The 2 Most Expensive Things
My father told me that the second most expensive thing you can do in your life is to get married. The most expensive thing you can go is to get a divorce. If you’ve anywhere as long as I have you know this to be largely correct, though children are also expensive. You’ve seen friends divorce and watched their individual standard of living decline. Sometimes it’s much more complicated than the simple act of divorce. Underlying factors such as substance abuse or physical abuse may be the prime cause. But, a divorce is a real stressor of your personal economy.
One of the most important things you can do when starting a business is have long discussions with your significant other. They are as involved in your decision to go into business for yourself as you are. Why, you may ask. It’s your life, your decision.
If that’s what you think, then you need to think again. You may not have the depth of insight to run a hot dog stand.
Your personal economy and your significant other’s personal economy are probably significantly intertwined. Any bumps in a business you start will be felt equally by you spouse, et al. If that other person does not fully understand the business risks then when they occur they will be unpleasantly surprised. And, you more so, because they will put stress on you when you can least handle it.
A divorce may kill a small business. In community property states, half the business belongs to the spouse regardless of the business arrangement. It really screws up a partnership. Not only to you take it in the neck, but your partner and his or her significant other get it too. You can protect yourself a little, but loss of future business is a bear. How can that be? Divorces take up lots and lots of time. It takes twice as many resources to run two households as it does one.
So, on my 38th wedding anniversary, I tell you that your family is your most significant economic unit. Anything you do to mess that up will come back to bite you big time. Just a thought.
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POSTED IN: Boomer Talk, Business Plan, Mindset
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