Episode 22 Bonus - FinCon Fridays - Financial Dream Building with Your Spouse

 

Tom and Ariana are entrepreneurs and business mentors.  Tom has been a side-hustler since he was a teenager, but he started his first “real business” at 22 when he started a real estate investment company.  A few years later, he started his second business, which was a brick and mortar wine and liquor store. Ariana eventually stepped in to help run the businesses. Even though she didn’t have an interest in entrepreneurship, she could see how it was a path to creating their ideal life.  

 

Due to their success as entrepreneurs, others sought Tom & Ariana out for guidance on how they too could build businesses - with the particular goal of doing so while raising a family.  With each of their businesses bringing in sustainable income, it was then that Tom left his corporate consulting job so that he and Ariana could focus their attention on helping entrepreneurs.  This fulfilled their own desire to build a life that both he and Ariana wanted for their family.

 

For several years now, they have helped thousands of entrepreneurs and business leaders achieve more success through their twice a week podcast, Lifestyle Builders Podcast, and mentorship and coaching programs.  

 

In 2019  they are set to release their first book which focuses on helping entrepreneurs build the life and businesses they dream of.

 

Tom’s Tip for Getting a Spouse on Board with a Financial Plan

 

One of the major frustrations in a marriage and/or life-partnership is when one is not on the same page with the goals of the other. You may have a great plan for your future - but if your partner is not on board - it will be extremely difficult to make it work. Tom suggests the following to help get both spouses on the same page.

 

Focus on What You Want Your Life to Look Like Understand that you have had the journey or epiphany and your spouse has not had the benefit of your journey or thought process.  You cannot fast-track their journey. They need to have the time to have their own epiphany. Understand Why You Want What You Want and Align Your Motivation with Your Partner One of you may be logical and the other may be emotional.  It is important to understand the other's motivation and come to a common ground. For Tom, he was more logical and the numbers to get to Financial Independence made his plan a no-brainer.  For Ariana, there was an emotional motivator of having the life she wanted for her children. Don’t Make Big Financial Decisions Without Consulting Your Partner Making big money moves without your partner on board and in alignment is a recipe for disaster and resentment.  Just don’t do it. And if you already have - do the hard work and come to a common ground solution and stick to it.

TOM'S EPIPHANY

 

The game Cash Flow 101  -

 

Cash Flow 101 is a well-known board game.  One of the principles to “win” is to get out of the rat race by your monthly cash flow exceeding your expenses.

 

While playing this game Tom had an epiphany.  He realized it was not about how much you made - but how much cash flow you could create every month.  

 

With that Tom decided he would use multiple income streams to do two things:

 

Reduce his expenses while increasing his income. Use the extra money from multiple businesses to Pay-off debt Then transition to quitting traditional careers and work from home on the businesses they created

 

Tom’s Big Business Mistake

 

Tom and many new business owners make the mistake of getting excited about and focusing on the product first.  Unfortunately, what can happen is the product is a flop and your business fails. What Tom advises to build a successful and sustainable business is to first focus on who your customers are.  Figure out WHO you are serving. He suggests talking with them and understand exactly what they want. Once that is understood, then, and only then, build the right product to serve your ideal customer.

 

Businesses that do this are the ones that have longevity.

 

Don’t Quit Your Day Job

 

One final bit of advice...Tom says to keep your day job for as long as possible. You don’t want to leave an old job too soon.  Use this time to build up your savings. Also, give your new business time to work out the kinks and build a roadmap of success.

 

Then when you have enough cushion to serve as a suitable emergency fund and your new business has gotten past some of the initial growing pains, then confidently take the leap.

 

The Final Questions

 

We asked Tom, what was one lesson, good or bad, he learned growing up that has carried over into his Financial Independence Journey.

 

“Personal debt is bad! Avoid it and learn to delay gratification.”

 

What was one financial lesson he wanted to share with his children?

 

“Be clear on what you want...Don’t go with what society tells you...It’s OK to be unconventional.”

 

Where to Find Tom:

There you can learn more about their podcast, their mentorship and coaching programs - Lifestyle Builders, as well as find out when their book comes out!