MoneyWise Live | March 25, 2019

Avoid Poverty Get Married

Show Notes

Ask anyone if they’d like to avoid being poor and you’ll get a resounding, “Yes!” And we know of one simple, almost foolproof step to avoid poverty but millions of Americans refuse to take it at their financial peril!  Don’t worry— we won’t leave you guessing for long. We all want to know the one thing we can do to avoid being poor.  Research shows tying the knot is one of the most important things you can do to avoid poverty.  There is a huge economic cost to not getting married— especially if you have children.

Rob covers these topics regarding getting married and your finances:

  • Why exactly does being single automatically mean you have less money?
  • It would seem that right off the bat— you’ve cut your income earning potential in half?
  • What does marriage do for men and their finances?
  • Time to simplify things. How can we wrap this up into something we can pass along to our kids?

Next, Rob and Steve answer these questions and comments at 800-525-7000 or via email at

  • A caller makes a comment that you need to have a plan and understand the implications of your education and the debt you incur for it.
  • If a friend of yours had debt forgiven many years ago but very recently received a 1099 that goes against her taxes for that forgiveness, is this legal?
  • If you want to make a charitable donation to a Christian organization that you've heard of, how can you get a list of bona fide organizations before you make the donation?
  • What is the Apple Card and what differentiates it from other cards?
  • If you need to buy expensive video editing software, is it best to buy them outright or lease them monthly?
  • If you're 56 years old, have a 15 year mortgage at 3% you assumed in 2012 and have been able to reduce the principle with early payments so far, is it better to continue to pay it off early or should you put those dollars toward some higher yield investment?
  • If you've contributed to an IRA over the years and have about $360,000 but bought a condo for $100,000 mortgaged at 15% after which your husband lost his job, realizing you've made a bad decision, should you go ahead, bit the bullet and pay the $100,000 mortgage off?
  • If you're making around $13,000-$15,000 annually of Social Security benefits and have been advised not to file a tax return because you probably don't owe anything, should you believe this?
  • If you have $2,000 for college for each of your 2 children but your husband had very low income, is there any tax advantage to using a 529 savings plan?
  • If your business is failing and you have about $30,000 of credit card debt and don't want to file bankruptcy, what are your other options?

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