‘I don’t care how much you love me’: Kevin O’Leary warns couples who shouldn’t get married for financial reasons
Traditional relationship advice often says that once you get married, you should take care of your finances together.
But Shark Tank star Kevin O’Leary has a different take. For O’Leary, no matter how clear-headed he is, keeping money separate is a must. In his view, love may be priceless, but financial independence is the foundation of a strong relationship.
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“What I would say to everyone in a relationship is to have your own account, your own credit card, and never put your own money together,” O’Leary said in a Fox News interview shared on Instagram. He said it in the video.
“‘I don’t care how much you’re in love, you keep yourself a secret.’
But not everyone agrees with that advice. A recent study published in the Journal of Consumer Research found that couples who are financially integrated may actually enjoy stronger relationships over time.
The challenge is to find a balance between building trust through shared accounts and maintaining personal credit independence. Because, as O’Leary suggests, it’s not just about love, it’s also about their financial future.
find the right approach
Deciding whether to combine finances after marriage is not an easy choice, and what works for one couple may not work for another. Many couples choose shared accounts, believing that it provides easier access to money and makes it more convenient to divide responsibilities such as paying bills and shopping for groceries.
But O’Leary has a point, especially when it comes to building trust. If one partner controls most of the financial obligations, the other partner may have a hard time establishing their own credit history. Sharing accounts also means sharing responsibilities. If one partner racks up debt or forgets to pay off a credit card, both of your credit scores can take a hit.
And if your marriage ends, you may suddenly join the roughly 26 million adults in the United States who are classified as “trust-invisible.”
Read more: These 5 magic money moves will propel you up America’s net worth ladder in 2024. Each step can be completed within minutes.
Without your own financial profile, lenders have limited information to evaluate, making it difficult to secure basic financial tools like mortgages and credit cards. Maintaining a separate financial identity can ensure that your creditworthiness, and access to important financial resources, remain intact regardless of your relationship status.
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“Once you identify with your partner after a divorce, you are nothing in our system,” O’Leary stressed.
avoid financial infidelity
That being said, trust isn’t everything. Also, keeping separate bank accounts will help keep your relationship a secret.
Recent data from Experian shows that a significant 27% of 18-35 year olds admit to lying to their partner about their financial situation. In fact, nearly one in five young people say they don’t trust their partner enough to open a joint account.
But for couples who share money, having confidence and a shared sense of responsibility in how your partner spends money can actually increase trust, as research from the Journal of Consumers of Research shows. can create a feeling.
Because if you think of it as protecting your shared financial future, you’re far more likely to get there safely.
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This article is for information only and should not be construed as advice. PROVIDED WITHOUT WARRANTY OF ANY KIND.
