Wealth Wisdom In 2023
Wealth Wisdom In 2023
How can a strong marriage positively impact a business partnership?
I have to say, marrying my wife has been one of the best decisions, not just personally but professionally. We’re business partners and have started two businesses together. She handles the back-end work while I manage the front—like a kitchen setup where I’m the front of the house, and she’s the back. We wouldn’t be where we are today without this partnership. She’s incredibly skilled, especially with Excel, handling things I can’t. Whenever I think something’s broken, she often reminds me that the issue isn’t with the system—it’s with me!
How can business owners prioritize well-being alongside their goals?
I’m someone who wants to make a meaningful impact in the world, improving lives and promoting justice. In my former business, a coffee shop, we focused on community building and ethical economics. We aimed to make a difference for coffee farmers who often weren’t paid fairly. We called our business “Overflow,” driven by the idea of creating positive change.
However, I learned that I couldn’t “overflow” if I didn’t first take care of myself and my family. Many entrepreneurs either neglect themselves or go to the opposite extreme, taking everything for themselves. There’s a necessary balance. Now, I apply the same principles of justice in the financial world, where I focus on transparency and fairness.
How can business owners prioritize their goals effectively?
Have you heard of the jar analogy with rocks? In the second year of our marriage, everything seemed to go wrong, and we were barely scraping by financially. Even so, we made date night a priority, putting it on the calendar each week. We’ve continued it ever since, even with a five-year-old. Date night is when we don’t talk about work, which she often reminds me of if I slip up.
In business and life, we’ve learned the importance of setting time aside for the things that matter. We apply this “rocks in the jar” method to keep our priorities clear, including our financial goals and our book project. By scheduling time for these things, we make sure they don’t get lost in the chaos of everything else.
Why is holistic financial management crucial?
Helping people understand how money works is essential. Many people simply max out their 401(k) because they’re told to, without understanding how market volatility, returns, risks, and financial jargon impact their finances. Financial freedom isn’t just a number or a goal to retire on a beach—there’s often a deeper purpose behind it.
For example, it’s rewarding when someone learns they can use their life insurance policies, like whole life policies, to buy real estate by accessing the cash value. This approach is known as the “and asset” because it allows you to invest in other assets while maintaining life insurance. Thinking holistically about finances—considering family and future generations—can make a lasting impact, especially when we shift from a “me-first” mindset to one that considers others.
Why must business owners “hire slow, fire fast?”
I learned some powerful lessons about responsibility and timing through my coffee shop business. I hired a staff member who I suspected of stealing, and her constant personal excuses were draining me emotionally. I remember feeling physically unwell, going to the doctor, and being diagnosed with high anxiety. Ironically, my blood pressure returned to normal after I fired her.
*This interview has been edited and condensed for clarity.*
