Monday, February 23, 2015

For Better or For Worse, For Richer or For Poorer...

With all the fuss of Valentine's Day behind us, I thought I'd take a look at love from a financial perspective.

What do you look for in a mate, financially, that is?
There are things you want to find out sooner rather than later. How do you determine your "financial compatibility" early in the relationship.?

Honesty - disclosing all debt: student loans, car loans, credit cards, bankruptcy, etc. Mortgages and student loans are okay; they have positive potential. But credit card debt can be damaging and linger for years.

Attitude
- spender vs saver? Live for today or save for tomorrow?
Does he spend everything he earns? Does she borrow from her parents? Is shopping her favorite pass time? Must he have a new car every year? Is the latest iPhone a necessity?

Generosity - sharing both the good and the not so good.
Does she expect you to pay for all dates? Does he ask you for gas money when his car is used for trips? Is he/she a big tipper, skimpy tipper or fair tipper? Does he insist on using your car all the time? Does she offer to pay for half or her share?

$ Savvy - shows responsibility about money. Are his bills paid on time or overdue? Does she always request an extension for paying income taxes? Does he have an investment account? Does she know a CD is not just a compact disc? Has she contributed to an IRA or 401K?

Co-mingling assets could prove problematic if you are not willing to learn the financial side of your prospective mate.

Be $ Smart - Protect your heart and your wallet by watching for telltale traits.

And for the ladies, please remember: "A man is not a financial plan!"