Folks, I just saw this you tube video. In it, Mike Gravel – a democratic presidential candidate – is explaining the reasons why he decided to declare bankruptcy. Evidently he had some health problems, so he decided sign up for like 6 credit cards. Apparently, the payments caught up with him and he had to file.

While I recognize that politics aren’t saints, but I’m especially shocked that Gravel would file, mostly because he’s always seemed really dynamic and resourceful to me. I guess it just goes to show that if bankruptcy can happen to a public figure like Gravel, it can happen to anyone!

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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