Debt in the Dating World and Retirement Planning for Entrepreneurs and Business Owners
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What financial red flags should you watch for in the dating world?
Oh, you must want me to be talking all day, Sean. But I'm proud to say that I'm now well versed in red flags, and they're no longer a carnival for me. So with that said, the last red flag for me was a guy I was dating calling my son a third wheel.
Wow.
And for good measure, I'm going to throw in another one. So I also met a guy who wanted to have more kids. He had six already, but he did not have a plan for more income.
Wow. Well, I got to say, those make me glad that I'm not in the dating pool. Well, for some people, the amount of debt that you carry might just turn them away from dating you. Welcome to NerdWallet's Smart Money Podcast. I'm Sean Piles.
How does debt influence dating prospects?
And I'm Elizabeth Ayola.
This episode, we talk with a listener to help them figure out what their retirement might look like, including whether they should leave the farm that they built their life around.
But first of all, we're talking about a new NerdWallet survey that tells us how much debt might make you seem like a walking red flag to a potential romantic partner. And we are joined by Sarah Rathner for this conversation. Hey, Sarah.
Hey, everyone. Let's tell listeners how to avoid being a hot mess. Well, financially anyway, I can't help you if you're a hot mess in other areas of your life.
All right, well, Sarah, tell us, how much debt makes someone undateable?
So on average, about $20,000. That's a lot, so it's pretty forgiving. And even more forgiving, a lot of people would actually be OK if their partner has any amount of debt.
What financial traits make someone a desirable partner?
That really stood out to me in the survey. Nearly 40% of respondents said that they don't care how much debt their partner has of any kind. I found that kind of shocking because if I was dating someone and I found out they had a huge amount of debt due to discretionary spending, that would certainly make me question things.
Me too, but I think what I'd also be looking for in a potential partner is what sort of plan they had for dealing with their debt. If they're paying it off, if they're not asking to borrow money from me, I mean, I would consider that a green flag or maybe at least a beige one.
Yeah, I like that Sarah Beige flag. I think for me, I would be trying to gauge their money value. So are they in the trenches of their financial trauma? Also, do they have a basic understanding of their financial snapshot, like where their debt fits into that? And also, like you said, Sarah, a goal for getting out of debt. So for me, it would also be about what their expectations are for me. Are they expecting me to pay their debt off or contribute to it? I think those are some factors that would matter.
And context is really important here too. If someone has a bunch of medical debt or student loans, I think that's easier to sympathize with because our educational and medical systems can sometimes force people into debt just to get by or to get ahead.
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Chapters
6 chapters
1
What financial red flags should you watch for in the dating world?
1:17–1:59
2
How does debt influence dating prospects?
1:59–2:48
3
What financial traits make someone a desirable partner?
2:48–4:27
4
How can you improve your financial appeal in relationships?
4:27–7:28
5
What are key retirement planning strategies for business owners?
7:28–10:25
6
How does an organic farmer plan for retirement?
10:25–29:15
Speakers
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