Does your spouse have objections for your business investments?
We want to bring up a topic that is all too common, but no one seems to be talking about: spouses and business investments.
Let's paint a scenario so you can understand what we are talking about.
You join a business workshop and your mind is completely blown. The speaker "gets" you and you get her. It's almost as if she can hear every thought, limitation, and frustration you've had about your business. Not only has she been where you are, but she has overcome similar challenges that you seem to be experiencing at this very moment
AND... she has a solution.
She offers you a program that will give you the tools to grow in your leadership. For the first time in awhile you have faith that you can come out on the other side. You know very well that the definition of insanity is doing the same thing over and over again and expecting new results, so this is your time to make some massive moves.
You're ready for change and you know it requires a mentor to support you in coming out on the other side to begin achieving the things you've always desired in your business.
You have realized that the habits you've endured keep producing the same mediocre results.
You need someone who can help you build better habits and hold you to a higher level of accountability. Since you and your husband always discuss family finances so you run it by him. He nods his head right before asking you how much it costs. You tell him the number and he immediately retracts, telling you that you and your family can't afford it.
This scenario is all too common. And business investments can come in all forms. Maybe you're ready to invest in property or rent, expensive products to increase efficiency, or finally hiring a team so that you can put more energy into your magic.
While you don't agree with him, you don't want to cause a fuss. You want to honor his decision so you tell the mentor you cannot afford the program and one day, when things are better, you will connect with her.
Strong communication with our partners is a value we will always honor. It's important to discuss finances with our spouses regularly and it's crucial to use discernment when making financial decisions.
But there is a fine line between discussing family finances and your spouse acting as the Chief Financial Officer of your company, especially if he has no business experience to speak of.
Women in general are hardwired to ask for approval from men on financial decisions, and it makes sense. It was only 49 years ago that a woman could not get a credit card without a male co-signer.
Let that sink in. This means that our mothers could not open a credit card account on her own.
Women today are still imbedded with intergenerational trauma around finances. And our society still perpetuates the old patriarchal patterns around women and pay. Just look at the gender pay gap.
According to the U.S. Census Bureau's most recent statistics, women are still paid only 82 cents for every dollar a man makes. This is a statistic we know all too well but we still question how we can overcome the brutally honest fact that husbands are statistically in favor of making more money than their wives.
So how do we shift this?
We believe it begins in the household.
We strive to empower women to become financially independent. Jen experienced an abusive relationship in her past, along with financial disempowerment in her first marriage. And we don't want other women to experience the same financial hardships that Jen was left cleaning up alone.
This begins by us learning how to have educated and empowering financial conversations with ourselves and men in general.
We cannot just depend on our spouses to make the financial decisions. As business owners, it is imperative that we have a strong pulse on our financial health.
So let's get back to the objection about financial investments.
What do you say to your husband when he tells you that you cannot invest back into your business?
Well first off, there are three drastically different scenarios to discuss:
You use your own money (either personal savings or you take out a business loan)
You tap into your joint savings account
You have separate accounts and ask to borrow money from him
To best understand how to answer this objection you must get clear on your ROI. We know what you are thinking and we are not talking about return on investment although yes, that is definitely a part of it.
What we are referring to is your RISK OF INACTION. In other words, what do you have to lose by not moving forward with the investment?
Maybe you hire a mentor who could, at a bare minimum, increase your profit by $2,000 a month. It may or may not feel like that that much immediately, but over the course of a year that $2,000 turns into $24,000. And it doesn't stop there. Just $24k extra over the course of a year is an extra $240,000 over the next 10 years, or an extra $960,000 over the next 40 years.
If you made this investment, even though it doesn't seem like that much immediately, it could have the potential to bring you an extra million dollars over the course of your lifetime.
Saying no could risk you the possibility of an extra $1 Million Dollars!
Not only does this mentor help you increase your finances but this mentor also helps you build stronger leadership skills. What's even more important than the money you are making is your state of being. You feel more relaxed in your business with time freedom, less stress, and enjoy more fulfillment in what you do.
The compound effect of making a strategic investment is not just for the immediate reward, it can possibly change your life.
So when you're speaking with your husband about the investment you'd like, it may require a strategic analysis of your ROI.
When you both understand the risk of inaction, you gain a new found perspective of what is at stake if you do not make a move. 80% of businesses fail within the first 10 years likely due to fact that they do not take these steps.
So whether you are using your own money (which serves as a stronger case), using your joint account, or borrowing money, come up with a plan to pay back the investment over time.
This will empower you to take control of your finances because you have built a relationship with them.
Your business requires smart investments if you want to be successful. It is our mission to educate and empower women today to be smart, strategic, and independent with their finances.
