‘The Shark Cave’Kevin O’Leary, aka Mr. Wonderful, said in relation to marriage, keeping separate funds is the technique to go.
The TV star and successful investor said in a Fox News In an interview on Instagram, he explained that while it’s tempting to point out your connection by sharing bank and other financial accounts, it’s higher to maintain things separate.
“I advise everyone in a relationship to have their own bank account and credit card. Never combine your finances,” he said within the video. “So many marriages break up not because of infidelity, but because of financial stress.”
A shared financial situation may lead to problems later and money worries could potentially mean the tip of the wedding, he added.
“You have to have your own identity. If you merge with your partner after the divorce, you are a nobody in our system,” he said.
The topic of cash and relationships is especially vital for young people. A recent survey by Bankrate found that Generation Z must earn a mean of $200,000 a yr to live comfortably. According to the survey, lower than 1 / 4 of all respondents said they already feel financially secure.
While Generation Z is more more likely to go to varsity, have a job and earn greater than Millennials, they’re facing skyrocketing inflation and now a rising unemployment rate. They even have more debt in relation to bank cards, automobile loans and mortgages than the generation before them, who WashingtonPost reported.
O’Leary said it is important for those planning to get married to not let love get in the best way of creating smart financial decisions.
“You have to have your own credit history. Don’t let emotions get in the way of that. If you’re listening to me here, I don’t care how in love you are, you keep your account to yourself.
