Chasing Ghosts

Hey Scott,

I am a 32-year-old soon-to-be father (with my beautiful fiancée). In the past, my spending was out of control, causing me to rack up $55,000 in credit card debt and a huge car loan. Now all of that bad debt is history and we will soon be settling the purchase of our first house in the suburbs. But I feel that the ghost of reckless consumerism still lingers in my past. How do I stop this poltergeist from infecting my children and plunging them into a life of bad debt?

Nick

Hi Nick,

You’re not the first bloke who was a little loose when he was younger. And you’re also not the first bloke who has cleaned up his act in the face of the impending Triple Ms (marriage, mortgage and midgets).

My view?

You’ve clawed your way out of a heap of debt and got yourself in a position where you and your fiancée are buying a home for your family. There’s nothing loose about any of that, mate. Besides, the fact that you’re admitting you’re packing your dacks about the awesome responsibility (and privilege!) of providing for your family tells me you’re up to the challenge.

Finally, remember it’s not your money anymore. It’s your family’s. You’re not a single bloke, you’re a team! So do the Date Nights I speak about in my book -- once a month get a babysitter (or grandparents), take your wife out and, over a glass of wine, make joint decisions about your finances. It’s one of the best things you can do for your marriage -- and your stress levels!

Scott