You have completed 10 years in the armed forces and you are looking for a bride, great. Now all of us looking for a bride have known that we should look for a compatiable bride, but for army folks it is far, far more significant. Wonder why? Simply because as a defence person you are likely to be away from home for long periods of time. During this long absence she could run havoc (voluntarily or otherwise) and ruin your money. I have met too many army men who do not have any financial knowledge – and combined with a wife who is a spender or ‘stupid investor’ the spouse can ruin you financially or create a great portfolio. Given her gullibility and a greedy ‘wealth’ manager in a bank or a brokerage house, she could rip you apart.
What are the tell-tale signs to look for in a fiancee or even in a wife (not too late, at least be for warned about bankruptcy!)….
- when your to be spouse is casual about her IT return filing, even when she has taxable income
- when she tells you that she makes a lot of money trading in shares
- when she asks you to open a share trading account with her broker
- when you sit down for dinner at her place and you find one cover with “Final Reminder” – seriously one is enough
- when she laughs about her sub 550 Cibil score
- when you see 5 credit cards in her wallet
- when she says her father regularly bails her out of credit card debt because she went beserk shopping
- when she asks ‘will you leverage your real estate to fund a new business idea’
- when she admits that she has had a gambling / equity trading problem
- when she admits that she has tried MLM and some other get rich quick ideas
- when she tells you how she has got great returns from Chit funds
- when she tells you that RE is a great asset class
- when she tells you that she has no clue about investing, banking, etc. and she does NOTHING
- when she tells you that one car of hers got repossessed
- when she tells you that she replaces her car every 3 years 🙂
These things sound familiar? or have you not kept your antenna up? Look hard. As a military person you will be out of your house for very long periods of time. During this period your spouse could run amok with your money. So if you do not put the financial alarm bells, you may not get any warnings about your impending financial disaster…
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