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PERSONAL FINANCE
It’s OKAY To Let Your Partner Handle The Money If They’re Better At It
But there’s 1 thing you need to do if you give the reigns away.
The ones who have been scathed always say, “Never let your partner handle all the money because if they die, you won’t know what to do, or if they leave you, you’ll be without nothing.” Sure, this could happen, but I’m not suggesting you step aside completely and blindly allow someone to handle your finances for you; I’m suggesting you allow them to lead while you learn and observe.
People come to me to review their budgets, and I go to other people for help on other things. My partner is a professional bodybuilder and techie. If I need a rundown on what supplements I need for my body, that’s who I’m going to. If I need to learn about the latest in cybersecurity, I’m going directly to my partner. If my partner needs help with money, I’m the person to go to. We all have our strengths and areas of opportunities (aka weaknesses). We don’t need to avoid acknowledging our weaknesses because of our egos. In relationships, it’s all about complementing each other for the betterment of the partnership.
So yes, it’s okay for your partner to handle the money if they’re better at it. However, both parties need to actively be involved with the money and be fully aware of what is happening with the money; this is where most people fail. Since one party has no interest in finance, they obliterate their relationship with money entirely – don’t do this! Instead, remain an active participant, so you know precisely what to do with your money whether you have someone to handle it for you or not.
Your Partner Who Seems Good With Money May Not Be.
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Sometimes, you may think your partner is good with money because they’re a little bit better at it than you, but that does not mean they are making sensible decisions with your money. Hence, I recommend everyone invests in spending time educating themselves on personal finance. When you know better, you do better. When you know better, you don’t allow others to make unhealthy decisions about your money.
What I’ve Helped My Partner Do With Money
Thankfully, I have a decent idea about what to do with money. So, I have been able to elevate my partner’s finances.
Things I’ve helped my partner do since we’ve met:
Increased credit limit by $50,000
Consistently invest in valuable tech stocks
Build out an emergency fund
Utilize a ROTH IRA, and max it out
Follow a budget
Become money conscientious
Get a remote job enabling higher earning potential and more flexibility
Increase corporate salary, and enhance negotiation skills
I Don’t Have It All Figured Out
But as I learn, my partner learns, too. We both help each other out and use our strengths to do that.
If you’re in a relationship with someone and you’ve started to mingle finances, both parties need to educate themselves on finance – even if one person enjoys handling the money more than the other; if this is the case, let it be. Just be sure both parties are fully aware of what all is happening with the finances. You don’t want to wake up one day in shock.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.