When it comes to marriage, Dave Ramsey doesn't sugarcoat it: "Nondisclosure is lying." The personal finance guru insists that if you're not fully transparent about your finances before saying "I do," you're setting yourself and your partner up for trouble. Financial secrets are a major red flag and honesty is the cornerstone of a healthy marriage.
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Ramsey knows a thing or two about financial ups and downs. In the late 1980s, he went from being a millionaire real estate investor to facing total financial ruin. A change in banking laws led his lenders to call in $1.2 million in loans, leaving him with no time to sell his properties. As a result, he was compelled to file for bankruptcy and reassess his whole financial strategy, including the way he communicated with his wife, Sharon, about their financial situation.
During those tough times, transparency was crucial. Ramsey recalls how intense things got at home, especially when creditors knocked. One call especially stood out – an American Express rep questioned his wife, asking, "Why stay with a man who won't pay his bills?"
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From then on, Dave and Sharon vowed to change everything about how they handled their money. They gave up borrowing, canceled their credit cards and lived on a strict budget. They even drove a beat-up old car that Ramsey says he couldn't wait to escape. However, those sacrifices set the foundation for the financial discipline that would eventually make Dave Ramsey a household name.
Today, Dave Ramsey is a vocal advocate for couples being open about their finances. He believes that getting married is like a financial merger. “Do not marry someone without all accounts being laid bare for both of you to see and know what you’re getting into,” he says. You're not just joining your lives – you're combining debts, assets, spending habits and money goals. If someone hides a mountain of credit card debt or even a secret savings account, it's like planting a ticking time bomb that could destroy the relationship.
Ramsey advises those already married, “Tell them today where you stand; don’t wait. Sit down and disclose ALL financial information. No secrets!”
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As he often says, "Marriage is a financial contract." For him, transparency isn't just about dollars and cents; it's about respect and trust. If you can't trust someone enough to share your financial situation, how can you trust them enough to share your life? To make it work, both partners must put everything on the table – the debts, the savings, the mistakes and the goals.
And the advice isn't just for those already married or struggling. Ramsey encourages couples to talk about money early on, even before getting engaged. The goal is to make sure both people are on the same page. Financial secrets, Ramsey argues, will only result in mistrust and could ultimately undermine a marriage that could have otherwise been successful.
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