Author: Max Wong / Source: Wise Bread
It’s hard to talk about difficult money problems. But keeping it all to yourself makes it harder, and more costly, to get out of debt. Don’t believe me? Here are some things you are missing out on by staying silent.
An honest marriage
Secret bank accounts are not just for Don Draper.
In a 2017 poll by CreditCards.com, 5 percent of respondents confessed to financially cheating on their partner in the form of secret bank accounts and credit cards. When extrapolated to the entire U.S. adult population, that means 12 million people are hiding secret accounts.Obviously, getting caught in a financial lie by your romantic partner is going to breed general mistrust. And even if your spouse isn’t technologically savvy enough to suss out your money dalliances, if you ever need to file joint taxes or pool your resources to secure a mortgage, all your secrets will be laid bare during a routine credit check or audit.
A lack of transparency can thwart your relationship and your goals. Squabbles over money are the number one reason for divorce, and unfortunately, new romances rarely begin with a discussion on how to save for retirement. Many couples discover each other’s debt only when it becomes an obstacle too large for one person to manage.
Lying about your money problems prevents you from working as a team and efficiently leveraging shared assets. Couples who communicate regularly and honestly about money not only have a better shot at maintaining a happy union, they have a better chance at achieving financial goals because they are on the same page about things that can dramatically impact their lives — like saving for their kid’s college fund or paying down a home loan. (See also: 5 Painless Ways to Manage Money With Your Partner)
A community of friends
If you keep your financial problems secret, you deprive yourself of moneymaking or money-saving opportunities your social network could provide. A lot of people get tremendous pleasure out of helping others. Let those people help you by giving them a problem to solve. For example, someone you might know may have the perfect job for you.
If outing yourself to your friends and family as a poor person is too hard, reach out to like-minded strangers. The internet is full of websites, blogs, forums, and other communities that are…
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