web analytics
December 19, 2014 / 27 Kislev, 5775
 
At a Glance
Blogs
Sponsored Post
8000 meals Celebrate Eight Days of Chanukah – With 8,000 Free Meals Daily to Israel’s Poor

Join Meir Panim’s campaign to “light up” Chanukah for families in need.



Hiding Money From Your Spouse

Approximately 20 percent of British citizens have debts that they have not disclosed to their partners.
Goldstein 485x300

Do you have any secret funds or debts that your spouse doesn’t know about? I’m referring here to a hidden bank account or an unknown credit card or debt that you have never told anyone about.

If you do, then you are definitely not alone, as a recent Prudential Insurance company survey showed. When the British newspaper The Telegraph published the results of the survey at the end of November, it revealed that around 20 percent of British citizens have debts that they have not disclosed to their partners. Additionally, a slightly smaller number of people admitted that they had hidden investments and savings that were totally unknown to their spouses.

Those asked gave several reasons for concealing their debts. Many times, the underlying cause was a combination of bad monetary habits and embarrassment – over borrowing money to cover everyday living costs, or needing to pay off debts that shouldn’t have arisen. Some said their overspending had been caused by emotional distress, leading to financial problems. In many cases (22 percent), the reason for hiding savings was the fear of a breakup and making sure that there would be some money if this would occur. Eight percent even said that they hide these funds because they simply don’t trust the way their spouse handles money.

As a financial adviser, I often work with couples who argue with each other about money or who don’t trust each other when it comes to financial matters. Indeed, I noticed that attitudes to money are a huge cause of domestic disharmony. The statistics above definitely bear this out; they certainly don’t provide a very positive view of money or relationships.

The best way to combat these difficulties is to meet them head-on and prevent them from happening right from the beginning. If you have a son or daughter who is about to get married, sit down with the young couple and discuss financial habits, such as budgeting and saving. At the same time, emphasize openness and good communication in marriage. Trust and honesty are not only good values with regard to money, but also for marriage in general.

I recently discussed these issues with Sherrie Miller, co-founder of Choice of the Heart, an organization that prepares couples for marriage. And even if you have been married for twenty-five years, it certainly does no harm to review your financial habits with your spouse and to listen to some good and useful advice. Watch the video of my interview with Sherrie to learn more about financial fidelity and other tips for creating (and improving) a strong marriage.

About the Author: Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd, a financial planning and investment services firm located in Jerusalem. He specializes in working with clients who live outside of the United States and want to maintain a U.S. brokerage account. Doug’s newest book, co-authored with Susan Polgar, about how using chess strategies to improve your finances, Rich As A King can be purchased at www.richasaking.com. He is a licensed financial professional both in the U.S. and Israel. Securities offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, FSI. Accounts held at Pershing LLC., Member NYSE/SIPC, a subsidiary of The Bank of New York Mellon Corporation. Neither Profile nor PRG gives tax or legal advice. Before immigrating to Israel, it is advisable to consult with a tax attorney who is knowledgeable about Israeli law. Contact at doug@profile-financial.com


If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

If you promote any foreign religions, gods or messiahs, lies about Israel, anti-Semitism, or advocate violence (except against terrorists), your permission to comment may be revoked.

No Responses to “Hiding Money From Your Spouse”

Comments are closed.

SocialTwist Tell-a-Friend

Current Top Story
Cinema City Iron Man Theater in Jerusalem. (illustrative)
US Govt IDs North Korea in Sony Cyber Terror Attack
Latest Blogs Stories
Alan Gross (L)

Did Cuba apologize for their spies the way Israel apologized for Pollard?

Torah scroll. (illustrative only)

Nothing binds Jews together more than Torah observance; Or so one would think.

tinsel-314750_1280

Sukkah tinsel decorations enjoy a robust market but are invariably manufactured for “another”holiday

PM Benjamin Netanyahu with Yishai and Tamar Fogel, survivors of an Arab terror attack which killed their parents and 3 siblings.

A number of Israeli papers regurgitated a biased AP article on settlement growth, but they should have read it more carefully before hitting publish.

Many of the battles of the Maccabees were right here in the Shiloh area.

Both Labor and Likud are expected to get more seats in the upcoming elections.

Get a straight answer from Edward de Bono to the question: What is lateral thinking?

Jewish communities worldwide commemorate Yehudit during Chanukah by eating dairy foods in her honor

Israel’s problem isn’t Indyk, Obama, UN, NGOs or even the media; Our problem is much closer to home.

None of the attacks on Jewish & property should come as a surprise in light of the Temple Mount.

No surprise! Israel is now being blamed for Ziad Abu Ein’s death.

How does the new U.S. tax amnesty affect American citizens living in Israel and abroad?

The party chiefs are acting drunk and childish – making stupid mistakes and inadvertently showing their true selves – just like on Purim.

A day dedicated to Torah&tradition; a day of great joy and of great sadness- a brit and a burial.

Who was this Minister of Rage, Ziad abu Ein, and what did he do to qualify for his position as a senior minister in the PA?

JoeSettler explains the electoral mess we’re in, and a possible solution for fixing it.

More Articles from Doug Goldstein, CFP®
Doug Goldstein

Get a straight answer from Edward de Bono to the question: What is lateral thinking?

Doug Goldstein

How does the new U.S. tax amnesty affect American citizens living in Israel and abroad?

Emerging adulthood and how young adults can achieve economic independence in today’s financial world

Doug talks with Steve Repak about the nature&meaning of wealth and how you can eliminate your debts.

How can you turn your physical books into E-books?

Find out how to set goals and take better care of your finances.

Today”s discussion: “The effects of current geopolitical situation around the world on investing.”

Printed from: http://www.jewishpress.com/blogs/goldstein-on-gelt/hiding-money-from-your-spouse/2013/01/29/

Scan this QR code to visit this page online: