Who Wants to Be Rich?
Well you may not become a billionaire or even a millionaire,
but research shows that marriage helps couples and individuals
generate more income and wealth than singles, and even
cohabitating couples.
According to The Marriage Project researchers out of Rutgers
University in New Jersey,
"... People who marry become economically better off. Men become
more productive after marriage; they earn between ten and forty
percent more than do single men with similar education and job
histories. Marital social norms that encourage healthy,
productive behavior and wealth accumulation play a role. Some of
the greater wealth of married couples results from their more
efficient specialization and pooling of resources, and because
they save more. Married people also receive more money from
family members than the unmarried (including cohabiting
couples), probably because families consider marriage more
permanent and more binding than a living-together union..."
If married couples have so much potential to be wealthy, why are
money issues one of the leading causes of divorce? I have one
simple answer. When couples take their focus off of their
partner's emotional, physical and spiritual needs to worry about
their finances or acquire more material possessions, they loose
sight of one of the greatest missions and privileges of life: to
love another human being.
Money is a wonderful and powerful tool, but don't let it consume
you. Here are seven ways to find balance and keep your marriage
happy and healthy.
1. Set financial goals for your family and prioritize them.
2. Develop a spending plan that can help both parties feel
fulfilled. A great example of this strategy can be found in
Debt-Proof Your Marriage: How to Achieve Financial Harmony by
Mary Hunt.
3. Owe no one anything but love. Work towards being debt free.
4. Create a savings plan that includes 3-6 months living
expenses. Then focus on investments. It may be tight, but try
living off of one income for a time.
5. Try to find ways to be generous and give to charitable
organizations regularly. If you belong to a church, tithe.
6. Pay the bills together. I know it may seem hard to find the
time at first, but it can be a chance to review current spending.
7. Work towards owning a home (or a new car) only when you're
ready. Don't feel the urge to do it because you've had a baby,
your friends are doing it, or you're "tired of renting".
I leave you with this final word: Richness is not about having
more money or showing off what you have. It's about finding
abundance where you are and having courage, grace and savvy to
go beyond your current circumstance. Be rich.