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The #1 cause of Divorce is infidelity. Right behind it, at #2 is Financial Stress.
According to the American Psychological Association, approximately 40-50% of first marriages end in divorce.
So, I found it very interesting that the divorce rate for the self-made millionaires in my Rich Habits Study was only 19%, or less than half the national average. Why were the self-made millionaires in my Study able to defy the odds of divorce?
The answer is that they were able to find a partner who shared their dreams, goals, habits, values, positive mental outlook, commitment to each other and money mindset. In other words, they married right.
Finding a life partner who shares your work ethic, financial goals and life plan is crucial to success. When both spouses are on the same page, pulling the same cart together, realizing dreams, goals and the life you desire becomes attainable.
One strategy that gives both spouses some financial breathing room and helps to dramatically eliminate financial stress is for each spouse to have their own separate bank account. Now, these separate bank accounts can be either be funded through budgeting or through separate side-gigs of each spouse.
For those who do not have side-gigs and must budget, set aside 5% of the household net income, which equally funds both separate accounts. Example: You and your spose have a Net Income of $10,000 a month. Five percent of $10,000 = $500. Each separate bank account is funded, each month, with $250.
This gives each spouse some space, financially, to do as they please without having to seek permission, negotiate or argue with their spouse about the money they spend each month.
Tom Corley is an accountant, financial planner, public speaker, and author of the books “Effort-Less Wealth: Smart Money Habits At Every Stage of Your Life” and “RichKids: How to Raise Our Children to Be Happy and Successful in Life“. Corley’s work has appeared on CNN, USA Today, The Huffington Post, SUCCESS Magazine, and many other media outlets and podcasts in the U.S. and 27 other countries. Tom is a frequent contributor to Business Insider and CNBC.
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