have a plan to get out of debt.

Sadly, some women never learn about financial matters because their husband doesn’t want them to know about money and debt.  If you’re married to one of those men who won’t share finances with you. . .then learn on your own.

There is more teaching on finances and getting out of debt now than ever before in our history.  The internet has a lot of free information and teaching.  May I suggest you start at www.haroldherring.com.

Let me be clear. . .for a woman to not educate herself about finances because of her husband’s attitude is just an excuse and sadly, one day you may come to regret that decision.  And by the way, don’t assume that he’s smarter than you are when it comes to financial matters.  After all he had the good sense to marry you.

Fifth, disaster.

I’m sure you’ve heard the heart-breaking stories of people who lost everything due to hurricanes, tornados, earthquakes and fires.

In difficult economic times. . .many people carry only the minimum amount of insurance to cover loss due to catastrophic circumstances. . .I prefer that term to what the insurance companies refer to as “acts of God.”

As the Andre Crouch song says “Through It All”.

Sixth, Dissed or Dismissed from the job

Never spend money that you don’t have today based on money you think you’re going to get tomorrow.

Sadly, too many believers who fallen in the grip of debt and lack because they said things like:

“Honey, we can pay this off when I get my next raise?”

“We can pay this off with my Christmas bonus.”

In today’s economy or in any economy, never make a spending decision based on what has happened in the past or even what you have been promised will happen in the future.

Seventh, Dumb Decisions

Without question, the biggest culprit in leading unsuspecting believers into the bondage of debt is dumb decisions.

In fact, DEBT is most properly defined as a “Dumb Excuse For Buying Things.”

Never buy anything on a credit card. . .if you can’t pay the bill off in full by the due date.

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