Dr. Wall encourages us to kick savings into gear in order to get our financial house in order. Money problems can run havoc on a marriage. Agreeing on the overall plan can bring both the husband and wife together and bless their lives at the same time!
Everyday in my office couples are bemoaning their money issues and money fights. It’s nearly always because they don’t have enough and they are bickering about the scraps left over. Many are drowning in debt. In therapy we talk about making sacrifices for long-term gain and getting rid of debt and selling the car with the $750 car payment. These are hard dreams for people to give up. Some absolutely refuse! But IF they sacrificed now their whole marriage would improve AND their future would feel and BE more secure. Few realize and understand the power of savings.
I decided to write this today after reading the article below on people who have taken savings seriously. The folk in this article are saving 20-60% of their income! Can you imagine? Unreal.
Here’s a few numbers to give you an idea:
Let’s say you finally get out of debt and you and your spouse earn $100K a year. You save $50 K a year and buy a $200K house in 4 years! Imagine your life with NO HOUSEPAYMENT! Talk about winning the lottery!
Let’s say you are 35 years old, your house is paid for and and you save your previous $1200 a month house payment for the next 3o years til you are 65. What would that be worth? At the stock market average of 12% since the 1930’s that would be over $4 million. YOUR STUPID HOUSEPAYMENT IS KEEPING YOU FROM HAVING $4 MILLION FOR YOURSELF! NO wonder the bank buildings are the biggest in town!
If you did it til you were 70 that would be $7.7 million!
Let’s say you saved $2500 a month starting at age 35. With no debt, that should be a breeze: That’s almost $9 million in 30 years and $16 million in 35 years! Are you kidding me?
What if you didn’t do this til you were 45? For 20 years that’s still over 2 million and for 25 years $4.7 million.
What if you didn’t start til you were 55? That’s still $1.2 million by the time you are 70.
What if you are 60 years old, don’t need anything much, have everything paid for, including the house and can save $5000 a month? That’s still over $1 million in 10 years!
The earlier you start, the better. Check out the following article:
and then the two of you sit down and discuss how you can by on less crap, knock off your stupid debt and how you can start planning for your future instead. You want to win the lottery? Save money over time. That’s a sure bet.
Dr. Wall theorizes that marriage problems increase as debt increases and that one sure-fire way to improve your marriage is to start working together as a team on knocking your debt out ASAP!
Dr. Wall ponders what your future could be without all your debt. It’s time to kick it in the butt.
Dr. Wall worries that too many cohabiting couples continue living as roommates after they marry because they are used to keeping their money separate. So much for the idea that we are in this together.
Here’s an idea: Pay cash for your cars. Really. It’s not as hard as you think and it’ll free up monies to help you build wealth.