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5/15/2018

Asking and answering “What's your number?” question

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​There may come a time in a relationship, as things get more serious, the question, "what is your number?" may be asked. Of course, that question usually is only asked or answered in a serious relationship.
So assume, the relationship is serious enough to provide an answer. There is a decision to be made on how to answer. Self-inflicted shame and guilt may tempt you to be other than honest. What kind of number will be acceptable for your partner?
Does your past behavior contradict or affirm your stated goals/beliefs? Are you worried about what your number says about how you behave and what you believe? If you are going to answer, you should answer the question honestly.
An honest answer would be best if you decide to answer at all. By the way, if you can't answer honestly, you are not serious about the relationship or self-deceived.
So how should you answer the question, "What's your number?"
Get your mind off your crotch for a minute. I'm not talking about your body count but instead money. I'm talking about your savings number. Your debt number. Your income number.
Just as it is essential to know your partner's sexual behavior, likewise you should know their money behaviors. STDs are real. Avoid STDs, Sexually Transmitted Debt. Know your risk factors and resources.
If you are serious, here are some numbers you need to understand about your partner. Some may be deal-breakers. Maybe it's time to be tested.
Share and understand credit reports
  • It's more than the score. 
    • Get a full credit report and review it together with a professional.
    • Review free credit scores from multiple sources like credit cards and other online services.
  • DTI Debts to Incomes is a crucial money metric 
    • How much income will be contributed
      • Monthly
      • Annual
    • Pay period
  • How much is owed
      • Monthly
      • Annual
    • Pay period
  • Be monogamous-- have one mind about money
    • What are we working on as a team to achieve?
    • Better to have the hard discussions now about values, visions, and goals before you get more vested.
    • You can't unscramble eggs. Discovering you and your partner are financially incompatible can cause a split, and it may be hard to extract yourself.

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5/13/2018

Home Equity Recipes and Strategies

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    Mansa Musa is a homeownership counselor and homebuyer educator. He is currently the Principal at MoneySmartLife.org. He blogs and speaks on subjects of financial well-being and financial capability. Helping working class families live a sustainable MoneySmartLife through pragmatic solutions and behavior changes.

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  • Home
  • Take Control Tuesday
  • Blog Money Smart Lifestyle Moments Blog
  • About us
  • Money can be Funny Gallery
  • Trusted Advisor Sign-up
  • Discover Your Money Personality Game
  • Other Blogs and Voices
    • How Much Does It Cost You To Work
    • Detroit Praise Network Blog
    • Better Money Habits