I met with a young fellow this past weekend. He was going through the various credit cards, car payments, and house payment he had and how he was about to go under.
The basic problem we had in our discussion had to do with the CORE of his PROBLEM. I’m qualifying my remarks by saying I used to think this way. I don’t now and hence our problem attempting to communicate.
I’ve bee in debt up to my eardrums 3 times in my life. The second time was the worst. My new friend is in that category. He’s about to go under and can’t see anyway out of it.
I shared with him that if he isn’t honest with his wife he’ll end up divorced. I said, “you’ve gotta tell her the truth of your situation than offer your hope of how you’re going to turn it around.”
Debt is very much like a cancer. You can treat the symptoms but it’s the core you need to address. You’ve got to go after what is causing the cancer. In this case, what is causing the debt problem?
My new friend spent every dollar he had and plenty of dollars he doesn’t have. In an effort to keep from going under he’s bled his 401K at work.
There’s nothing left. He’s broke about to file bankruptcy.
I told my friend that I would be imparting “tough love”. I would share with him a solution to his problem. It would be a permanent solution not some temporary thing by borrowing money to get him out of debt.
You can’t borrow your way out of debt. You’ve got to pay off your debt and go From Debt to Cash. The core of the problem is YOUR propensity to borrow money you don’t have. If you don’t got the money you don’t buy it.
And, you must tell your spouse where you’re at. You’ve got to be honest. You’ve got to tell your spouse. If you don’t tell your spouse she’ll/he’ll figure it out and the next question you’ll be asking is:
Can This Marriage be Saved?
David…
Monday, April 14, 2008
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2 comments:
Isn't money the number one cause of marital problems anyhow?
Money is the number one problem, at least that's what most think. Being in debt creates the strains and a lack of understanding of the true problem (spending money you don't have) and failure to be honest with your spouse, and not sharing the problem and communicating the solution. The basic solution is to go from debt to cash, so this marriage can be saved...
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