Having your spouse on-board is critical. I was personally lucky to have gotten to 11 rentals myself an essentially on the road to FI with “proof of concept” achieved before a second opinion came into play. 😁
That obviously does not help any of you…
Sometimes you just have to explain that numbers and that the numbers don’t lie. Industries such as the National Realitor Association, mortgage brokers, and Financial Brokerages of Wall-Street everyone who makes a living off commissions off you create persuasive marketing that is accepted as the truth in America. And tell your spouse take it or beat it!
Nah just kidding! That was my last joke.
I do have a lot of insights into what works after thousands of conversations with investors like you on what works, does not, and what sorta keeps the status quo while you find a happy medium.
I got my wife to sell her home that barely made any return. Part of it was bring her to events where she heard it from other people. If there is one thing I learned is your spouse will not listen to you because they have seen you walk around the house naked.
Tips to start
Talk about money.
Benjamin Franklin said “Don’t put off until tomorrow what you can do today.” I see a lot of couples postponing the conversations and one byproduct is that the other person does not really understand how messed up your financial situation is.
Part of the reason why I slightly-spam you with so many free educational email (by signing up for the Club) is that I know there is usually some type of Pain that has brought you to seek a website or podcast like mine. Humans are very resilient and after 1-6 months the pain goes away and you develop a new status quo. And you also lost motivation to mitigate that pain again 🙁 That’s why I need you to get a quick hit of success and see a path forward out of financial bondage.
Take to your partner about what is going on and do not shield them from pain.
If they understand that where you are going (perhaps into a brick wall) and they still don’t want to deviate from the original plan. Then you have a problem there. Perhaps at that point it is a leadership or communication problem.
The engineers had a high certainty that the O-rings on the space shuttle Challenger would fail but they were ineffective in communicating this to their management. See how horribly (zzzzz) they explain below:
- Your partner’s spending habits or debt directly inhibit your ability to save money for your agreed up goals
- Too much credit card debt
- They have lost hope
- They are resigned to working to normal retirement age and just do a job that they have tricked themself that they enjoy :/
Tips to have this difficult conversations
If you have anymore please email me at Lane@SimplePassiveCashflow.com
- Buy an expensive dinner or bottle of wine and do what you need to do to have an intervention
- Travel offsite, make it special and unprecedented
- Bring a moderator or another like minded couple (your network is your net worth)
- Have then talk to another person who gets it (we are products of the 5 people we hang out with most)
- Remove them from bad influences (podcasts, books, magazines, tv shows, people, family, etc)
- Keep your conversations positive by reiterating some wins while reinforcing where things are going
- Don’t start out with We need to talk” or “There’s something I’ve been meaning to discuss with you.”
- Focus first on shared goals and then discuss how you can achieve those goals together, reconfirm these goals
- Don’t point out faults to your financial shortcomings
- Use “we” or “us” not “you
- Re-confirm your common goals – values you both share and what you hope to accomplish together
- What are your hopes and dreams?
- What aspirations do we share and which are individual?
- What financial steps can you and I take to make our dreams a reality?
- Vision of ideal life 1-3-5-10-20-40 years into the future and then backwards engineer how much it cost
- Role play the possibility of you being fired at 10am tomorrow:
- Be A Good Listener – you are basically pushing your agenda. Remember to listen, offering encouragement, and asking questions. Encourage your partner to ask questions as well.
- Ultimately some people (blame it on the parents) are brought up with different financial DNA or scarcity/abundance mindsets. Nothing is wrong with that! If you are happy where you are at then awesome sauce. Maybe I should learn something from that mindset. Although its sad to see 4-6M families still in scarcity mode and those $250,000 net worth families content with their 401ks or private money lending. One reason I built this platform would be to empower people to get the 1M folks to 8M and then see what they would create. Obviously most would just purchase Youtube Premium and binge watch more Youtube videos. In my opinion, when people are comfortable (in terms of money) they tend to give back to others of contribute to the world in other ways.
- Take it slow. We all know that you absolutely tore up the Simple Passive Cashflow Podcast at 2.76x speed using the Overcast app but content vomiting “SFH, MFH, MHP, AL, and self storage in secondary and tertiary markets, IBC, QRP, notes, crowdfunding, oil and gas, land conservation easements, life settlements, take out your 401k tomorrow” in one evening is not advisable. You might have been living in the blue pill state for years maybe decades so take it slow.
- Understand the men are from Venus and women are from Mars. But investors are from both planets as many SPC listeners are Women too. In fact, I think part of it has to do that men typically have a bigger ego and don’t want to fail. Thus men don’t want to take any chances whereas women may see it as the right path for their family’s well being and put the chance of looking silly in front of friends aside for the greater good.
- Check out this podcast with the author of the “One Thing” Jay Papasan. Jay does an event for couples discussing goals and I have been trying to get to it. He was on my podcast in 2018 – you can find those videos here.
- Remind them the reason why you are doing this is to create a legacy. Most wealth acquired though traditional means (frugality and saving) will be lost in the next generation. Unless you learn how to create wealth yourself you cannot learn to teach the next generation. Start from the Why?