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Post by puffy on Dec 29, 2021 12:20:31 GMT -5
Just a heads up...When my wife was alive I paid no attention to finances I thought she was handling that..When I checked into it.I found that I was 30 thousand in debt and most of what I was paying was interest..I used her insurance money to pay all of that debt off..Keep in mind that when you or your wife dies you lose pensions and social security.
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Post by pepesdad1 on Dec 29, 2021 14:21:30 GMT -5
Just a heads up...When my wife was alive I paid no attention to finances I thought she was handling that..When I checked into it.I found that I was 30 thousand in debt and most of what I was paying was interest..I used her insurance money to pay all of that debt off..Keep in mind that when you or your wife dies you lose pensions and social security....and that is a real kick in the teeth when you least need it. |
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Post by terrapinflyer on Dec 29, 2021 15:13:51 GMT -5
Oh, that's awful. My aunt just lost her husband and is now left with sorting finances out. So sorry, Larry.
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Post by Ronv69 on Dec 29, 2021 16:09:20 GMT -5
Just a heads up...When my wife was alive I paid no attention to finances I thought she was handling that..When I checked into it.I found that I was 30 thousand in debt and most of what I was paying was interest..I used her insurance money to pay all of that debt off..Keep in mind that when you or your wife dies you lose pensions and social security. I tell my wife every couple of months how much we owe and she is always surprised. 🤷♂️ |
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Post by daveinlax on Dec 29, 2021 16:28:34 GMT -5
Thankfully she had life insurance so at least you can start over with a clean slate and hopefully you’ll figure out a way to get some survivor benefits from Social Security. Wishing you the Best!  |
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Post by cigrmaster on Dec 29, 2021 18:43:18 GMT -5
I can proudly say that I have never paid 10 cents in interest. For most of my business life I only used American Express which has to be paid at the end off the month. I also played the Zero percent card game. I had a few of those cards and used them to my advantage.
I once had to buy 7 large hvac units for my plaza and I just figured out the monthly payment that had me pay a certain amount at zero percent. When all was said and done, I paid off the hvac units in about 2.5 years. Those zero percent cards are great I love using other peoples money.
I once ran a scam on Sun Trust bank where I took out 200,000.00 out of my line of credit at 4% and gave it to my guy who gets me 14 percent on my money. It is a private lending game. For over 3 years I got a check for 1666.66 a month. The idiots never asked what the loan was for. If they ever found out they would have been pissed, but they couldn't do a thing about it as they didn't do their due diligence. I loved that check when it came in.
When I got divorced from the mother f my 4 children, she had no idea how much money I made. I was a small business owner and one of the businesses was all cash. Her attorney hired a forensic accountant and they ran into a multitude of trusts that my ex signed. She had no idea how much I made and she didn't realize she gave away all rights to my businesses and the house we were living in. I had done this 6 years before she filed as I knew one day we would get divorced I was all set for the tidal wave and I did a cashout refi with Bank of America. I got a huge chunk of dough from them, gave it to the ex wife and then stopped paying the mortgage after one year.I let them foreclose on the house and I was done with it all. It was perfectly legal so Bof A pretty much paid for my divorce.
I did learn one thing is that you should never comingle funds with your wife. The courts consider that money both of yours even if one party never put a freaking dime in it. The best ;part was the forensic accountant couldn't find squat after 1.5 years, they gave up. They couldn't figure out how or why I put everything in trusts 6 years before the divorce started. Plus she saw me put a lot of money in my kids names that she couldn't get at.
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Post by Ronv69 on Dec 29, 2021 20:36:26 GMT -5
On the other hand, my wife and I have had joint accounts for 45 happy years.
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Post by trailboss on Dec 29, 2021 23:42:03 GMT -5
On the other hand, my wife and I have had joint accounts for 45 happy years. +1 I think that a lot depends on the relationship and mutual trust. We have had no serious hiccups, but Larry I feel bad for you. Based on your length of marriage, I doubt it was intentional on her part… probably got caught up in a mess, and in the case of a female mind, she is a to outlive you and deal with it. Things don’t always work as planned. |
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Post by Legend Lover on Dec 30, 2021 1:21:43 GMT -5
I'm the same as Ron and Charlie - joint bank account since we got married.
But Larry, I'm so sorry that you found that out - that must have been really difficult. I hope that you have some left to fall back on if necessary.
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Post by rdpipes on Dec 30, 2021 7:17:37 GMT -5
I don't owe a dime but, I'm still broke. LOL!
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Post by Legend Lover on Dec 30, 2021 7:43:33 GMT -5
I don't owe a dime but, I'm still broke. LOL! Sums me up well too...except I do have a mortgage, so I suppose you win. |
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Post by rdpipes on Dec 30, 2021 8:34:35 GMT -5
I don't owe a dime but, I'm still broke. LOL! Sums me up well too...except I do have a mortgage, so I suppose you win. What I win, what I win!? |
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Rattlesnake Daddy
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Post by Rattlesnake Daddy on Dec 30, 2021 9:55:23 GMT -5
Sorry to hear about the your loss and discovery of debt.
