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How to Talk About Finances in a Polyamorous Relationship
It’s hard enough to get two people on the same page when it comes to money. So what do you do when three or more people are involved? Start paying off your credit card debt for free today 7-Step Credit Card Debt Reduction Here.
Learn how to deal with polyamory Finance
The Best Approach to Polyamory Financing
Michelle Waymire is the fiduciary financial advisor behind Young & Scrappy, a platform that provides financial coaching, financial planning and business coaching to young professionals, LGBTQ+ and polyamorous clients. Michelle has an MBA from the University of Tennessee and her work has been featured in US News and World Report, hustle and bustle and on Credit.com.
In this episode of Queer moneyMichelle joins us to explain how she defines polyamory and what her own polyamorous relationship looks like. She walks us through the similarities and differences between polyamorous and traditional binary relationships and shares the advice she gives to both couples and polycules on money management. Listen to Michelle’s insights into poly retirement planning and learn how to best initiate the conversation about money in a polyamorous relationship.
Polyamory financing topics covered
How Michelle defines polyamory
“Many Loves”
With the consent of everyone involved
What Michelle’s polyamorous relationship looks like
Closed triad (two partners, no date with anyone else)
Live together and own your own home
Some common polyamorous vocabulary
Primary partner = priority over other relationships
Breeding partners = living together
Polycule = family unit
How similar polyamorous and binary relationships are
Overlaps in wants and needs
In it because you like each other
What makes polyamorous relationships different?
More freedom to find intersections with others
Requires more communication and negotiation
The money management advice Michelle gives to binary couples
Can be combined, separate or anything in between
Find a system that works for you
How Michelle and her partners approach money management
Joint account for living expenses (mortgage, groceries, etc.)
Keep separate accounts for individual expenses
The financial instruments Michelle recommends for Polycules
Find a bank that allows more than two people on a joint account
Use spreadsheets to determine shared expenses
Michelle’s insight into retirement planning in a poly relationship
Discuss goals and work to represent everyone’s interests
Consider the resources available and be comfortable with sharing
How Michelle thinks about tax benefits and marriage
No entitlement to reciprocal benefits through work
More money comes in (three incomes, no children)
Would consider marriage to minimize tax burden
Michelle’s advice for getting started in the poly money discussion
- Start by understanding the relationship structure
- Don’t wait until the cash crisis to talk about systems
Connect with Michelle
Resources for Your Polyamory Finances
