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When should you tell your boyfriend that you're rich?

Posted May 14 2008, 11:19 PM by Karen Datko
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Wouldn't we all love to have this dilemma? Inspired by a letter to the editor at Money magazine, "Flexo" at Consumerism Commentary wonders when it's appropriate to tell your boyfriend/girlfriend that you're wealthy.

The letter writer apparently had been burned by some guy looking for a sugar momma.

Flexo says, "It's probably not appropriate if you're on the first few dates, but if you're starting to pick out rings or talk about living together, I don't see how these decisions can be made without full financial disclosure."

Still, when exactly should you confess your riches? As a personal-finance blogger, Flexo hasn't had to confront the issue. His girlfriend, "A.," can check out his blog anytime she wants to review his financial situation. (He does keep a secret "A. Fund" hidden in his  savings so he can surprise her every once in a while.)

His readers offered varying opinions. "FrugalTrader" from Million Dollar Journey opined that "once the relationship gets serious, financial compatibility is just as important as any other aspect in a relationship." "The Mighty Quinn" opted for after the engagement but before the wedding. James from Dual Income No Kids has no problem with a money discussion on the first date. Rachel wrote that she and her future husband talked about their finances on their third date.

We like this comment from Stephanie of Poorer Than You: "I think financial disclosure in the early stages of a relationship doesn't have to be about numbers -- it should be about values."

Reader Mike said, "Tell him when he asks why he's signing a prenup."

Comments

 

when you give her that 5 carat engagment ring you will have said it all

I don't see how you could really hide it.  It will show in the cars you drive, the clothes that you wear, and the house that you live in.  I wouldn't wait until getting engaged, but all of these people on here that seem to keep everything a secret even after they are married is probably the reason there are so many divorces.  But...What the hell do I know I have been with my wife for 18 years.  She knew everything before and after the marraige.

If I ever win the Lotto (I don't play!) I would tell only my wife.

She has brains and heart.

I would love to be in a position to help people anonymously

but I wouldn't stand for hard luck stories.

The person that has the money wants to be assured that they are loved for the right reason....and not that they have a lot of money.  However, it's difficult to hide something like that for long.  The wealthy tend to drive very nice cars, dress well, and have very nice houses.  I can't imagine someone being able to hide the fact they have money for very long.

With that being said, the longer you wait the better.  Make sure the person is not a gold-digger.  Make sure you are compatible and in "real love" and not just infatuation or lust.  If you decide you want to marry the person, tell them after the engagement and prior to the prenuptual agreement.  Make sure you get the prenup.  You must protect your future, just in case everything is not as blissful as it appears.

Finances are important, I have made the mistake of disrespecting my partner's comfort level with respect to lifestyle choices. I took him with me to pick something up at the mall, a ring I had ordered before meeting him. A $10,000.00 evening ring that I liked to wear all the time, not one stone but many little stones of about 3C and 18K, I did not really think that much about it, I was just excited to finally have it. He was embarassed and very uncomfortable. I tried to buy him a nice watch for $3,000.00 that only made matters worse. You have to create a comfortable lifestyle that you both agree to and share costs and ideas about building wealth. Do not otherwise get too involved with each others money, it is a disaster for the relationship.

First one must be damn sure this is the right person before devulging what she has.I know,I have been there.I was in a relationship for 8 yrs.,6 months into relationship I shared all I had.One day my bookkeeper and financial advisor asked what the hell I was doing.I had no clue where that question came from.My only love,my soulmate,my everything has been milking me for 6 yrs..Thank God I got out when I did .Do you know what the so and so had the audacity to say when it was over ?

"Well at least I had a few good years "

Im not saying this will happen to anyone else.I got out,before I was totally broke.Just be careful,be sure.

18 years later,there are holidays and others as well,I will think of my ex.I can admit,I still have feelings and do wish all the best.

I dont know.None of us have an answer,really,to this question.All we can do is share our experience.I havnt divulged since,

Hmm,this is a tricky one,for example if my family put money in a trust for ur child .Most trusts are written so only the child can use it.So in this case i would not say anything.I think it is wise to put whatever u have in assets a prenuptial agreement before u marry.Im picky about relationships coz lets say you go to dinner once a month for a year at 100 = $1200 a year plus all the family gifts $500,birthday presents $200 and whatever else your honey bun wants $300 it could come close to $3000 times that by 4 years that is enough for a start on a home deposit.

My husband sent this email message to me along with the attached message..

  I feel it is time to come foreward and tell the truth.  I am very wealthy , but it is not about the money. . .

...Truly, I must be the most fortunate woman in the world.  Like all dating couples, we had our future planned out.  Then life happened.  We have been married for 14 years.  In these years we have not had the success like we had planned.  While our friends were starting families... my husband started fighting a malignant brain tumor.  They raised kids, we had a dog!  After a few years of 'normalcy' we adopted a special needs baby.    A few years ago I was dx with a mood disorder.    My poor husband!

Miraculously, we have stayed married.  Why?

Not because of our wealth!!!  In fact, we both work part-time, with the goal to make enough money to 'get by' and more importantly have TIME off.  My husband often reminds me to 'enjoy the moment' when I get moody;  I remind him spontanaety is priceless; our daughter has taught us resiliancy.  

God has made us rich, in ways I never would have imagined!

Marry someone whom is your financial equal so there is no need for a pre nup.  If you are rich (or broke) and she is equally rich (or broke) then you have equality.  A pre nup never takes care of the inequality, the adjustments may work on paper but in reality the financial differences create many problems for a long term marriage.  Don't get me wrong; I have had 2 Marriages and 2 prenups.  The first Marriage of 25 years I had a little more than her, the 2nd Marriage..I had a lot more than her and it is definitely killing the Marriage.

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