Financial Love Languages & Dating Against Type
Real talk: when was the last time you discussed money on a date? Probably never. It’s always a taboo topic – until the check comes. It’s time we destigmatize talking about money on a date.
And that’s why we have best-selling author and host of the Money Rehab podcast, Nicole Lapin, joining us on Dates & Mates today. She will be outlining how to navigate the conversation and develop a financial love language for a happier, healthier and more secure relationship.
DATING DISH (1:40)
Do you have a type? Maybe what you think you want and what you actually prefer don’t match up.
A recent study from the University of Toronto has us questioning if having a “type” is really all that legit. According to the study, the qualities that we think we like in a partner depend on the social context in which we encounter these qualities. For example, you attend a great party and the people there happen to be really funny. Then you come away thinking, “gosh, I prefer funny people.” But it was really just a great party.
Andre Wang, one of the co-authors of the study, said “it could be that people are so constrained by their own ideas about liking, that they are limiting their dating pool.” But good news – understanding the distinction between what we think we like vs what actually drives us to like someone can actually be a useful tool!
Damona describes how this reaction is actually related to something called “the familiarity principle” and how gravitating toward what’s familiar may be part of our biological attraction towards safety.
NICOLE LAPIN (11:50)
Nicole Lapin is a financial journalist, television news anchor and businesswoman known for her work on CNBC, CNN, Bloomberg and MSNBC.
Nicole is also a New York Times bestselling author of four books, including her most recent one “Miss Independent: A Simple 12-Step Plan to Start Investing and Grow Your Own Wealth.” She is also the host of the podcast Money Rehab where she rehabs your wallet so you can get your financial life together.
(14:20) Financial first-date etiquette.
Damona and Nicole dive into the classic first-date debate – who picks up the check? And is there a certain etiquette we should be aware of when talking about money on a first date?
Nicole shares that you can actually get a glimpse of someone’s financial situation and habits by asking them about their goals. “Goals have price tags… It’s timing, it’s tone, it’s turf. It’s having a glass of wine, talking about your hopes and dreams, and then getting into sort of how you’re going to pay for those hopes and dreams. Versus, you know, approaching it in an aggressive way.”
(20:15) A question of property.
Damona gets Nicole’s thoughts on what it means for a woman to own property (which is often rumored to be a turn-off). Nicole points out that “I think it’s just not the right person if it’s a turn off. There will be a person for whom it’s a turn on.”
Women have also expressed to Damona that if they own property or make investments, they’re afraid their partner may see this as a free ride. To that Nicole says: “I think that is about being really clear whether or not you want somebody who makes the same amount of money as you or more or whatever. “
Plus, Nicole breaks down the difference between good debt (there’s such a thing?) & bad debt.
(25:13) We all have financial trauma.
Our individual relationships to money are as unique as our upbringings. Which is why Nicole says we all have our own version of financial trauma. There is bigger trauma like having your house foreclosed on or family members being in debt, but Nicole also says that financial trauma can be vicarious. “It can be in your friend group. Like do a lot of your friends have a bunch of debt? Do they hide purchases from their significant others?” This all affects your FQ (financial intelligence).
Nicole also explains how to deal with a financial imbalance in your relationship (hint: there will be an imbalance in EVERY relationship).
(28:40) What to ask before move-in day…
The relationship expectations for moving in together have definitely shifted over the years – now everyone feels the freedom to go by their own timeline. But does this affect the kinds of financial conversations we should be having before merging homes? Nicole says the foremost thing to be aware of is knowing whose name the bills are under. “I’ve seen women in particular get screwed in one of two ways. Either the bills are under somebody else’s name, and so they’re not accumulating credit. Or the bills are under their name and they’re not getting paid, so their credit is getting screwed.”
(32:45) Setting yourself up for success.
So is there something more we should be doing to set ourselves up for financial (and in turn romantic) success? Nicole states that compound interest is our best friend, although we are familiar with it when it works against us through credit cards. Nicole also shares her favorite spending plan called The Three E’s – essentials, endgame, and extras.
Learn more about Nicole at NicoleLapin.com & be sure to follow her on Instagram @NicoleLapin for more investment tips.
Submit your questions on Instagram, Twitter, or Facebook and hear our answers live on the show! Here’s what our listeners asked about this week:
Email from B – I met a nice guy on a dating app. We’ve had wonderful conversations. The problem is when we did our first video chat, I noticed he has rotten teeth. I do NOT see myself kissing him. What do I do?