7 Signs You're Not with the Right Financial Partner
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Break-ups can be the most painful thing in the world, whether in love or business. After all, we want someone to be beside us. That’s why marriage and partnership can be fantastic. However, you’ll eventually need to discuss each person’s financial limits and contributions. This conversation needs to happen whether it’s someone you’re attracted to or whom you’ve worked with. Worse, what you discover can lead to disagreements, fights, and eventually, a breakup.
Unfortunately, knowing when to burn the bridge can be challenging. Sometimes, arguments are only arguments; disagreeing with your partner doesn’t mean the end of the world. However, there might be times when they go too far. Many red flags can appear, like making decisions without your knowledge and blaming you for their faults. Here’s what you need to know about financial partner and the signs that they aren’t for you.
7 Red Flags To Watch For
1. Lack of Communication
We’ve all heard stories about couples getting into big fights because they didn’t clear the air. Wives and husbands might get mad if their partner comes home late without explaining why. Executives can also lose patience when deals happen without their say-so. All these financial issues point to one problem: a lack of communication. Imagine the story of Jack and the Beanstalk. His mother got mad because he sold their cow, the only means of income, for beans instead of food.
This problem often happens to couples with poorly defined financial goals. They might overspend or go over budget without consulting their partners. If your partner starts making purchases or investments, it might be time to go.
2. Different Standards
Sometimes, we meet people who see things differently. We might see a glass half full, and they’ll see a glass half empty. It’s customary in all relationships, and you shouldn’t get mad if your financial partner has different opinions.
The problem is when your partner has different standards from you. You might be comfortable with a decent paycheck and one car. Imagine how stressful it is when your financial partner demands more cars or higher pay. If their lifestyle and tastes go beyond yours, there will be a clash of personalities.
The problem is when your partner has different standards from you. You might be comfortable with a decent paycheck and one car. Imagine how stressful it is when your financial partner demands more cars or higher pay. If their lifestyle and tastes go beyond yours, there will be a clash of personalities.
3. Helicopter Partnering
Helicopter parenting is a parental style where the mother or father constantly supervises and micromanages their child’s life. These parents must check every minute detail and any mistake. It’s a suffocating way to live and can lead to severe stress and anxiety.
Now, picture that style but with your partner or date. Do their personalities fit this idea? It might be too invasive if your financial partner constantly monitors your cash and spending. Of course, knowing what your lover likes to buy isn’t bad. It only becomes a problem when they restrict your money and freedom with a tight leash. If you feel that this person complains about every purchase and decision you make, it’s time to let go.
4. Lack of Effort
“It takes two to tango.”
The famous saying above makes sense both literally and figuratively. You can’t dance the tango without a partner who knows the steps. It’s the same idea for finance. You can’t make sound financial choices if your partner doesn’t lend their insight or contribution. Marriages and mergers both require the two parties to give perspective. If only one person is doing it, that same person is putting in twice as much effort. It’s not fair if you’re the only one trying to contribute to managing your money. Your partner should be willing and able to help you curb spending and build savings.
For example, both of you plan to buy a house. It’s only fair that both discuss how to divide the mortgage fee. Now, imagine if your partner refuses to help you out. That kind of attitude is unfair and selfish. You shouldn’t have to put up with that, especially if they refuse to change their minds.
5. Problem-Oriented Mindset
Some might think that being a pessimist is the same as being practical. I can tell you that these are two different things. Pessimism is always leaning toward negative ideas or problems. It can be stressful for you if your financial partner is always concerned about upcoming expenses or interest rates. The biggest problem is that pessimists often don’t have solutions in mind. They only care about the issue. In other words, if your partner complains but expects you to solve things, that’s not an ideal relationship.
On the other hand, if a financial partner is practical, they most likely have a strategy in mind. Good partners are those who spot problems and recommend ways to fix them. Think of it this way: would you rather be in a burning building with someone screaming or with someone looking for the exit? Problems will always occur in love and money. The best partners are the ones who try to find a way to fix things. It’s also essential that you share your thoughts. Remember, communication is a two-way street; don’t expect your partner to be the hero of every scenario.
