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Mackanomics: Love and Money!

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Ryan C. Mack
Ryan C. Mackhttp://www.mocafi.com
Ryan C. Mack's ministry is money. He is a graduate from the University of Michigan Business School with a concentration in Finance.
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My mission each post is to get you one step closer to your financial goals. We will do this through sharing stories, giving advice and providing facts that will help you create your own wealth plan. This post is for people in relationships. I recently received an email from a woman named Rosanna. She wrote:  “I found just out my spouse’s credit score is below 500. We were hoping to buy a house together. What should I do?”

So many people marry and get together without ever finding out about their mate’s financial health. Most marriages break up over financial issues. But I don’t think it’s the money issues, as much as it is the surprises. In this case, Rosanna believed she and her husband could buy a house together. She was financially ready but discovered that her husband’s credit score could be a major impediment. This is something she should have known before they married. Is she was prepared, they could have hatched a plan to get ready.

Here’s my response:

Hello Rosanna,

There is nothing wrong with your spouse having a credit score under 500. But there is something wrong if he is not willing to get help to improve it. Ignorance is not bad, but a willful ignorance can be dangerous.

It is vital that you work together in a relationship on everything…this includes your finances. When I was practicing financial planning, I would never meet with just one person in a couple without meeting with the other. I suggest you show this email response to your spouse.

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