In this episode we deal with the thorny issue of finances and couple relationships. Financial problems are a common reason for divorce, and so it is important to deal with them openly and honestly.
Vangile Makwakwa, founder and CEO of Wealthy-Money.com, shares her experiences with money in her past relationships. She gives four guiding questions you can ask your partner:
Also make sure you understand what debt your partner is bringing into the relationship, especially if marriage is expected. We talk about issues that arise when people in a relationship come from different socioeconomic backgrounds and were brought up with different family values around money. We debate whether joint bank accounts are a good idea and discuss whether salary differences between partners should be an issue.
A regular Money Date check in can keep you and your partner in agreement on things like budget and expenses, major purchases and savings and investments.
In summary, work as a team on your finances and relationship and always be open and honest.
Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals. The views expressed by the contributor are his or her own (as an independently registered financial services provider, financial adviser or other independent capacity), and not necessarily endorsed by Old Mutual (as a separate financial services provider).
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