How important is money to family success? Your first
response might be "Very important!" if you're thinking
about the last argument you had with your spouse about
your credit card bill. But the truth is, the presence
or absence of money itself is not as critical to
family success as your attitude about money.
My CPA friend Mike Bell once told me about two
different couples with whom he counseled on the same
day. "The first couple was experiencing severe
problems in their marriage. They were deeply in debt,
spending way too much and arguing constantly. The
next couple had exactly the same problems: deepening
debt, runaway spending and financial fights. The only difference
between them was the first couple made about $25,000/yr and the second
couple made about $100,000/yr." Mike and I concluded, it's not the
money you make that makes your marriage, it's how you handle your
finances.
According to a recent survey by Redbook magazine,
twenty percent of couples in the U.S. reported
carrying a credit card balance of over $10,000. Most
couples admit living paycheck to paycheck. And nearly
all of us have had marital conflict because of too
much month at the end of the money Yet, many
families fail or refuse to deal directly with their
money problems. In their book, "11 Reasons Families
Succeed", authors Richard and Rita Tate suggest
nine questions to find out if your family might be in
financial trouble:
Do you usually use credit cards to finish our each
month?
Do you ever pay bills late?
Do you float funds from expense accounts to pay your
bills?
Do you ever hate to hear the phone ring?
Do you always pay the minimum payment on your credit
cards?
Do you never tithe or make a charitable gift?
Is a savings or retirement account non-existent?
Have you had more than one overdraft check on your
bank account this past year?
Do you dream of getting rich quickly?
According to the Tates, "If you answered "yes" to
three or more of these questions, you're living on the
edge of disaster." My guess is, most of us are on the
edge and are reluctant to admit it.
Can anything be done to pull us back from the edge?
The Tates offer five suggestions:
1. Recognize God's ownership of everything. Having
the attitude of a "steward" will change your
perspective of money.
2. Recognize the law of giving and receiving. Don't
selfishly hoard for yourself, even in tight times.
3. Work hard. Don't be fooled by get rich schemes or
a lottery mentality
4. Make a realistic budget and keep accurate records.
What is written down gets accomplished.
5. Get out from under the bondage of debt. Don't
allow "till death do us part" to become "till debt do
us part!"
Family success and money go hand in hand. But it's
your beliefs and behavior rather than your bank
balance that makes the difference.