6. Mirrored Personalities
Relationships can be a big concern when people are too much alike. Having a lot in common with your beau or coworker is a good thing. However, being too similar in thought can be problematic when approaching a problem. If you agree on the same solution, it doesn’t mean that you are both correct. Sometimes, being too alike is not wise.
In love and money, planning your lives should include differences in opinion. You can disagree on certain things or consider a better option for your savings and earnings. If your partner keeps agreeing to everything you say, it could mean they don’t want to fight or don’t know enough to help. I recommend you encourage their honest input and help them understand the stakes. If you plan to buy stocks, your partner should know how to handle them as much as you do. Otherwise, the burden and the responsibility will be a one-sided affair.
7. Irreconcilable Differences
Couples fight each other all the time. Two people might disagree about what money was spent or how much was used. It’s not wrong for two people to have conflicting opinions. However, you might notice that your partner refuses to budge on any issue. Remember, compromise is a big step in all relationships.
If your beau doesn’t plan on changing their lifestyle or listening to your advice, that’s a bad sign. It means that they don’t value or respect your opinion. It’s not wrong to disagree, but if neither of you can accept each other’s faults or ideals, then the relationship won’t last.
4 Ways To Find A Better Financial Partner
Finding the right financial partner can be tricky. You might love everything about their personality and wit, but money management may be an issue. However, you shouldn’t try to cut ties and walk away all the time. If you are patient, you can help them understand your budget concerns and how you want to handle money. Here are four crucial tips to consider to find and improve someone to become a better financial partner.
1. Clarify Your Goals
Sometimes, couples fight because they don’t understand each other’s side. When it comes to money, your spouse might not get why you invested in a local bank or business. Take time to explain your actions and your plans for the future. Discuss with them what you want to build your income towards. Perhaps you plan to buy a bigger house or find a new business to run. If your partner understands, they can support and help you achieve your ambitions.
Your partner might have an idea for a new business venture or investment. Don’t shun them quickly, even if they may sound weird. Listen to their opinions. You might be surprised by what they see and how they plan to reach their goals.
2. Contribute Your Efforts
Working together is the best way to keep a romantic and financially strong relationship. Talk with your partner about what kind of money concerns you face. There might be outstanding bills or incoming fees that they need help on. If they ask for your assistance, lend a hand and let them know you will have their back. They’ll often share that courtesy with you at home and in the bank.
3. Respect Each Other’s Opinions
Suppose that your partner recommends renovating the house to increase its value. You might not think it’s a worthwhile idea. You disagree, but they insist that it might be a good idea. How do you resolve this?
If neither side is willing to budge, that’s not a reason to lose your temper. More often than not, compromise is a safe way to fix any problem. You and your partner could negotiate on what you’re willing to cover for financial concerns. Make sure that the deal allows both sides to be happy. Don’t try to hog all the joy for yourself. Going back to our example, if your partner thinks that renovating the kitchen is good enough, consider if you’re willing to play along. If not, recommend alternatives to get their input. If you both find a deal you can enjoy, you can move forward together.
4. Trust Each Other’s Experience
How you spend your money might not be the same for other people. For example, you might have tried investing in stocks and failed. However, what if your partner knows how to handle supplies? Some people often let their personal experiences keep them from trying new things. This can be problematic when your spouse or beau has a different viewpoint.
However hesitant you may be, this is where trust works best. Do you trust your financial partner with their plan of action? Knowing if you do will not only help your relationship, but it can also be a learning experience. You might discover what they know and what you can study from them.
You can also take time to share your insight and understand what went wrong. Alternatively, you should also lend your insight into the next financial deal. Perhaps you feel they are spending too much. Make it clear why you think so and let them know. You can’t expect them to understand you if you don’t take the initiative to approach them.
In Summary
In handling money and love, having the right partner is crucial to improving your life. However, it’s sometimes hard to distinguish between a single argument and a glaring problem. I’ve outlined seven definitive red flags that your financial partner is not the right one for you. These red flags include poor communication, micro-management of all finances, problem-only mindsets, and a refusal to compromise. If you can’t seem to get your partner to change their ways, you’re better off leaving them. However, if you want to help them be better partners, having open communication and trusting each other is a vital step to making better financial and personal decisions.
Don’t wait for conditions to be perfect for getting started. Trust that you have everything that you need to get going on the task. You will discover any additional resources that you need once you get started.
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