We fall in love, all is well, life is blissful and we feel as free as weâ€™ve ever been. We jump at any chance to indulge, to share, to include, to merge, but the true question isâ€”are we (or our partners) ready to do all of this with our partners when it comes to finances.
Black Enterprise and hundreds of executives and decision makers from all over, recently flocked to the PGA National Resort & Spa in Palm Beach Gardens, Florida, for a fun-filled, knowledgeable weekend at the 2016 Black Enterprise Golf & Tennis Challenge.
Yes, there was plenty of tennisâ€”and even more golfâ€”but in addition, there were games, laughter, and learning of all things love, empowerment, and money.
Sponsored by Prudential, and hosted by an entertainer who has personal experience with the up-and-down sides of love and finances, actor Flex Alexander, and Black Enterprise SVP/Executive Editor-at-Large, relationship expert, and co-author ofÂ Loving in the Grown Zone, Alfred Edmond, participants played an intense Love & Money Game Show to find out how much they knew about relationship pitfalls when it came to money.
Below are a few questions to ask your partner to put them to the test.
1. What’s the worst FICO score you can have?
2. Which is an act of financial intimacy?
A. Splitting the check.
B. Cosigning on an apartment lease
C. Giving a love interest a gift of lottery tickets.
3. When a person takes out a loan with a co-signer and it goes into default, who is the most likely to end up repaying the loan?
A. The co-signer
B. The primary person
C. The bank
4. Couples should wait to share financial histories, including credit scores, until after they are married.
5. How much will it cost to raise a baby born in 2013 to age 18?
B. About a million
C. About a quarter of a million dollars.
6. A study conducted by researchers at Ohio State University found that this decreases a personâ€™s wealth by about 77% compared to that of a single parent:
7. Whose standard of living takes the biggest hit in the first year after a divorce, menâ€™s or womenâ€™s?
8. Your former spouse is named as beneficiary on your life insurance policy. Your current spouse is the primary beneficiary in your will. Who gets the life insurance payoff if you die?
A. Current spouse
B. No one
C. Former spouse
Try your luck before checking the answers below! To start securing your financial future be sure to visit Prudential.com.