Managing money with your significant other is difficult enough. Don’t burden your relationship with half-truths that can make it even harder. Make sure these five money myths aren’t keeping you apart.
1. The partner who earns more, knows more.
Your earnings are only a measure of how much you earn right now, period. They don’t represent your negotiation skills, job skills, investing skills or just plain common sense. The partner with more intuitive skills can more easily sense a bad investment than the one with a high income but a faulty BS detector. Respect your partner’s contribution of knowledge and insight to your team—regardless of his or her financial contribution at the moment.
2. Pennies make millions.
A penny-pinching partner may starve the essence and spirit of her partner, instead of encouraging him or her to achieve their full potential—economic and otherwise. Monitoring day-to-day spending is fine, but don’t keep your partner from pursuing dreams because of temporary financial risks. Concentrate on your partner’s long-term potential. If you restrict him or her from achieving their best, they will always resent you for it and the costs will far exceed pennies.
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| Olivia -- Tucson | |
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