Jan 27, 2025
Many couples struggle to talk about money. But when Justin and Maggie opened up about their finances on a recent episode of Ramit Sethi’s Money for Couples, it nearly convinced them to split.
“Is this the end of my relationship, live on air?” Justin, 38, wondered. Maggie, 34, admitted having trust issues around Justin and money.
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“If the responsibility and finances don't change, I don't think we're going to be able to build a life together that we want,” Maggie said, her voice breaking.
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Things are complicated for the couple because they don’t just have a personal relationship, but a professional one as well. The launched a joint-venture limited liability corporation (LLC) to create YouTube videos and share revenue, which amounts to a combined $250,000 a year.
The problem for these two entrepreneuers is debt. Justin spends more, borrows more and is more reckless with money than Maggie. That’s why she wants to keep their personal finances separate. That is straining things between them.
Partners in business and life struggle over money
According to the U.S. Census Bureau’s 2022 Annual Business Survey, 297,778 or 10% of all businesses were jointly owned and operated by spouses,
Conflicts ensue when people who are partners in both business and life differ in their approach to finances. That kind of conflict is common among Millennial couples like Justin and Maggie.
According to Bread Financial, a financial services company, 59% of Millennials report having different money mindsets than their partners. That compares with just 29% of Boomer couples differing over money matters.
In the same survey, 31% of singles said they considered impulsive purchases to be “red flags” in relationships. Some of Justin’s purchases fall into this category for Maggie.
“I'm like, ‘This is not adding up that you spent $200 on sunglasses this month,’” she said. “I don’t spend money like that and I’m really on top of my expenses.”
To be fair, Justin admits that he “absolutely shouldn't have been buying $200 sunglasses” and that he “screwed” himself by excessively borrowing on credit cards.
Justin’s total debt is $92,950, spread across credit cards, business loans and an auto loan for his motorbike. His effective net worth is negative $63,546. In contrast, Maggie’s total net worth is $45,433, with a relatively small debt burden of $15,389.
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Many people consider debt unattractive in partners. Three in five Americans surveyed by National Debt Relief said they would consider delaying marriage to avoid inheriting their partner’s debt while 54% would consider divorce over it.
That’s why many couples seek common ground on money matters. In a survey on financial compatibility, 44% of couples told Bread Financial that they wish they had a more similar money mindset to their partners.
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Difficult conversations could be a breakthrough
To turn the page and salvage their Maggie and Justin’s relationship, Sethi prescribes an open conversation.
He encourages Justin to set out a clear path to paying off debt and improving his financial situation for Maggie’s sake, while also asking for her encouragement, help and, perhaps, some financial assistance to speed things along.
“I’m not opposed to that at all and I’d be willing to give more in other ways if we were able to come up with a plan.” she said. “I can help a lot more if you are making it a priority.”
As Maggie and Justin demonstrated on Sethi’s show, having an honest conversation about life goals, debt and budgeting isn’t just good for bank balances — it can bring a couple closer together.
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Vishesh Raisinghani is a financial journalist covering personal finance, investing and the global economy. He's also the founder of Sharpe Ascension Inc., a content marketing agency focused on investment firms. His work has appeared in Moneywise, Yahoo Finance!, Motley Fool, Seeking Alpha, Mergers & Acquisitions Magazine and Piggybank.
