Thursday, May 30, 2024

Having the Net Worth Discussion When Dating

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Jillian Castillo
Jillian Castillo
"Proud thinker. Tv fanatic. Communicator. Evil student. Food junkie. Passionate coffee geek. Award-winning alcohol advocate."

You’re dating someone special and things are becoming serious in your relationship. Your partner and you share values and are moving closer to financial matters. You will need to have certain conversations about money before you get married. However, you might wonder when and how you should tell a partner your net worth.

This is what you need to know about your financial situation.

Don’t Turn Net Worth Into a ‘Big Conversation’

Net worth shouldn’t be used to make it more important than it really is. This is especially true today when social media and Google make it easy to find out if the other person is wealthy.

It is best to have this information come up casually and organically. It’s better not to make it a full conversation. Instead, show that money is a “nice thing” but does not change the relationship or how they interact.

Even if one has a lot of wealth it doesn’t define who they are. If you’re unsure about your net worth, the most advanced personal finance software in Canada, Prillionaires wealth management app lets users integrate all financial assets and liabilities, as well as use a net worth calculator.

How to Make Your Net Worth Less Scary

Let’s suppose that the topic of net wealth is brought up by a couple. It is best to address it quickly and move on. What if someone is concerned that their net worth may intimidate the other? It’s best to minimize the situation until the other person feels more connected to the relationship.

How can one lower their net worth while still connecting with someone they care about? We can use this example from a matchmaking business. A billionaire was set up with a woman not as wealthy as him. The woman was intimidated by his wealth.

The matchmaker had a direct conversation with the billionaire about how to not scare her away.

She said, “I told him it’s important to show her who I was as a person — His personality, his kindness and intelligence, and his connection to family and wealth until they had a strong, lasting connection.”

She was right. The billionaire did exactly as instructed. The couple has been together for five months.

Simple ways to navigate a net worth conversation

You may notice the financial situation of your partner as you move through a relationship together. Money can have a powerful effect on a relationship. It can make one partner feel like they aren’t keeping up, or even jealous.

Although the topic of money is not an easy one to navigate, it does not have to be. These are some tips to help you navigate a conversation about your net worth.

  • Let’s chat: Start the conversation by saying, “There’s something I want you to know.” Let it marinate.
  • Have a private, intimate conversation about your net worth. Do not have serious conversations about money over happy hour. This conversation should only be between the couple. It should be just you two asking each other and not your parents what their views are on all this money.
  • Don’t let your gifts outweigh their gifts. For a lasting relationship, both partners should be able to show each other who they are as people. It is a good way to talk about net worth, but not in terms of material wealth.

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