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Whatever you choose to call it, most people like to have full control over their finances.
Personal finance experts Rachel Cruze and George Kamel are both personalities on The Ramsey Show.
You must pay the appropriate amount of taxes, meaning you cant ever be entirely financially independent.
Failing to do so can result in the government putting a lien on your home.
There are many key reasons paying taxes is essential.
Public schools, paved roads, police and parks are all made possible because of taxes.
However, in some cases, government codependence can overstep its bounds.
Some individuals become dependent on government programs when they should strive to become financially independent.
This codependence, in turn, puts further strain on the taxpayers.
Comparing yourself to others is another way you may be financially codependent.
You may decide to buy a house or upgrade your car because all of your friends are doing that.
In this case, your decisions and finances depend on others.
Minor purchases made by following the crowd also affect your finances.
Eliminating the urge to buy the trending item will allow you to be more financially independent.
Bank of America reports that 46% of Gen Z depend on their parents for financial help.
However, it also can impede your financial development.
Cruze said she knows many parents who help their children financially and said its fine to a point.
However, Cruze also brought up a situation where parents help adult children support themselves.
Other cultures often expect this pop in of contribution from children, but American culture values independence.
Individuals with children are especially financially challenged in this situation.
Having to care for your children and parents financially leaves little money for yourself.
He finds this to be an unfair arrangement, citing his own relationship.
Cruze agreed with Kamel, saying that marriage arrangements should be equal regardless of who makes more money.
She thinks the couple should have ajoint bank accountand spend money appropriately depending on their joint financial plan.
Cruze explained that an individual who needs a cosigner is bad with money.
Callers on The Ramsey Show have brought up this situation multiple times.
Giving the money away wont lead to resentment, and you wont have to think about it.
If youre unwilling to gift the amount, it may be better to refuse.
Debt
Debt is the ultimate form of financial codependence, and its very common among Americans.
Having to take on debt is the opposite of financial freedom.
Your entire lifestyle depends on paying someone or some institution back when you borrow money.
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