When looking for that great mate, finding someone that is compatible in religion, personality, goals and yes, the bed is extremely important. However, financial compatibility is usually overlooked and often ignored. This is surprising since one of the main reasons for marital arguments and divorce is money matters.
So ladies, as you begin your search or determination if you are compatible with your potential mate as a friend, partner and lover, here are 9 ways to determine if he is also good in the “bank.”
He Has Financial Goals and Plans
Not only does he have career and relationship goals, but he also has financial goals. Having financial goals and an action plan shows that he is a visionary and understands that it takes money to fund an ideal lifestyle. Whether the goals are to save six months of income in case of an emergency or job loss; or to be debt free, this is a strong indication that he is willing to put aside money on purpose.
He Has a True Savings Account
Let’s be honest! Most people don’t have a real savings account. It’s more of a “Side Piece” Account. A “Side Piece” account is that account connected to, or in the same financial institution as, your checking account. When the checking account cannot give you the cash to buy what you want, you then tap the “Asset” of the savings account. Therefore, that so-called savings account will never have enough funds for when you need it the most. A true savings account is an account used to accumulate funds with minimal, if no, withdrawal or depletion. He respects the savings account and does not abuse the access.
He Plans for His Financial Future
He understands the power of compound interest and takes advantage of his company-sponsored retirement savings plan, like a 401k, especially when his company matches his contributions. A company match is technically free money and can escalate retirement savings over time. According to Bankrate’s monthly Financial Security Index national poll, around 1 in 3 Americans isn’t saving for retirement at all. Even though “a man is NOT a retirement plan,” it is good to know that he is planning for a secure financial future for his family.
He Is Willing to Wait
In a world of immediate gratification thanks to microwaves, fast food restaurants, and social media (to name a few), it is a pleasure to find someone who is willing to wait when it comes to making certain purchases and borrowing money. Being a compulsive impulse buyer is dangerous to a family’s financial stability. Having the discipline to wait on certain purchases until he finds a better deal and saves up enough money to avoid going into debt, makes him a keeper.
He Has a Budget
He knows the power of naming his dollars with a budget. He also understands that by not having a spending or savings plan allows his cash to dictate what he can’t do or buy. Budgeting creates a roadmap of how to reach financial goals. He has a budget to make sure he has enough to take care of his family’s needs and wants.
He Has Multiple Streams of Income
Having only one source of income can put a family in a vulnerable position should that source dry up due to job termination, illness, etc. He not only has a main source of income, but he also has other sources of income from investments or legitimate side hustles. We have multiple streams of bills, it only makes sense (and cents) to have multiple streams of income. Right?
He Understands Credit
Credit is meant to be leverage. It is a tool. However, if the user becomes an abuser, credit can become the catalyst of a painful cavity of debt. He understands the anatomy of the credit score:
- 35% – Payment History (Are you paying creditors on time?)
- 30% – Utilization of Revolving Debt (Are you keeping balances below 30%)
- 15% – Age of Credit (How long have you had credit established?)
- 10% – Types of Credit Established (Are you responsible with different types of credit?)
- 10% – New Credit Acquired and Inquiries (Who’s looking at your credit cookies?)
He also knows the power of good credit when it comes to making major purchases, like a new home or car, as well as getting insurance, utilities, and a job. BTW, Credit is like sex. Just because you can, doesn’t mean you should. And if you do, make sure you use protection … a budget!
He Is Open to Talking About Money
Talking about money is not taboo for him. He is open to sharing his financial language, excited to learn yours as well as how to best communicate with each other. He is also not opposed to talking with a financial professional for help with money matters that he may not understand or feel confident.
He Is Ok with Saying and Hearing NO!
Sometimes man’s rejection is God’s protection, and he knows it. Saying NO to certain purchases is not to make him or his love upset or deprived, but he sees the bigger picture and how the transaction may affect his family’s financial goals. This doesn’t mean he says or likes hearing No to everything, but he understands the importance of being selective and protective about spending money to avoid negatively affect his family’s financial security.
Of course Ladies, this goes both ways, and our men are looking for the same thing.
But, if you have or find a man that is this good in the “bank,” he’ll probably be great in the bed as well. At least that is our hope.
This articled originally appeared on MadamMoney.com by Tarra Jackson
Tarra Jackson is Madam Money and the founder of MadamMoney.com and CEO of Prosperity Now Financial Management Services, a financial services and educational consulting firm. Tarra is the author of the cult favorite book, Financial Fornication, and is an international economic empowerment educator and speaker. Tarra has an unique ability to use what people know about personal and physical relationships to teach people about money matters. Tarra is known for you down to earth persona and personal finance industry knowledge and expertise.