web analytics
August 31, 2015 / 16 Elul, 5775
At a Glance
Blogs
Sponsored Post


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

The author's opinion does not necessarily reflect the opinion of The Jewish Press.

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.

Current Top Story
Survivors in Auschwitz.
Auschwitz Provides Tourists with Outdoor Showers to ‘Cool Down’
Latest Blogs Stories
Jewish Press Blogger, Selena Chait

Both “Half-Shabbat” & R’ Yosef’s opinion champion an extreme. There most certainly is a happy medium

Trump

Trump’s slogan and story gives American restores hope to dream to: “Make America Great Again”

Doug Goldstein

Is GDP outdated an measure of prosperity? Are there any alternative methods of assessing $ growth?

2nd Lt. Hadar Goldin

In their attack on Ban Ki Moon, Hamas admitted to committing a different war crime.

The ideal of Modern Orthodoxy should be not be viewed as a compromise the way most Charedim view it.

Israel shouldn’t rely on US; It has an awful record in protecting allies.

The Halacha of shmirat einayim (guarding one’s eyes) is incumbent on the MAN; it’s his obligation

Dem. presidential candidate Doug Shreffler talks about his campaign & its motto “as good as it gets”

I’ve decided to move away from my safety net-and I wouldn’t change that decision for anything.

Was “Jerusalem” the song Matisyahu planned to perform? It was the PERFECT response to BDS campaign

If the world’s winds of hatred bring Jews to Israel we are ready, joyfully offering them a home here

At what age should the realization start setting in for kids that we live in an uncertain society?

Spain’s SeaWorld canceled Zionist-spy dolphin’s performance unless it supports a Palestinian state

How does the Iranian deal affect anti-terrorist legislation adopted by a number of US states?

Shabbat afternoon soccer games, a tradition in Israel’s league, may become a thing of the past.

More Articles from Doug Goldstein, CFP®
Doug Goldstein

Is GDP outdated an measure of prosperity? Are there any alternative methods of assessing $ growth?

Doug Goldstein

Dem. presidential candidate Doug Shreffler talks about his campaign & its motto “as good as it gets”

How does the Iranian deal affect anti-terrorist legislation adopted by a number of US states?

Why are wealthy people less likely to gossip? So if you get rich you’ll cut down on Lashon Hora!

What has made Israeli innovative startups world leaders in high tech?

Author Gail Reynolds offers great advice for Mom’s wanting to build a business around their families

How can you remove anxiety and worry from retirement planning?

What is peer-to-peer (P2P) networking? How does it help you access what you want in the internet?

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: