Ramit Sethi, a New York Times best-selling author and personal finance expert, joins Matthew Hussey to discuss the importance of financial compatibility in relationships. They cover topics like aligning financial goals, making a strong offer, open communication about finances, and navigating relationships with unequal incomes.
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Quick takeaways
Financial compatibility is crucial in a relationship and should involve discussions about lifestyle and future goals.
Making an offer to pay for dates demonstrates thoughtfulness, while openly discussing money matters prevents resentment and promotes financial unity.
Deep dives
Considering Financial Compatibility in Relationships
Financial compatibility is an important consideration in a relationship. The kind of lifestyle and vision for the future that involves money should be discussed. While love is crucial, finances play a significant role in achieving certain goals and expectations. It is essential to align financial expectations and be prepared to adapt the vision if necessary.
Navigating Payment Etiquette on Dates
When it comes to paying for dates, making an offer to pay goes a long way in demonstrating thoughtfulness and appreciation. After a few dates, offering to cover the expenses can make a positive impression. Openly discussing money matters can prevent resentment from building up and ensure both partners are comfortable and on the same page.
Balancing Joint and Individual Finances
Having a combination of joint and individual bank accounts can provide a sense of togetherness while maintaining personal financial independence. Joint accounts can cover shared expenses such as rent or groceries, while individual accounts allow discretion over personal spending. Balancing both types of accounts fosters financial unity and individual autonomy.
One thing no one ever warns you about happy relationships is just how many awkward conversations they can require you to have. And despite all the big ones of politics, religion and family – I find one topic almost no one wants to talk about is money. Who should pay on a date? Should you be honest with your partner how much money (or debt) you have? How do you handle it when one of you earns significantly higher income in a relationship than the other? These are all hugely important, and yet most people bury their heads in the sand and hope these issues will magically work themselves out if you’re truly in love (pro tip: they won’t). So in this week’s video, I sat down with my good friend Ramit Sethi, bestselling author and CEO of "I Will Teach You To Be Rich," to learn exactly how to have these difficult conversations so you can feel happy and secure about money in your relationship. I’ve never talked about this before, so I can’t wait to hear your comments on this one... Appearance by RAMIT SETHI Ramit Sethi iwillteachyoutoberich.com