In my numerous seminars and sessions, I am consistently energized by young participants in the audience. Occasionally by design, connection with young people in a lecture can be the highlight of the meeting. A member of the millennial generation attended a recent lecture in North Platte, Nebraska. He was attentive and took copious notes throughout. As the lecture evolved, I asked him if he had a girlfriend. He answered that he was engaged to be married in June. I quickly asked if he had conducted due diligence regarding the upcoming partnership. His look of surprise said it all. Indeed, he had not considered some of the tougher questions with his bride-to-be.

Discussions on places to live, the volatility of income and the number of work hours required are all important parts of the balance between business and life. Unfortunately, these types of topics are too often overlooked in formative discussions between partners. In any potential partnership, you should cover some basics before making a commitment.

Credit scores and reports
I frequently encounter young partners unaware of each other’s financial status. Sharing credit scores and critical reports is a sound practice and good conversation for any healthy relationship. This is particularly true for a business partnership. Discretionary differences can be resolved in advance and often become the foundation of successful financial planning.

Education debts
In the Midwest, I once met a gentleman who had been married two months when he discovered his new bride brought a $200,000 education debt to add to his already $125,000 debt. They resolved their situation with some family help and a 10-year plan. Nevertheless, it was quite an issue to tackle.

Today, the average undergraduate leaves school with approximately $33,000 in debt; at the graduate level, that amount is $115,000. These are significant sums and require communication as well as a re-payment plan.

Different backgrounds, different expectations
After graduating from colleges and universities, many millennials are choosing partners with different backgrounds from their own. Often this includes a difference in how money is handled or earned. For example, those from rural communities are familiar with volatile, small-business income, in contrast to those in more urban environments who often expect consistent paychecks with constant amounts.

If you are in a committed, serious partnership or have dear young ones in this position, this article highlights some of the tougher issues, and may provide a way to approach them. (A nonchalant posting on the refrigerator will probably draw notice. If nothing else, it will most likely provide for some lively discussions!)

Joking aside, ask tough questions of any potential partner and communicate about your own financial status. Your future success and sustainability could depend on it.