Marrying my current wife 12 years ago this year changed my entire life romantically but also financially. She brightened my outlook on my retirement future- something I had never thought of before, and she helped straighten out and strengthen my financial health.
I was a complete mess until she got ahold of me. I had the worst credit for a person in my financial condition (Ive hit 7 figures plus on paper before). When we met I co-owned a business with my last ex wife and ran or had money in several other small businesses in 2 states, I owned a downtown condo in a northern city and for more than 25 years I have owned an Aframe cabin with surrounding land up on the mountain in the west, had a bunch of cars and trucks and bikes, snowmobiles, jetskiis, a ton of guitars and gear that I used in my band work, and lots of other 'big boy toy stuff'- everything I think I basically bought with cash or maybe traded for. Whereas her, she was Ms perfect credit history, always did everything right, just like my mother, always doing the responsible things in life- been in a long time job in corporate with a steady large salary and bonuses, benefits, she had paid off mortgages on several houses and had just bought another for an investment, she had had many new car loans and had just bought herself a new car, her few credit cards she kept her balances current and used her rewards mainly for when she traveled, plus she had some nice investments along with a fat 401k from 20 something years on the job. She always paid her bills on time and always had great credit, her husband had passed away not long after their divorce and she took the money from life insurance policies she still had on him and built trusts for her kids for their college. Im sure marrying me challenged her good credit status a bit for awhile until she got me straightened out.
I was the total opposite, always been wild with my money, never let anybody help me with it, always been more of a hustler type flying by the seat of my pants like my father than a patient hang in there hard worker like my mother, and never had my eye on the future beyond the next year or so. I started and ran a bunch of small cash oriented businesses (a coin-op billiards vending route, 2 tattoo shops, small recording studio, rock music venue/bar) a few while still in highschool, all with cash from working for my father in his business and a little from an inheritance my grandfather left for me that I took control of when I was 18. I always used cash or a credit card in my business and personal day to day expenses. I didnt want to know anything about loans or using credit besides credit cards, I just didnt like loans, if I didnt have the cash to buy it then I didnt buy it. At 33 yrs old when me and my wife met I had never taken out a loan for anything even though my mother was a retired banker, didnt have a current credit card as I had just cut them all up after my last divorce, and the only reason I even still had a bank account debit card was for my manager to be able to get cash to me while out on the road working in bands. I had assets but I was terrible at paying attention to personal money managament and had not started any planning for my future as far as retirement or large investments. In our business we had someone do the accounting for us so I never had to mess with that and my personal money situation was a trainwreck.
Today even though I was already in the black when we met I was messy with my money. Now Im more organized. I have a few credit cards that I keep under control and paid up, I have built my credit score up via short term asset- liquid and solid- backed loans, and while I still use some cash I use debit cards more and credit cards when I have to and no longer pay for everything with just cash or bank transfers. And I am for once in my life thinking about what is down the road, like in retirement. Hopefully in 10 years or so at around 55, maybe 60, I'll give it all up and sell everything and settle down in one place, so now I am socking away all of my extra money into investment, retirement and health accounts, etc, where previously I would have been buying sports cars or vintage guitars, etc.
I was a complete mess until she got ahold of me. I had the worst credit for a person in my financial condition (Ive hit 7 figures plus on paper before). When we met I co-owned a business with my last ex wife and ran or had money in several other small businesses in 2 states, I owned a downtown condo in a northern city and for more than 25 years I have owned an Aframe cabin with surrounding land up on the mountain in the west, had a bunch of cars and trucks and bikes, snowmobiles, jetskiis, a ton of guitars and gear that I used in my band work, and lots of other 'big boy toy stuff'- everything I think I basically bought with cash or maybe traded for. Whereas her, she was Ms perfect credit history, always did everything right, just like my mother, always doing the responsible things in life- been in a long time job in corporate with a steady large salary and bonuses, benefits, she had paid off mortgages on several houses and had just bought another for an investment, she had had many new car loans and had just bought herself a new car, her few credit cards she kept her balances current and used her rewards mainly for when she traveled, plus she had some nice investments along with a fat 401k from 20 something years on the job. She always paid her bills on time and always had great credit, her husband had passed away not long after their divorce and she took the money from life insurance policies she still had on him and built trusts for her kids for their college. Im sure marrying me challenged her good credit status a bit for awhile until she got me straightened out.
I was the total opposite, always been wild with my money, never let anybody help me with it, always been more of a hustler type flying by the seat of my pants like my father than a patient hang in there hard worker like my mother, and never had my eye on the future beyond the next year or so. I started and ran a bunch of small cash oriented businesses (a coin-op billiards vending route, 2 tattoo shops, small recording studio, rock music venue/bar) a few while still in highschool, all with cash from working for my father in his business and a little from an inheritance my grandfather left for me that I took control of when I was 18. I always used cash or a credit card in my business and personal day to day expenses. I didnt want to know anything about loans or using credit besides credit cards, I just didnt like loans, if I didnt have the cash to buy it then I didnt buy it. At 33 yrs old when me and my wife met I had never taken out a loan for anything even though my mother was a retired banker, didnt have a current credit card as I had just cut them all up after my last divorce, and the only reason I even still had a bank account debit card was for my manager to be able to get cash to me while out on the road working in bands. I had assets but I was terrible at paying attention to personal money managament and had not started any planning for my future as far as retirement or large investments. In our business we had someone do the accounting for us so I never had to mess with that and my personal money situation was a trainwreck.
Today even though I was already in the black when we met I was messy with my money. Now Im more organized. I have a few credit cards that I keep under control and paid up, I have built my credit score up via short term asset- liquid and solid- backed loans, and while I still use some cash I use debit cards more and credit cards when I have to and no longer pay for everything with just cash or bank transfers. And I am for once in my life thinking about what is down the road, like in retirement. Hopefully in 10 years or so at around 55, maybe 60, I'll give it all up and sell everything and settle down in one place, so now I am socking away all of my extra money into investment, retirement and health accounts, etc, where previously I would have been buying sports cars or vintage guitars, etc.
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