This is my favorite time of the year. Not only has summer arrived, but it’s graduation season. It’s my chance to impart some nuggets of wisdom onto impressionable graduates. To those who seem genuinely interested, I usually provide a brief run-down of the five most important things to avoid.
1. Divorce
Image by Found Photos LJ
According to DivorceRate.org, it is estimated that around 50% of marriages will end in divorce. On average, first marriages that ended in divorce lasted about eight years. The divorce rate is highest for men and women who marry between the ages of 20 and 24 years. Waiting just a few years can almost double your chances of a successful marriage.
Divorce is called a destroyer of wealth and that’s an accurate description. When a divorce occurs, each person loses much more than 50% of their combined wealth. Between the lawyers, the court costs and the losses from costs of liquidating property, there isn’t much left over from years of work.
I have witnessed a number of divorces which led to foreclosure and bankruptcy. In almost all of these cases, the individuals had to basically start over from scratch. When you are in your thirties, forties or even fifties, moving back into a dingy apartment or moving back in with your parents can be pretty depressing.
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