A Quote by Elizabeth Warren
There's a lot of research on the shift in who deals with money when families get in trouble. In good times, husbands handle the family's finances about 80 percent of the time. But when times turn sour and families start dealing with creditors and managing unpayable bills, women take more active roles.
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The point is that families today are spending their money no more foolishly than their parents did. And yet they're five times more likely to go bankrupt, and three times more likely to lose their homes. Families are going broke on the basics - housing, health insurance, and education. These are the kind of bills that you can't just trim around the edges in the event of a downturn.
By 2015, the top 1 percent of families took home more than 20 percent of income. Wealth distribution was 10 times worse than that: the families in the top 1 percent owned as much as the families in the bottom 90 percent.
How important are money management and finances in marriage and family affairs? Tremendously. The American Bar Association recently indicated that 89 percent of all divorces could be traced to quarrels and accusations over money. Another study estimated that 75 percent of all divorces result from clashes over finances. Some professional counselors indicated that four out of every five families wrestle with serious money problems.
I was out there meeting with a lot of working moms and whenever I would gather a group of women, there was always a voice that was unfamiliar to me, and it was the voice of a military spouse, oftentimes a woman, oftentimes working, many times in a position where they've had to move every two or three years, where their kids have had to change school multiple times, people dealing - families dealing with multiple deployments, dealing with the stresses of reconnection.
When we're dealing with money in relationships, when we're dealing with money in our personal lives, when we're dealing with money in our families, the flow of money in a family represents the value system under which that family operates.
There are some people who get money just because they've got large families. So if it pays to make large families and earn more money than you would earn out at work, why not have more families, larger families? That's wrong.
Discipline allows you to trade effectively. You can take your ego out of it. You can go wrong 60, 70% of the time and still make a lot of money. If you ignore the discipline of managing risk, you have to be right 80% of the time or more, and I don't know anyone who's that good.
These are things that we hear from military families everywhere we go. But it - on PTSD, the thing that I want to make sure people understand is that the vast majority of veterans and military families aren't dealing with any kind of mental health. But there are - these are what are called the invisible wounds of this war. And many times they don't present.
I looked at [Geena Davis] research and see things like 21 percent of filmmakers are women, only 31 percent of speaking roles in popular films are female - you start seeing it everywhere. It's so much bigger. So you've uncovered this groundbreaking data and research.
We certainly noted that when given the opportunity, women handle money more efficiently. They have long term vision, they manage money more carefully. Men are more callous with money. Their first reflex is to blow it by getting drunk in a pub, or on prostitutes or gambling. Women, on the other hand, are endowed with a tremendous sense of self-sacrifice and try to get the best out of the money, for their children, but also for their husbands.
I would not leave you in your times of trouble. We never could have come this far. I took the good times, I'll take the bad times, I'll take you just the way you are.
There were many low points and times I doubted myself at work. I've heard no many more times than I've heard yes and there have been long periods in between jobs where money became very tight and I wondered how I was going to pay my bills. I've had to borrow money from friends and family to get by sometimes. That's the part of the 'overnight' success that people don't see. The struggle is real.
Good times are a reminder and a reward for dealing with the difficult and challenging times we all go through. The trick is to celebrate the good times in advance of the difficult times. Always remember, good times await you after the difficult times pass.
Like many another romance, the romance of the family turns sour when the money runs out. If we really cared about families, we would not let 'born again' patriarchs send up moral abstractions as a smokescreen for the scandal of American family economics.
For the workers and their families, being able to bring home a living wage helps their families and, by extension, helps our economy. Seventy percent of our economy is consumer-based. We know that when lower- and middle-class families have money and disposable income, they spend it. That puts money back into the economy. It's a win-win for everybody: Not just for the individual, not just production at a specific company (like Nissan), but for the greater good.
Extended families have never been the norm in America; the highest figure for extended-family households ever recorded in Americanhistory is 20 percent. Contrary to the popular myth that industrialization destroyed "traditional" extended families, this high point occurred between 1850 and 1885, during the most intensive period of early industrialization. Many of these extended families, and most "producing" families of the time, depended on the labor of children; they were held together by dire necessity and sometimes by brute force.
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