Many partners in committed relationships lack awareness of each other's financial situations. The article emphasizes the importance of open and honest discussions about money, particularly before making serious commitments. It warns against sharing financial resources or personal information with those not trusted, especially in light of prevalent romance scams. Couples should address outstanding debts, savings, and financial goals together while deciding on the structure of their accounts—whether joint or separate. Ultimately, transparent financial communication cultivates trust and strengthens the partnership for the long term.
It's time for my annual nudge to prompt conversations and an exchange of information that will serve every couple over the long term.
Conversations about money only work if you are honest and non-judgmental, but done correctly, they should deepen your understanding of one another.
Do not loan or give money to any romantic partner, or share passwords, until you are absolutely sure that you are in a committed relationship.
Determine whether to maintain separate or joint accounts; separate accounts should never be secret!
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