Why Wealthy Single People Tend to Have Worse Money Habits Than Those Who Are Married

In life to work, we all try to play to our strengths to achieve some result and not be miserable. More or less we know what we are good at or dislike so we make our lives easier by focusing on what we can do not what we can’t.

Sometimes our weaknesses cannot be avoided and we need to continuously work on them however for the most part, a better use of our time would be to focus on the controllables and what we can do to get the ball rolling. 

Life isn’t supposed to be easy but if you put in the work, the work will eventually work for you once you hammer the right nails.

In a relationship and especially while starting a family, there are various invisible roles to tackle. Not to mention living beings that are dependent on you for everything for the first few decades of their existence. To better enjoy the experience that isn’t all sunshine and rainbows, partners tend to lean towards the activities that feel most comfortable to them in order to gain a sense of meaning, appreciation, and helpfulness.

Although you may fit best doing a certain set of duties, everyone still needs a helpful reminder and second pair of eyes even if everything is smooth sailing. It doesn’t hurt especially when you are dangerously convinced no one can help you gain a fresh perspective. One of the best ways to learn and see what you are truly capable of is by not being stuck in your own ways and asking for help even when you know you don’t need it. Being stubborn or impressing others never helps anyone, particularly yourself. Having an open mind is essential to craft an even better role and financial foundation for yourself later on in case things don’t work out!

Even in love, remember not to be foolish. Ackowledging that things don’t always work out in life will set you up for success forever. Being agile, adaptive, yet flexible and dependent upon yourself are the best drivers to a rich life.

When it comes to being single vs married, surprisingly this is one of the main advantages married people can lean on. On average, not only are couples wealthier and have more flexibility with their career choices, but they’re able to see more potential in themsleves and forge their own path, with someone on their side as a backup. Even with a partner, don’t skip out on the emergency savings. Their income can tumble as well.

A partner in crime isn’t just there as a cushion since relying on anyone can be risky in itself. Instead, a spouse/partner is really there for emotional support as when it comes to our finances, the less emotions the better!

Financial Promises

The reason I emphasis the influence, perks, and financial advantages of being in a relationship are due to the time and cost savings.

Americans’ largest expenses include housing, transportation, healthcare, and food. The wealthier one gets, the less of their net-worth is tied in their primary residence since it is most likely paid off after years of disciplined saving and reinvestement. One’s net-worth becomes more heavily correlated to the market, their business ventures, and diversified streams of income/alternative asset classes instead of through an employer’s paycheck or their first starter home.

When it comes to housing, specifically living expenses, since the worst lies tend to be the lies we tell ourselves, on average, single people are more likely to outspend their take-home pay by $329 per month and overspend on housing living solo. Due to this factor, on average, married versus single men earn more than their unmarried counterparts by quite a margin as the difference ranges from 4.5% to 32.6%.

Not only does more income potential provide a boost to flexibility and stability, but also more comfort since married people can afford to be a bit more choosy and take longer when it comes to finding their dream job. Being able to fall back on your partner’s income feels like a luxury however no matter what it’s always recommended to be financially independent and in a comfortable place on your own with an established cushion of multiple streams of income (5–10 avg for millionaires) at all times. Just like relying on one person whether it be yourself or your partner, attaining only 1 source of income can be dangerous since what’s certain is uncertainty.

There are various hidden financial perks that come with being married that many don’t consider beyond merging all income streams to inflate net-worth. Single or not, focusing on net-worth shouldn’t be the end goal since at the end of the day, in order to pay the bills and stay afloat in case history repeats itself, making sure you have sufficient recurring incoming cash flow along with an emergency savings fund are your top life-lines.

Your net-worth is mainly a moral booster to indicate how far you’ve come but won’t be nearly as helpful to see if the unexpected happens. Unless you are fine with drawing down principal and selling some assets/investments to fund your lifestyle, focus on monthly cash flow.

To the government, married people get far more benefits when it comes to tax time and joint filings and deductions that follow. Even while earning more together, you pay less in taxes than one earning a bit less or the same as a single filer.

Social security is top of mind and a vital consideration as well since spousal benefits can be a great relief. In general, survivor benefits are higher for spouses than for children who can be the beneficiaries as well.

Money is a part of our lives whether we like to believe it or not but doesn’t mean it needs to rule everything, especially when it comes to finding the one.

No matter if you are happily married or not, you must make sure you can still support yourself on your own at all times. As Millennials move back in with their parents at record rates as housing costs balloon and more women delay marriage and kids to later on in life, there is a resurgence and appeal to living the (almost) solo life that can be the greatest financial advantage in itself!