Fans of romantic comedies will recognize the story arc: Two people from different socioeconomic classes meet, sparks fly, and eventually they end up together. Perhaps he sells books and she’s a movie star, or he’s a business mogul and she’s a cleaning lady. Whatever the setup, there’s always a happily ever after.
Funny, we don’t assume the cleaning lady marries the business mogul, earns her MBA, and starts a business of her own. We assume that her new rich partner will change her life by taking care of her.
It’s a dangerous premise. Male or female, married or in a committed relationship, counting on your partner for financial security is the very definition of risky business.
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All your eggs in one basket
Being financially dependent means that if one partner loses his or her job, becomes ill, or is otherwise unable to work, the entire house of financial cards falls. There is security in having another income to carry your family through the tough times.
Whether you have a one- or two-income partnership, there are several ways you can plan for the unexpected and make sure that each partner feels financially empowered. Consider taking some of the following steps for a balanced financial relationship:
- Manage the money. Financial power can be derived in two ways: earning money and managing money.Managing the budget is a good way to balance the…