Real Answers for Life’s Money Challenges
I am nervous.
Im 54 years old.
I only make myself about $20,000 a year.
He makes quite a bit of money like 10 times my salary.
But Im nervous that he will continue to make bad financial decisions.
He gets angry if I venture to talk to him about it.
I dont know what to do, but it seems like a damn shame.
Its sad because that money could have been spent on my kids education or just kept for retirement.
He will not remove the money from the penny stocks because he says, Thats what stupid people do.
He truly believes these companies will become successful one day.
What should I do?
Of course, thats only the money you know about.
I wouldnt be surprised if there are even more big losses you dont know about.
Listen to your gut.
Bad financial decisions are very much in your husbands future.
Instead, they lash out at their partner when their secret is exposed.
Then, its the partner who writes me asking how to fix things.
I think your first step here needs to be talking to a divorce attorney.
That doesnt mean it’s crucial that you decide whether youre ending your marriage tomorrow.
But at least youre taking the first step toward an exit plan should you decide this relationship isnt salvageable.
That may sound scary given that your husband is the breadwinner.
Again, its vital to discuss these matters with an attorney.
You brew coffee at home, you dont walk into Target and you refuse to order avocado toast.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
Unfortunately, your husbands financial mistakes are going to be difficult to recover from.
His 80% loss could easily become a 100% loss.Penny stocksare often cheap because theyre worthless.
Many of these businesses have extraordinarily shaky finances.
Penny stocks are also a frequent target of scammers.
But youre limited on how much you’ve got the option to contribute to retirement accounts each year.
Hes given you no reason to believe this wont happen again.
You also need retirement savings of your own that your husband doesnt control.
Often, people mistakenly believe that their partner is savvier with money just because they earn more.
But it’s possible for you to absolutely have a big paycheck yet still be foolish about money.
If youre willing to stay married to your husband, you gotta put some conditions in place.
To recover from your husbands mistakes, you both need total financial transparency.
That means you both should know about any bank accounts, credit cards or investments the other one has.
You should be able to ask questions about the finances without your husband getting angry.
But it doesnt sound like your husband is capable of honest communication at this point.
Can You Survive 10 Days of Budgeting?
If you oughta wrangle your budget, it may be time to consider a savings challenge.
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
Send your tricky money questions to[email protected].
