web analytics
December 27, 2014 / 5 Tevet, 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
Elite IDF soldiers arrest one of the terrorists who threw a firebomb at an 11-year-old girl and her father.
IDF Captures Palestinian Authority Terrorists Who Firebombed 11-Year-Old [video]
Latest Blogs Stories
Stairway to success!

My stairs had been built, big and strong-BUT ON THE WRONG SIDE OF THE APARTMENT!

HaTnua Party Meeting

Is his article satire? Or does Kai Bird really think Tzipi Livni heads a “center-right” party?

Shabbat Table

Much as I’d like to see the Jewish nation fully observant forcing Shabbat on people is NOT the way.

Loyalty seems to be a lost trait in Israeli politics, whether it’s to ideals, principles or parties.

Apartment hunting is kinda like dating: You go see anything that looks right on paper-and pray.

Latest headlines say that Prime Minister Bibi Netanyahu’s Likud may only make third place if…

What are the roles of leadership and communication in running a “tight ship”?

Sabraman: Israel’s first superhero, combining the courage of the Sabra and the faith of Abraham.

Is Haredi open-ended learning on charity better than earning a living that would obviate that?

Hanuka is the miracle of emunah- belief in the L-rd of Israel and the light of our faith.

Limiting Jewish success and revival is that the anti-Jewish, anti-History Left rules here in Israel

The crisis in Jewish education is of existential importance. How should it be resolved?

BBC GUIDELINES ON TERRORISM: The word “terrorist” itself can be a barrier rather than an aid…

Discussion with entrepreneur William Heinecke on how he became a young, successful businessman

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

More Articles from Doug Goldstein, CFP®
Doug Goldstein

What are the roles of leadership and communication in running a “tight ship”?

Doug Goldstein

Discussion with entrepreneur William Heinecke on how he became a young, successful businessman

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

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?

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: