This video highlights exactly why you have to pick the right person. Combining income is the way to go but the only way to safely do this is pick the person with the same priorities and values as you. I want to have a partner where we have a shared account and contribute to it together, but that takes a person you know you can trust and someone who is passionate about crushing your shared goals. I've ALWAYS loved the idea of having a shared account for shared purposes/goals but separate individual accounts for our personal spending. And I totally agree about venmo-ing your partner for every dinner or outing together. My parents NEVER did that. nothing kills the romance faster than being petty about getting your money back from the drink you had at dinner lol. A good relationship to me is where you both contribute to a joint account EQUITABLY (not equally, unless incomes are close to equal). Equitably means if I make $3000/month and he makes 7000/month, for a total of $10,000, then one of us makes 30% of the HHI and the other of us makes 60% of the HHI. Then we come up with a whole pie that we share. In that pie, we are going to put shared fixed expenses, shared savings for outings together, shared goals like tackling debt, etc. We come up with the amount that would be needed to fund these shared things, both contribute to that account. Lets say those expenses total up to $2000 shared expenses monthly. that means every month the 30% earner contributes 30% to the joint account, and the 60% earner contributes 60% to it every month. Now, it's equitable. Dinner can be paid for with the money you've already budgeted out for outings together. Just use the debit card from the shared account and now there's no argument down to the cent about who spent what at dinner. You both know you contributed to that account, you both had dinner. Dinner is paid for and you can both move on.
This video highlights exactly why you have to pick the right person. Combining income is the way to go but the only way to safely do this is pick the person with the same priorities and values as you. I want to have a partner where we have a shared account and contribute to it together, but that takes a person you know you can trust and someone who is passionate about crushing your shared goals. I've ALWAYS loved the idea of having a shared account for shared purposes/goals but separate individual accounts for our personal spending. And I totally agree about venmo-ing your partner for every dinner or outing together. My parents NEVER did that. nothing kills the romance faster than being petty about getting your money back from the drink you had at dinner lol. A good relationship to me is where you both contribute to a joint account EQUITABLY (not equally, unless incomes are close to equal). Equitably means if I make $3000/month and he makes 7000/month, for a total of $10,000, then one of us makes 30% of the HHI and the other of us makes 60% of the HHI. Then we come up with a whole pie that we share. In that pie, we are going to put shared fixed expenses, shared savings for outings together, shared goals like tackling debt, etc. We come up with the amount that would be needed to fund these shared things, both contribute to that account. Lets say those expenses total up to $2000 shared expenses monthly. that means every month the 30% earner contributes 30% to the joint account, and the 60% earner contributes 60% to it every month. Now, it's equitable. Dinner can be paid for with the money you've already budgeted out for outings together. Just use the debit card from the shared account and now there's no argument down to the cent about who spent what at dinner. You both know you contributed to that account, you both had dinner. Dinner is paid for and you can both move on.
Well said!! I think you make so many good points here. I think you’re the kind of person who would be a great partner!!
This video kinda highlight the extreme… was hoping for a more realistic and balanced conversation
Ah man, so sorry to hear that. Will do better next time. 🙏🏾 Did you watch the entire video?