Love is blind, but you do not necessarily need to be, especially when selecting the love of your life.
“At the time of marriage, gun Milan (Kundali matchmaking) is done. In the same way, financial kundali matchmaking should be done; why? Because marriage is not a one-day or one-month thing, it's for a lifetime,” says Ashish Bhave, money and life freedom coach, CEO, WPH Services, a business success mindset coaching, training, and mentoring company.
Marriage can make or break life. You should be choosy, as we live in a materialistic world where money is important, and thus money habits are vital.
Here are five financial red flags that you should look out for in your partner.
Your Partner Is Not Comfortable Talking About Money: You need to have conversations with your partner about everything, including money. It is surely a red flag if your partner always shies away from discussing money when planning a trip or any other time. “If your partner is evasive about their finances, avoids sharing financial information, or provides inconsistent explanations, it may indicate underlying financial problems,” says Hemant Beniwal, certified financial planner and director at Ark Primary Advisors, a financial planning firm.
Your Partner Only Thinks Of The Present: When in love, people live in the present, but one also needs to think of the future. It is a definite red flag if your partner is not future-oriented. He or she should at least talk in a way that shows that they are interested in planning for the future and the various financial aspects that come with it.
They Are Too Flashy: If your partner is leading a lavish lifestyle and it looks like they are in it to impress, it may be a financial red flag. Also, if your partner spends beyond their means, it is often a red flag.
Your Partner Is Taking Large Loans (Also from Family and Friends): If your partner is taking too many loans, it should be a warning sign. “If you observe that your partner is incurring large loans, it's a cause for concern. Moreover, if they frequently use credit cards or give money to others without keeping proper records, it's a clear sign of financial irresponsibility,” says Beniwal.
Your Partner Is Financially Illiterate: It is important to expect your partner to have basic financial literacy and an understanding of money. “Financial literacy is a must for everyone earning and managing things at home. If your life partner is financially illiterate, that may badly affect your married life and relationships,” says Bhave.