Relationship and Money

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I've started following some wealthy men on social media like Mark Cubin and yesterday I found a new wealthy man I would love to model my life after. He's name is Kevin O'Leary and perhaps some of my readers already know him as a wealthy investor.

He gave a perfect advice about how we should handle money and relationships and I think this goes especially for the youth.

When it comes to managing money in a relationship, yes opinions differ and people could have opposing opinions about thr subject.

Kevin O'Leary believes couples should keep their finances separate regardless of how close they are or how in love they are. He says this protects each person's financial independence and credit history. I made up my mind to have joint account when I got married but after listening to his reasons on why we should keep finances separate I realized I was going to make a big mess or even a fool of myself in the future.

O'Leary says merging finances can lead to lots of problems in the relationship, most especially if one partner gets into way too much debt or if the marriage ends in divorce.

Sometimes I hear about some divorce settlements and I get shocked how people could losing millions of dollars just because they want to end a relationship.

Yes, you could argue to me that there are studies that shows couples who share finances tend to build more trust and feel closer over time but for me I think it's better to play it safe and trust your partner anyways. There's no reason why you can't do both.

Sharing money can help with everyday tasks like paying bills and grocery shopping. It also creates a sense of teamwork but I think creating a joint financial life is too much risk to take because anything can happen in the future and one partner's mind can change which could go against the other partner.

I think in the end, the choice really depends on the couple. Some may prefer the security of separate accounts, while others feel that pooling money strengthens their bond. For me, I'll choose the former because a rich man like Kevin O'Leary certainly knows what he's talking about.

Infact here's a video of he asking what seems to be a rhetorical question to me. Which is easier to replace, your business or your girlfriend?

I think we all know the answer to that, so from his wisdom it's better to secure your finances before entering a relationship.