Is Your Girlfriend or Wife a Financial Liability?

July 24, 2013

in Saving money

By Kelvin Ng (guest contributor)

Many people think that saving, investing, and slogging all your life will make you RICH, but little do they know that marrying the wrong person and staying single too long can make you BROKE!

Imagine yourself being single, young and with earning power. But with your unrealistic expectations and high demands for a life partner, you keep looking for potential soul mates. The average guy usually will have at least two to three girlfriends before they settle down, some of them even more.

The high cost of dating

Dating takes time, effort and MONEY. In Singapore’s materialistic society, women prefer their men to have high earning power. So it is important to know what you want before you go into a relationship.

But if a choosy person keeps looking for the perfect woman, he will tend to change many girlfriends. When a guy gets attached to a girl and has a relationship for two years, but later realizes that they are not meant for each other and then breakup, he might have already spent several thousand dollars on the relationship.

And we haven’t taken into account the value of the wasted time! I have seen friends who buy diamond rings, spend a lot on gifts, holidays and food. The cost usually gets higher during the initial courtship. Just think about it, if a guy goes through three or more of such failed relationships, the cost can really add up.

Know how your partner views money

Knowing how your partner views money is thus essential. If your partner spends lavishly on materialistic items, it is a red flag. My advice is when you meet somebody who wants lots of branded bags, diamonds and other items, you’d better be prepared to break your wallet. If you can, run!

The worst kind of relationship is when the guy gets involved with a money minded woman. I know a married guy who needs to send money monthly to his wife’s family overseas!

It is painful to get married with the wrong woman. Under Singapore law, the odds are against the men when it comes to divorce compensation. People have lost their homes, savings and time. This cost easily mounts to $500,000.

Only when you are ready to settle down should you start looking. But if you find the right woman at the right time, settling down with her will improve your financial stability and help you on your goal to financial freedom.

 

By guest contributor Kelvin Ng, who has been investing since 2007 and blogs at Personal Finance Master.

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