Today we're going to answer a question that we received at our hashtag #askgoodsteward, and I'm sure it's going to hit home with a lot of people. Veronica asks, "I have met the man of my dreams, and he's perfect, except for one thing. His credit pretty much sucks. How can my fiancé and I get on the same page financially before we get married, and if he's in debt, is it a deal breaker?" Stay tuned. I'm going to answer Veronica's question and much more.
So Veronica, I want you to first know that you are definitely not alone in this situation. In fact, finances are one of the three greatest challenges that married couples face. Those three challenges are intimacy, communication, and finances. And you are right and being responsible to want to know how you can go into marriage, which is a partnership, as much as on the same page as possible, especially when it comes to money. So here are the four ways you can make sure that all is fair in love and money.
The first thing is sit down and talk about your historical relationship with money. How we feel about money, how we spend, the things that we do, often emanates from how we engage with money in our childhood. The values that we were taught, the experiences that we had, the teasing that we may have received, how we manage these things then, often, impacts how we compensate for them now. Until we understand those it's much more difficult to change our habits.
The second thing is you want to itemize and quantify your goals, and discuss the kind of legacy that you want to leave. You want to make sure that you know what your goals are and your passions are and the kind of resources that you'll need to achieve those goals. So you can work together most effectively as possible.
The third thing is pull your credit scores and your credit reports, because this will affect your ability to fund these goals. When you get married, two become one, and that also includes your credit scores and your credit history, and the one thing you want to avoid is learning after the fact that you were unable to purchase a home or get an apartment or getting a car because of problems on someone's credit report. Marriage is already difficult enough, and that's a problem you don't need.
And lastly, develop a mindset that's actually the focus of Good Steward University. A mindset focused on stewardship, which is how to use your resources to the highest and best use to generate cash flow, ownership, eliminating debt in your household, and legacy. Putting yourself in a position to be able to leave an inheritance for your children's children, to retire in dignity,and to have resources to give generously to those in need, so you two can work together to achieve your goals during this beautiful journey that you're about to embark on. By incorporating these four steps, you can ensure that your marriage is built on a rock solid, financial foundation.
If you have a question for Good Steward Living TV, we'd love to answer it. Just use the hashtag #askgoodsteward. If you can relate to what we talked about today, leave a comment below and let me know, and once you're there don't leave before you subscribe and become one of our Good Steward Living Insiders. You'll get instant access to a free gift that I've created just for my insiders, and I know you'll enjoy it. You're also going to get some exclusive content, special giveaways, and some personal updates from me that I don't share with anyone else. Decide today that you will be a good steward over your money, and make empowered choices, and not only help your family but also your children's children.