My wife and I have had a joint account since we were married. We managed to get debt free with the exception of a mortgage back in '98, and finally paid off the house this year. We were lucky though, and took a hard look at our income and spending when we were first married.
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Post by Ronv69 on Dec 30, 2021 10:21:16 GMT -5
Sums me up well too...except I do have a mortgage, so I suppose you win. What I win, what I win!? This decorative BADGER! |
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Post by pepesdad1 on Dec 30, 2021 10:33:46 GMT -5
On the other hand, my wife and I have had joint accounts for 45 happy years. Me, too...it requires a firm trust on both parts...trust is something that you can rely on if you have a good marriage. |
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Post by Gypo on Dec 30, 2021 12:22:27 GMT -5
The biggest financial decision you will ever make is who you marry.
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Post by zambini on Dec 30, 2021 13:11:43 GMT -5
The biggest financial decision you will ever make is who you marry. I totally get where you're coming from, but honestly my experience is that where you live is just as big. Not leaving Mexico permanently has been the most expensive decision of my life. You earn a lot less for the same job and pay about the same for most things. I'm not saying you can't make it rich, but all things being equal you earn better doing the same job at the same rate somewhere else. |
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Post by rdpipes on Dec 30, 2021 13:37:53 GMT -5
Cool! Hope Amazon aint delivering it, LOL! |
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Post by Ronv69 on Dec 30, 2021 15:52:17 GMT -5
The biggest financial decision you will ever make is who you marry. I totally get where you're coming from, but honestly my experience is that where you live is just as big. Not leaving Mexico permanently has been the most expensive decision of my life. You earn a lot less for the same job and pay about the same for most things. I'm not saying you can't make it rich, but all things being equal you earn better doing the same job at the same rate somewhere else. 50 years ago I could have helped you out. My friend's uncle was shopping 2 of his daughters around for husbands. They are probably Old Maids now. But the marriage came with a house, job of your choice and luxury resorts on Popo. |
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msokeefe
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Post by msokeefe on Dec 30, 2021 17:29:00 GMT -5
I found out after divorcing my 1st wife that I was 30k in credit card debt, back in the mid 90s. She handled the bills. She would take out credit cards in my name, using my SSI #, then put herself as an “Authorized User. (How poetic?)She would then send the bills to a PO Box, she ordered things and had it delivered at work. Crushing child support and 30k in credit card debt was the highlight of my life.
Ten years later I remarried, separate accounts and I monitor her credit through a credit agency. I now have top tier credit in the 800s. The lesson here is “Trust, but verify”.
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Post by trailboss on Dec 30, 2021 18:29:35 GMT -5
I found out after divorcing my 1st wife that I was 30k in credit card debt, back in the mid 90s. She handled the bills. She would take out credit cards in my name, using my SSI #, then put herself as an “Authorized User. (How poetic?)She would then send the bills to a PO Box, she ordered things and had it delivered at work. Crushing child support and 30k in credit card debt was the highlight of my life. Ten years later I remarried, separate accounts and I monitor her credit through a credit agency. I now have top tier credit in the 800s. The lesson here is “Trust, but verify”. I totally get it. Life experiences inform your actions, some of us are providentially provided with a true soulmate on the first go-around. Heaven forbid that my wife leaves the earthly realm before me… I won’t be looking for anyone anytime soon. |
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Post by Scott W on Dec 31, 2021 14:05:34 GMT -5
Fortunately, I haven’t had a mortgage, car payment or anything since I was 40. Never had a credit card bill either. Always used AMEX and paid at the end of the month.
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Post by trailboss on Jan 2, 2022 11:23:47 GMT -5
Fortunately, I haven’t had a mortgage, car payment or anything since I was 40. Never had a credit card bill either. Always used AMEX and paid at the end of the month. I started this practice some years back, and wish I had done it sooner. If I ever have to call Amex, I quickly get a live person that I can clearly understand. I noticed my magnetic strip was worn, so I went online and ordered one. The new one will have the same number, and I can continue to use my current card. In the past when contacting Chase or wells Fargo to get a new card, they immediately killed my card it was now useless and I had to wait for one to come in a week or so. And, Amex has a fantastic warranty on things purchased with it, also recently stayed at a $500.00 per night at Hilton and it costed nothing using rewards points. |
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Winton
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Post by Winton on Jan 7, 2022 17:05:32 GMT -5
Good practices. When we got married, I insisted that we have separate credit cards, so both of us had a credit score. I have heard of too many stories of husbands handling all the financial work. When he died, his widow had no credit or experience on how to handle finances.
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