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9 Reasons You Should Keep Your Finances Separate From Your Partner
Wait Until They’re Financially Responsible
You don’t want to be stuck with someone who has no sense of financial responsibility. They will not respect the money you bring in and your lifestyle as a financially responsible person.
A financially irresponsible person who isn’t bringing in loads of money is often in debt. If you marry them, their debt more than likely will become your debt. How fun.
Minimalists and materialists will usually clash. If your partner lives above their means, it will creep into your budget at some point. The income they bring in will no longer be enough to cover their living expenses. Guess who’s there to bail them out? You, their partner. 🙂
At least 33% of Americans have more than one source of income from a side gig of some sort. But the other 67% of people rely solely on one traditional source of income; their paycheck is dependent on someone else. If you have a two-income household, this habit is less traumatic, but still, imagine how much more your financial freedom and investments could increase if you were a quadruple income source household?
There are two types of people: 1) people who understand money and 2) people who don’t understand money. The people who don’t understand money always have two choices: 1) continue to be ignorant about personal finance or 2) educate themselves about it. The choice is up to them. In a relationship, the least financially knowledgeable person tends to lean on the financially apt person. But it’s better to have two financially apt people in a relationship, so you can both make informed decisions together.
Many partners will settle for an average income for the duration of their lives instead of pushing themselves to earn more. They will wait and wait and wait and wait for someone else to give them a raise instead of going after it themselves. This is a typical behavior; most people opt into the path of least resistance – it’s human nature. But the lost earnings from these people is detrimental. Lost earnings often equate to hundreds of thousands to millions of dollars throughout someone’s life. Think about what that money could become if invested.
If a person doesn’t respect their financial well-being, they most likely won’t respect yours. To date, I know someone who failed to pay the mortgage on the house they lived in after getting a divorce. They repeatedly kept missing payments, and the house went into foreclosure. Do you know whose credit this blemish went on? Both parties – even though they were divorced.
When one person is unconcerned about money, they often don’t prioritize it, which means they might not be concerned with their future financial well-being in the golden years. Investing is not something to take lightly; both parties should be on the same page about retirement, investing, and saving, so they can build a fortune together and not solo.
Financial problems are one of the top reasons for divorce in America. Money doesn’t solve everything, but it can help. It especially helps when both parties make educated decisions about money together. When you have one person only spending and another only saving, a couple will reach a crossroads.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.