• money problemsMoney Problems? Are You Being Honest with your Partner?

    I had scheduled Jim and Nancy to come see me since these long-term client’s mortgage was maturing. Only Jim showed up. He had indicated that his significant other was unable to come. As we discussed his financial situation, he indicated that they needed a refinance due to some debts and money problems. I quickly came to realize why he came alone. He wanted to inform me to not mention certain debts in front of Nancy. Was this the first time this had happened? Not at all. We have had spouses or significant others who had drug problems, bad spending habits, gambling addictions and even lavish spending on some of their other significant others…

    No Judgment

    Although I am not here to judge, relationships that are open and transparent over money have the best opportunity to survive. A recent survey by a non-profit Canadian credit counselling agency found that money or financial dishonesty was the number one reason as to why partners would end their relationship.

    The best but yet hardest place to start, is with a direct conversation about money problems. It is my belief that couples that work together with the same goals enjoy the happiest relationships. In a recent poll by RBC, 85% of couples in a relationship stated that similar money goals and aspirations were needed to have a successful long-term success together. One habit we try to encourage is couples saving together in a separate account in which both signatures are required to withdraw. Does it work? Yes. Also, each partner should only have one credit card. Although, there are many suggestions that we have for our clients, nothing beats being honest. It relieves the stress and enables the couple to start fresh.

    Robert Floris is a Mortgage Broker. His office is located at 651 Fennell Avenue East in Hamilton, Ontario. If you would like to speak with Robert, he can be reached at 905-574-9200 #215. Alternatively, you can contact Robert here.

    If you would like to apply for a mortgage online, please follow this link.

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