Money Monday: How your relationship status can have an impact on finances
Updated: 9:09 PM EST Feb 12, 2024
STEVEN ALBRITTON WLWT NEWS FIVE. ALL RIGHT, WELL, VALENTINE’S DAY IS THIS WEEKEND. LOVE IS IN THE AIR, BUT WHAT ABOUT YOUR WALLET? YOU MAY REALIZE YOU MAY NOT REALIZE IT, BUT YOUR RELATIONSHIP STATUS COULD HAVE AN IMPACT ON YOUR FINANCES. I THINK WE’RE ALL AWARE OF THAT HERE TO HELP US NAVIGATE ALL OF THIS IS MEGAN HAMMOND, DIRECTOR OF FINANCIAL. PLANNING AT WEALTH QUEST. THANKS AGAIN FOR JOINING US. FOR EVERY OCCASION, MONEY IS INVOLVED AND YOU HAVE GREAT ADVICE FOR US. SO LET’S TALK ABOUT THIS. DOES RELATIONSHIP STATUS ACTUALLY IMPACT YOUR FINANCIAL SITUATION? YOU KNOW, IT’S SUCH AN INTERESTING QUESTION. AND THERE’S SOME RESEARCH THAT STARTED COMING OUT ABOUT IT. AND THE ANSWER IS YES. IT ABSOLUTELY CAN. SO THERE’S THIS CONSENSUS THAT MARRIED COUPLES HAVE AN EASIER TIME BUILDING WEALTH THAN SINGLE INDIVIDUALS. AND IT REALLY COMES DOWN TO THIS IDEA OF THIS SINGLES TAX, THAT IT’S JUST A LOT MORE EXPENSIVE TO LIVE ON YOUR OWN THAN IT IS TO LIVE WITH SOMEBODY ELSE, MARRIED OR NOT. AND, AND SO THIS IDEA THAT, YOU KNOW, YOU COULD HAVE TWO INCOMES HOLMES, BUT YOU COULD SPLIT THE, THE EXPENSES, YOU CAN SPLIT UTILITIES AND RENT AND ALL OF THAT. IT MAKES A BIG DIFFERENCE. UM, AND SO WHEN WE TALK ABOUT, YOU KNOW, THESE, THESE EXPENSES AND WE TALK ABOUT THESE RELATIONSHIPS THAT ABSOLUTELY CAN MAKE A DIFFERENCE WHERE THE RESEARCH GETS REALLY INTERESTING, THOUGH, IS WHEN WE LOOK AT COHABITATING INDIVIDUALS. WHO AREN’T MARRIED VERSUS MARRIED INDIVIDUALS, THE NET WORTH IS PRETTY STAGGERING. SO COHABITATING INDIVIDUALS ONLY HAVE ABOUT A QUARTER OF THE NET WORTH OF THOSE WHO ARE MARRIED. AND SO IT REALLY BEGS THE QUESTION, WHY? RIGHT. BECAUSE WE STILL HAVE THE SAME LIFESTYLE SAVINGS. BUT THERE HAVE TO BE OTHER FACTORS THAT ARE CONTRIBUTING TO THESE DIFFERENCES. AND WHAT ARE THOSE FACTORS? I’M I’M SURE A LOT OF US ARE DYING TO KNOW. THERE ARE A LOT THERE ARE A LOT OF FACTORS. AND I THINK ONE OF THEM AND THERE ARE A LOT OF BENEFITS TO BEING MARRIED. SO ONE OF THEM IS TAXES. YOU KNOW, WE HAVE TAX ADVANTAGES. WE ALSO HAVE LEGAL PROTECTIONS WHEN WE’RE MARRIED. AND SO WHEN WE THINK ABOUT THE RELATIONSHIPS THAT WE HAVE AND WHEN WE LOOK AT. THE RESEARCH, MARRIED COUPLES ARE MORE LIKELY TO LOOK AT THEIR ASSETS AS JOINT. AND SO THEY TALK ABOUT LONG TERME GOALS AND THEY LOOK AT LONG TERME OPPORTUNITIES LIKE HOME BUYING. AND THEY’RE MORE LIKELY TO POOL THOSE RESOURCES IN ORDER TO MAKE THOSE GOALS A REALITY. WE DON’T SEE THAT AS MUCH IN OTHER RELATIONSHIP STATUSES. AND I THINK PART OF THAT IS BECAUSE OF THAT PERCEIVED LACK OF PROTECTION. SO WE THINK ABOUT WHAT IF SOMETHING HAPPENS? WHAT IF I BUY A HOME WITH MY PARTNER AND SOMETHING DOESN’T WORK OUT? DO I HAVE THOSE SAME PROTECTIONS. MHM. AND YEAH YOU HEAR A