Biblical Finance 101: Red Flags 3

As a continuation of the Red Flags to pending financial bondage, I would like to discuss the situation where both spouses must work. The key word is “must.” Dual income families have become the norm and not the exception usually because of years’ of either poor planning, financial disobedience or lifestyle choices. There are more potential problems with this scenario than space will permit so I’ll keep it short. The greatest concern is the family with dependent children. I remember listening to a local Christian radio program that was discussing issues such as teenage sex, drug and alcohol abuse, etc. According to the commentator, the majority of occurrences were within the confines of the home. Where were mom and dad? Statistics continue to reflect the importance of parental presence at home.

Another major reason for this red flag is what the academic world calls “the churn.” As technology moves forward at a break-neck pace, workers are finding their skills and education antiquated. As a result, one’s financial prowess wanes. Many disregard the warning signs and keep on doing the same ole stuff. Ultimately, the breadwinner must take on additional employment or the spouse must work. Proper planning can avoid the pitfalls of the churn and keep one out of financial bondage. When both spouses must work, the family does not benefit, financially or otherwise, but rather they will be in the perfect position for all sorts of financial fallout for many years to come. You can bank on it!

Gary Ellis, MBA, CFP
Association Stewardship Director