JW's Financial Coaching Podcast Lesson #95-Financial Infidelity and the Power of Joint Accounts
According to a poll conducted by creditcards.com currently in America there are about 13 million people who are committing financial infidelity. That is, they have a secret bank account or credit card that their spouse doesn't know about. Today I discuss why that is troubling and why having a secret account is not ok even if you aren't breaking the bank financially or doing something sinister.
Financial infidelity is a serious topic and I also explain why sometimes we fall into it. Not making excuses for anyone but in my years as a financial coach often this comes due to one partner in the marriage carrying all the weight of the money. To not disappoint or make the other partner mad they get a credit card on their own or take out a loan and that just starts a downward spiral. It isn't healthy because it adds a layer of deceit to the marriage.
Also we talk about the power of joint accounts and how that can help keep financial infidelity down. It's not a fool proof way but joint accounts unleash a power in your marriage and that power is called the power of forced communication. You see when you are working together by doing a budget and sharing the bank account you are forcing yourselves to communicate together. This allows you to agree on your spending and when you agree on your spending, in essence you are agreeing on your life.
For more information on joint accounts please check out the following resources:
Also I'm excited to announce that my new book "A Tale of Two Houses-Our journey of buying a home the right way after buying one the wrong way" is set to release this spring. In anticipation I'm taking applications to join the book launch team. If you are interested in getting an advanced copy and helping to spread the excitement for the release then consider joining my launch team. I'm taking applications until next week on the blog. You don't have to be in the market to buy a new home to be considered for the launch team, you just need to believe that this message can help people from making buying mistakes.
Today's quote of the lesson is brought to you by my new book A Tale of Two Houses
"We tend to live up to our expectations.” – Earl Nightingale
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