LOT OF PEOPLE SAY YOU’RE ENTERING REALLY INTO A BUSINESS, NOT JUST. A MARRIAGE RELATIONSHIP IS THERE ANYTHING, MEGAN, THAT PEOPLE CAN DO IN THESE SITUATIONS. ABSOLUTELY, ABSOLUTELY. SO YOU KNOW WE THINK ABOUT THESE ADVANTAGES THAT MARRIED COUPLES HAVE, BUT IT’S NOT EXCLUSIVE TO THOSE RELATIONSHIPS SHIPS SPECIFICALLY. SO WE TALK ABOUT THOSE PROTECTIONS THAT ARE IN PLACE. THERE ARE ABSOLUTELY PROTECTIONS THAT YOU CAN HAVE EVEN IF YOU’RE NOT MARRIED. SO WE CAN TALK ABOUT TITLING OF ASSETS. WE CAN TALK ABOUT CONTRACTS LIKE WE’RE ENTERING INTO A BUSINESS ARRANGEMENT. I THINK IT’S ALSO REALLY IMPORTANT THAT REGARDLESS OF WHAT YOUR RELATIONSHIP STATUS IS, THAT WE BECOME MASTERS OF OUR OWN FINANCES, WE KNOW WHAT IT LOOKS LIKE AND WHAT WE WANT, AND WE START BUILDING THOSE GOALS. WE START TALKING ABOUT THOSE GOALS, FIGURING IT OUT FOR OURSELVES. AND THEN TALKING ABOUT IT WITH THOSE RELATIONSHIPS. THAT WE HAVE, WHETHER THAT’S A PARTNER OR IT’S A ROOMMATE OR IT’S FAMILY. THOSE SORTS OF THINGS ARE REALLY IMPORTANT TO START DOING. AND WHEN WE TALK ABOUT THOSE GOALS, MAYBE IT’S TRAVEL, YOU KNOW, YOU MIGHT HAVE GIRLFRIENDS OR FRIENDS THAT ALSO WANT TO TRAVEL. WHAT ARE THE WAYS THAT WE CAN POOL THOSE RESOURCES AND TAKE ADVANTAGE OF THE RELATIONSHIPS THAT WE HAVE TO MAXIMIZE OUR WEALTH NOW AND IN THE FUTURE? YEAH, BECAUSE, YOU KNOW, YOU HEAR IT ALL THE TIME. ONE OF THE THINGS THAT COUPLES ARGUE, FIGHT ABOUT THE MOST FINANCES. YES. MAKE SURE YOU HAVE THEM INTACT AS A SINGLE PERSON IS WHAT YOU’RE SAYING BEFORE YOU JOIN WITH SOMEONE ELSE? ABSOLUTELY. AND THEN HAVE THAT COMMUNICATION. WE CAN TALK ABOUT THIS REGARDLESS OF WHAT THAT RELATIONSHIP LOOKS LIKE. IT’S JUST GOING TO MAKE THINGS BETTER FOR EVERYBODY. ALL RIGHT. NO ROMANCE WITHOUT FINANCE IS WHAT I’M HEARING. ALL RIGHT. MEGAN HAMMOND WITH WEALTH QUEST. THANK YOU, AS ALWAYS, FOR BEING HERE WITH.
Money Monday: How your relationship status can have an impact on finances
Updated: 9:09 PM EST Feb 12, 2024
Valentine’s Day is this week and love is in the air. But what about your wallet?Many people may not realize that your relationship status can have an impact on your finances.In the latest edition of Money Monday, WLWT was joined by Megan Hammann, the director of financial planning at WealthQuest, who talked more about factors that impact that.To see the full interview with Hammann, click the video player at the top of the story.
Valentine’s Day is this week and love is in the air. But what about your wallet?
Many people may not realize that your relationship status can have an impact on your finances.
In the latest edition of Money Monday, WLWT was joined by Megan Hammann, the director of financial planning at WealthQuest, who talked more about factors that impact that.
To see the full interview with Hammann, click the video player at the top of the story.
