Relationships can hinder your wealth plan
Written by R. A. Stewart
“He who walks with wise men shall become wise but a companion of fools will be destroyed.”Proverbs 13:30
The person you form a relationship with can destroy your wealth creation plan and your future financial success if you CHOOSE the wrong person and I emphasise that word CHOICE because so many people during the Cost of Living Crisis blame the government for their financial situation and are completely oblivious to the fact that it is their own choices which put them there in the first place.
I mean let’s face it, only a responsible person will enter into a relationship when they are in a suitable financial position to do so and that is not the only issue.
If your chosen partner has a bad credit rating and you have a good credit rating then guess who is going to be persuaded to sign along the dotted line when your partner wants to borrow money for whatever reason?
Then there will be the difficulty in getting a mortgage if you both want to purchase a house and you have a good credit rating and he doesn’t. It has happened!
Another factor is your prospective partner’s attitude to money. Has he or she made any kind of financial plan for the future? A responsible person would!
At the very least they should belong to a superannuation scheme, in New Zealand it is called Kiwisaver.
Years ago I knew an old lady who was still working at an age when others would have retired. She was a waitress. She believed that men who have a lot of money are selfish and stingy.
Men are better off avoiding gold diggers such as her.
It all boils down to responsibility for your own finances. A responsible person will make provisions for their later years by joining their country’s retirement scheme. In New Zealand this is called Kiwisaver. It should be pointed out that your kiwisaver could become part of property matrimony in the case of a break-up but you don’t even have to be married for this to occur. In New Zealand, a relationship of three years whether you are married or not will mean that any asset acquired during the relationship is equally owned and that includes savings in kiwisaver but only contributions to kiwisaver during the term of the relationship.
If someone is irresponsible in the matter of finances then it is likely that they are irresponsible in other areas of their lives.
Having wisdom in the matter of relationships will make a big different to your long-term financial position. Lack of wisdom can send you to the poor house.
I will end this with something our teacher Mr. Hart said when we were at school, I was 13 when I was in his class.
During spelling lessons he used to tell us a story with one or two of the words that we were learning and on this particular occasion one of the words was wisdom. He told us this story:
One rainy day he was driving along McGowan Street which is the main street in the town where I attended primary school. (there was no intermediate school back then). Mr. Hart told us that he saw a man sheltering from the rain under the verandah of the shop and the man was reading the Friday Flash which is a horse racing paper. Mr. Hart then said, “If that man had wisdom he would save up his money to buy a raincoat for himself instead of spending it on the horse races.
Such is the value of wisdom.
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The information in this article is based on the writer’s experience and may not be applicable to your personal circumstances therefore discretion is advised.
