Shark Tank’s Kevin O’Leary, also known as Mr. Wonderful, said that when it comes to marriage, maintaining separate finances is the way to go.
The TV star and prolific investor said in a Fox News interview posted to his Instagram that no matter how tempting it is to show you’re committed by sharing bank accounts and other financial accounts, it is better to keep things separate.
“What I tell everybody to do in a relationship is have your own account, your own credit card. Never merge your finances together,” he said in the video. “So many marriages dissolve, not because of infidelity, because of financial stress.”
Keeping finances merged may lead to problems down the line, and money stress could possibly end the marriage, he added.
“You have to have your own identity. After you get divorced if you have been merged in with your significant other, you're a nobody in our system," he said.
For young people, the issue of money and relationships is especially salient. A recent Bankrate survey found that Gen Z on average said they needed to earn $200,000 a year to live comfortably. Less than a fourth of overall respondents said they already felt financially secure, according to the survey.
While Gen Z is more likely to go to college, have a job and earn more than Millennials, they have faced skyrocketing inflation and now an increasing unemployment rate. They also have more debt when it comes to credit cards, car loans, and mortgages, compared to the generation just before, the Washington Post reported.
O’Leary said that for those looking to get married, it’s important to not let love get in the way of smart financial decisions.
“You have to have your own credit track record. Don't let emotions get in the way of that. If you're listening to me here, I don't care how in love you are, you keep your account to yourself.
