In almost seven years of running an online service for singles, I
have been asked almost every question imaginable when it comes to
dating. Most of the time, I don’t feel qualified to answer them—running
a website does not necessarily equate to having the wisdom to give
advice on the complex realm of dating and discernment. But I can
usually answer questions simply by sharing my observations of the over
150,000 single Catholics that have used our service.
I have observed many single
Catholics struggle with financial issues, particularly debt in the form
of credit cards. And yet I have never been asked a single question about money. I will explore the reason for this, and several other issues relating to money in this column.
Money & Debt—Two Things Never To Discuss At Dinner
Really? No, not really. The fact is, more people are comfortable
talking about sexual issues than they are about money. While politics
and religion are the two topics you should not discuss at family
functions or in strange company, money is the subject that really makes people uncomfortable.
The next time a friend or family member stops by to show you their
shiny new car, instead of oohing and aahing in an attempt to make them
feel good about their purchase, try asking these questions—
–Did you know your car depreciated about 20 percent just by driving it off the lot?
–After five years of making payments how much will the car cost you?
–Why is your warranty shorter than one who buys the same car with only 10,000 miles?
If you ask these questions you will quite likely lose a friend or
start a family feud. But in a day where most people think in terms of
payments rather than total costs, these vital questions are often the
ones never asked. So people continue to buy houses, cars, furniture,
appliances—heck, even groceries—with little concern for what it costs.
All they consider is whether they can afford the monthly payments.
What Does Money Have To Do With Dating?
EVERYTHING! The reality is that for most of us, money affects just
about every aspect of our lives. There is a 50 percent divorce rate in
the United States, with money being one of the top three reasons, and
therefore this topic must
concern singles in the discernment process. I have watched literally
dozens of friends and family members add enormous amounts of stress to
a new or existing marriage because of money and debt.
The worst part is, this does not have to happen. With so many issues facing single people today, the one thing that should not
affect them is money—and yet time after time, I see single people
enslaved by debt because of fear, ignorance and poor lifestyle choices.
The good news is that is never too late to change your financial
situation, and it is generally easier to do when you are single.
Been There, Done That
I have been in debt most of life since I turned eighteen and got my
first credit card. I had no idea how to handle a credit card, and more
importantly, I did not know how to handle money. My parents did a great
job raising me, and I could not have asked more of them—except that
they never taught me how to handle money. It’s ironic that they
actually met at two consecutive banking conventions before they began
to date each other. My dad was a frugal person and he learned that from
my grandfather But other than being told to save, I never really
understood the concept of credit vs. cash, living on a budget or how to
get money to work for you, instead of you working for it. But while I
wish my parents would have given me more financial knowledge, I
certainly cannot blame them—because it was still my choices that got me
Standing At A Crossroads
Because of my lack of discipline with money—as well as other areas
of my life—I found myself on the brink of losing everything. I was in
law school, had started a company and was hoping Miss Right would come
along soon. But underneath this, I was not even close to being ready
for marriage. I could not even take care of myself, let alone a wife
and children. I had almost $10,000 in debt and my credit rating was in
the tank. I nearly ruined my business, along with friendships and
partnerships. Fortunately I was around people who cared enough to help
me straighten out my life and gave me a second chance when I didn’t
It took about two years to erase my debt and stabilize my credit
rating. But it was not easy. The hardest part was not the money, it was
getting over my pride. I felt like a failure and was embarrassed over
having my poor choices exposed—and there was the lost pride that came
from not being able to spend money and live the lifestyle I had grown
accustomed too. In the end, not only did I get my financial house in
order, but I grew as a person.
Once I got out of crisis mode, it still took me another year to move
from trying to clean up my mess, and into controlling my money and
having it work for me. Even now, I still struggle because the world
tempts you to spend, spend, spend and get instant satisfaction. But now
I have the knowledge and discipline to quickly correct myself when I
start to get lazy with money.
Once you get a taste of the feeling that comes from living within a
budget, paying cash and not carrying the baggage of revolving credit
with you, you realize that money should never hold you hostage.
Financial freedom is not just about material things or money in the
bank—it is about living your life according to certain rules and values
that are very consistent with our Catholic faith.
I want as many people as possible to know the feeling that comes
with financial freedom and I will address this issue more specifically
in future columns. In the meantime, if you want to start making some
radical changes in your financial life, here are a few resources that
DaveRamsey.com -There is no
one better at helping you beat debt and Dave incorporated biblical
values when dealing with money. (**Note of caution: Dave Ramsey is not
Catholic and some of his opinions in regards to Christianity may not be
compatible with the Catholic Faith so please discern accordingly.)
Total Money Makeover— by Dave Ramsey – This is the book that will change your outlook about money forever.