Jenna over at money bucks coffee had a great couple of postings on rehabilitating her husband’s credit score. To make a long story short, when she met her husband, it came out that he had a fair amount of credit card and student loan debt. To Jenna’s credit, when she found out about this, she took the bull by the horns and helped her husband take action to address the situation.

A similar situation happened to us DINKS. When my wife Miel first moved out to DC, she had accumulated some credit card debts due to a lack of jobs in Oregon. Eventually, it became apparent that Miel’s debt was an issue. The end result of it was that, she decided (*with some prodding by yours truly) to pay off her cards. It worked, Miel was credit card debt free in less than a year (around $13k in the whole).

The long and the short of this is, sometimes spouses need a bit of financial rehabilitation and it can be done successfully as our and Jenna’s examples show.

Happy Holidays!

Best,

James

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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