Both Linda and her husband are 64 years old and on the verge of retirement. They don’t appear to be as golden to Linda, though.
Her annual salary is around $115,000, whereas her husband’s is $45,000. Linda revealed to personal finance guru David Ramsey and his co-host Dr. John Delony on a recent edition of The Ramsey Show that although her husband “is not on board with paying the house off,” they still owe roughly $180,000 on their house.
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“I’ve tried to kind of put my foot down and say, ‘You know, when we retire, we’re not going to have a house payment because we’re going to have to sell it and downsize.'” However, she claims that her spouse is also opposed to reducing.
Along with owning two rental homes and a $175,000 401(k), Linda just paid off two automobiles. She still owes roughly $12,000 on her first property. She purchased the second property so that her daughter-in-law, who was battling cancer, could reside close by and assist in caring for her. On that property, Linda is still liable for $62,000.
her spouse? He has no retirement funds, and he has no desire to assist her with managing her rental properties.
“Linda, I’m not sure exactly what to say. Ramsey laments how difficult this is. “You guys are so disjointed,” I said.
While they share expenses for food and bills, she is the one who owns assets, manages debt, and puts money down for retirement. And yet, in Ramsey’s words, they “split the mustard in the refrigerator.”
Their 29-year marriage has followed this pattern. Ramsey says, “I’m not sure what to do with this. “I’d advise you to visit a marriage therapist. But what’s this? He rejects the plan. He won’t take that action.
Linda acknowledges that this is a marriage issue rather than a money one.
According to research by Ramsey Solutions, 41% of couples who have consumer debt fight the most about money. On the other hand, 87% of people who believe their marriage is great say they set long-term financial objectives jointly.
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Your marriage is facing a huge test right now, writes Delony. In addition to having separate bank accounts, Linda and her husband also have a joint account for domestic expenses like groceries and bills as well as a savings account for larger costs like repairing faulty appliances.
Delony recalls, “That’s precisely the scenario I’d set up with Buddy and Craig, my two college roommates. It’s not a marriage, that. That would be two housemates.
In the end, according to Delony, Linda must decide whether she wants to continue living this way for another 30 years or “cause a ruckus” and tell him that he can no longer use her as his bank, which might mean “she’s out.”
However, he asserts that “avoidance cannot be a strategy.”
Ramsey claims that if Linda tries to “make peace” with the issue, she will probably have to sell her two rental properties in order to pay off their house because they don’t have enough money in their savings to do so. And because he has no personal funds, he will “eat out of your retirement” when they retire.
Ramsey claims that he would have urged Linda to seek marriage counselling 28 years ago. “I don’t think I can help her,” I said. She seems to be so entrenched that I believe she will stay.
He advises anyone thinking about getting married or making a lifelong commitment to make sure they and their future spouse are on the same financial page (as well as with regard to children, in-laws, and religion). The alternative is that “you’re going to end up with a housemate you don’t like.”
He strongly advises seeking help from a marriage counsellor if there are issues in a marriage early on.
According to Delony, this kind of connection is in some ways an instance of infidelity.
A golf club might be used to cheat on your spouse. And you may cheat on your employer with your employment, he adds. Linda’s husband is in this instance taking advantage of his wife. “Despite sleeping in the same house, you’re leaving your wife.”