• Yes it is that time of the year again! where we think about favourite sweethearts. Valentine’s Day is the day we dedicate to love. At Robert Floris’ Mortgage Architects office in Hamilton, we appreciate the day as well. However, due to our positions we have witnessed adversity.

    Here is a short story about such adversity: a young professional woman called us and wanted to meet immediately. Due to the shakiness in her voice, we met her that night. The married mother of two has just found out that her husband had built up $80,000 worth of debt and she believed that she might lose her home. We managed to save the home and have proper financing where she could still manage a good lifestyle. The sad part was she had no clue.
    Other similar stories we have heard:

    • Lady find out her common-law spouse has put on $50,000 in debt and she has a hard time figuring forgiving
    • Woman has $80,000 in gambling debts without her husband’s knowledge.
    • Woman has a spending habit with over $100,000 spent.
    • Woman who does not trust her husband for his constant abuse of the funds.

    We could go on forever with stories.

    In recent Canadian surveys close to 47% of participants 18 to 34 were victims of spouses or common-law partner’s cheating on each other’s finances. In couples 65 years or older, only 18% cheated.

    What can be done to improve a financial relationship? Here are some suggestions:

    1. Separate bank accounts. This is the first time I have ever suggested this but it does have its merits!!
    2. Constant communication so that both partners are working together.
    3. Rules: for example don’t buy anything over $200 without prior consent/communication. (Communication is the key!!
    4. See a financial planner who will give you direction and teach the science of money.

    Robert can be contacted at 905-574-9200 Ext. 215 OR by email at mortgages@robertfloris.com. You can fill out an application online at https://application.malink.ca:8112/App/MARC/FLORISR/en-ca/1896 with absolutely no pressure and no obligation.

    Click here to see what others are saying about Robert!

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