The key to financial independence might be a good spouse or partner. A good partner is more valuable than managing expenses and income.
One of the most overlooked topics for financial independence seekers is how important a good partner is.
Simply put, your partner has the power to make or break your chances of reaching financial independence.
If you and your partner are not financially compatible, or if your partner is not supportive, or worse—if you partner adds unnecessary stress to your life, your shot at financial freedom could be over already.
In this post, I will look at why the key to financial independence might be a good relationship.
Let’s get started.
The Key To Financial Independence Might Be A Good Relationship
A good partner is absolutely crucial to the pursuit of financial independence.
To put it bluntly, you are better off being alone than being with a bad partner.
In my personal opinion, which is based on three long-term relationships and numerous short-term relationships, choosing the right partner is more important than how much you earn, your savings rate, or your investment strategy. It’s the most important choice of all!
Here are the reasons why choosing a good partner might be the key to financial independence:
To Have Someone To Enjoy FI With
If you’ve ever done something like taking a mini-retirement, you would know that most of your family and friends will be working.
They won’t be available to hang out with you during the work day.
So, you will ultimately be on your own.
If you are an introvert or if you have a business or passion to work on, being alone is awesome.
But if you need people in your life, you won’t enjoy financial independence unless your partner is FI too.
Just think about how much more fun early retirement would be if you and your significant other can travel together.
All your free time can be used to spend time together, so financial independence will be a more worthwhile pursuit.
An Equal Partner Will Cut Your Expenses In Half
The key to financial independence is lowering expenses.
By keeping your expenses low and maintaining a low-cost lifestyle, you will be able to afford financial independence sooner.
Hence why a good partner is a huge advantage.
If you have a partner that equally contributes to your household, you will be able to split your expenses in half.
If you and your partner both work, you can split your living costs in half.
The cost of rent or a mortgage, groceries, utilities, subscriptions, outings, and transportation can all be split equally.
Alternatively, a lazy partner or gold digger will force you to spend money. They will contribute nothing and they will constantly be on the take.
In turn, you will have less ability to save and invest for financial independence.
In a modern world, there is just no excuse other than pure laziness.
A Good Partner Will Support You And Help Build Your Confidence
In a bad relationship, it’s hard to know who you really are.
Instead of being certain about who you are and what you want in life, you get stuck in a stage of trying to appeal to someone else.
If you are the partner that cares, you will take interest in your partner’s interests and values that are not genuine to yourself.
You might not see it, but a lack of support from your partner can lead to a lack of confidence.
You never get completely comfortable with speaking your mind or truly being yourself.
As such, you will tip toe around your interest in financial independence and do things that sidetrack the journey.
But if you have a supportive partner, you will gain the confidence you need to succeed.
They will make you feel great about yourself and what you are doing. They will want to listen to what you want to accomplish and they will help you get there.
Financial Compatibility
If you are not financially compatible, you will spend a lot of your time doing things you don’t want to do.
Worse, you will get in fights about money. According to The Science Of People, money is one of the most common things that couples fight about.
Of course, small disagreements are to be expected in any relationship. But fighting too much can lead to a divorce—WF-Lawyer cited that 56% of couples divorce because they argue too much.
If one person is frugal and the other is a spender, you could end up arguing about how to manage your collective finances.
Imagine a couple with one partner that wants to spend money on drinking and going out to restaurants all the time, while the other is a frugal person who is interested in financial independence. The values just don’t line up.
Eventually, you won’t even want to spend time with each other.
To Be Happy Enough To Pursue Financial Independence
In a healthy, happy relationship, there are less distractions.
You are satisfied, you have trust, and you have communication.
Since your relationship itch is satisfied, you will naturally begin to set your sights on other goals.
This point is based on Maslow’s Hierarchy of Needs.
Not to say that you should take your partner for granted once you are with them.
But a healthy relationship allows you to move close to the self-actualization stage.
Avoid Divorces, Moves, Depression, Or Being Side Tracked
Divorces are expensive.
According to WF-Lawyers, the average cost of a divorce in the United States is $15,000.
In a worse-case scenario, you could end up losing half of your net worth.
But that’s just the tip of the iceberg.
Even if you are not married, a bad relationship could lead to immense financial struggles.
For example, if you and your partner break up and you live together, you will likely incur the cost of moving.
And that could lead to depression or being side-tracked from the pursuit of financial independence.
If you feel hopeless about your living situation, financial independence tends to be put on the back burner.
Who You Hang Out With Influences You
There’s a quote by Jim Rohn that tells us:
“You are the average of the five people you spend the most time with.”
Well, if that’s the case, you better choose a smart partner, because that’s who you are going to spend most of your time with.
If you choose a partner that is smarter than you, you will become smarter. The way they go about life will wear off on you.
If you choose poorly, they will drag you down like a sinking ship.
The Key To Financial Independence – Final Thoughts
Obviously, income and expenses factor in to reaching financial independence.
If you spend more than you earn, you won’t reach financial freedom.
And if you don’t save enough to acquire assets that pay you passive income, you won’t be able to afford to stop working.
However, the argument could be made that the biggest key to financial independence is a a good relationship with your spouse or partner.
In summary, a good spouse or partner will lower your expenses, make you happier, and provide more incentive for your FI pursuit.
Related Posts
How To Live An Early Retired Lifestyle In 5 Years (without retiring)
The 11 Best Income Streams For Financial Independence
How To Reach Financial Independence On A Middle Class Income
I am not a licensed investment or tax adviser. All opinions are my own. This post may contain advertisements by Monumetric. This post may also contain internal links, affiliate links to BizBudding, Amazon, Bluehost, and Questrade, links to trusted external sites, and links to RTC social media accounts.
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