You made it past the first-date, maybe even the first year, but what happens when you find out your partner is carrying around five-figures worth of credit card debt, or spends over half of his or her monthly paycheck on bar tabs.
Is it a deal breaker?
We’re back with another episode of Talking Taboo, a new video series where I talk real money with real people navigating the complex realities of the real world.
Today, we continue the dialogue at the messy intersection of love and money.
In our premiere episode, we heard perspectives on the first date and how to split (or not split) the bill.
Check out the full episode here if you haven’t seen it already…
Today, we lean into the discomfort of the next step –
What happens when we reveal our full financial selves to our partner – and perhaps more importantly, do we stay if we don’t like the financial landscape we see staring back at us?
The answer? It depends on who you ask…
In a 2016 GoBankingRates survey, Americans reported overspending as their top financial deal breaker, followed by secrecy surrounding finances and having too much debt.
Not making enough money was the lowest ranked deal breaker, suggesting we place more value on our partners’ money habits and financial transparency than we do on their actual income level or credit score.
Should any of these financial flaws serve as relationship deal breakers? Should relationships even have financial deal breakers?
Ultimately, you have to decide whether or not you can live with your partner’s financial habits. The only failure in my view, would be to combine your lives before openly and honestly discussing what it means to combine your finances.
44 percent of Americans report that a discussion of their personal finances is the most difficult conversation they can have – beating out hot-button topics like religion, health, politics and even death.
Unfortunately, this money taboo can have a severely negative impact on our quality of life. Without an open dialogue surrounding our money, financial needs and struggles are often left unaddressed – the cost of which can be astronomical.
The stakes are high and the prevailing response of silence doesn’t serve any of us.
Let’s dive in and engage with our finances, not only privately on our own, but also publicly, with one another.
Let’s start #TalkingTaboo!
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