In the world of network marketing, there’s a lot of chatter about “retiring your spouse.” However, it’s crucial to separate the hype from the reality. This concept, perpetuated mostly by those in the top 0.01% of their network marketing company, isn’t as feasible as it might seem.
These few individuals, who’ve amassed considerable wealth over many years, represent a minuscule fraction of those who embark on the network marketing journey.
The Importance of Diversified Income
Having all your financial eggs in one basket, whether it be network marketing or social selling, is a risk I personally deem unwise. The key to financial stability lies in diversifying your income streams. This approach is why I advocate strongly for social selling and network marketing.
After all, why not generate income from something that sparks your passion and is a part of your daily conversations? This way, you’re not just another voice on social media, but an interactive participant who’s earning passive income.
The Impact on Your Marriage and Household
Discussing the potential impact of this decision on your marriage and household is just as important. As an experienced network marketer, I have seen first-hand the effects of this decision.
For instance, when I initially aligned myself with Beachbody (now BODi), my husband wasn’t immediately onboard. The idea of home workouts and supplements was foreign to him, and it took some time and proof of product efficacy for him to come around.
It’s crucial to approach the idea of retiring your spouse with realism and consider the potential impact on your household, marriage, and financial stability.
Building a business online while being a mom is an admirable endeavor. It offers the potential for financial freedom, flexible work hours, and the ability to be there for your kids. However, the aspiration to retire your spouse as part of this venture can lead to several disadvantages that are worth considering.
Now I will be honest with you. My husband is a smart guy. He is insanely smart, driven, talented, but he would not want to work with me in my business, and I don’t want him to.
The main reason why breaks down to simple math.
Most view retiring their spouse as a sign they have made it. A status symbol. One they make it a point to brag about or use as a selling point to legitimize themselves as a leader, such as in Network Marketing.
The Financial Pressure Can Be Immense
If your spouse is currently earning a stable income, the thought of compensating for that loss can be daunting. It’s not just about matching their take-home pay. You also need to account for benefits like health insurance, retirement contributions, and other perks.
These can add up significantly, and replacing them might require your business to generate much more income than you initially anticipated.
Let’s look at an example:
Let’s say your husband makes $75,000 a year salary + some benefits such as PTO, he carries the health insurance, etc…
So you break that down and say “Okay, I just need to exceed $6,250 a month to bring him home.” Wrong!
What about health insurance?
Paying our of pocket for that is going to run you at least $500-$1000 a month for a family.
The other benefits you enjoyed?
Don’t forget to add that in as well. Discount on gym membership, pharmacy benefits, the free public transit tickets, etc…
So let’s just say hypothetically we add that all up and the salary + insurance + benefits amount to $95,000 a year.
Suddenly, to make that up it’s actually closer to $8,000 you need to make per month to make that up.
- Making that amount is what you need to break even to what you lifestyle was, not make it better, so you actually need to earn more from your business.
- If you’re bringing your spouse into your business, are they bringing the skills that are worth $95,000? Probably not…
- Your income is inconsistent at best. What happens when you have a low month? Now you have to make up for that next month…
Sure, it feels cute to brag on your Instagram about “retiring your spouse” but is it actually a sound financial decision?
Are you ready to take on the responsibility of making up that income + benefits consistently?
Why Retiring Your Spouse Isn’t the Solution Network Marketers Promise
The Income From An Online Business Can Fluctuate Greatly
Unlike a regular salary, it’s not guaranteed. This instability can lead to stress and anxiety, especially when you have a family to support. In months where business is slow, you could find yourself facing financial strain.
The decision to retire your spouse can dramatically shift the dynamics of your relationship in ways you may not have anticipated
Retirement is a considerable lifestyle change, marking the transition from a structured work life to one that is less regimented. It often comes with its unique set of challenges that couples need to navigate together. For instance, your spouse might derive a deep sense of satisfaction and purpose from their job, something that can’t be easily replaced.
The fulfillment that comes from professional accomplishments, the camaraderie among colleagues, and the routine of a workday are all aspects that your spouse might miss. Thus, replacing their job with the role of a stay-at-home parent or becoming involved in your business may not provide the same level of fulfillment.
It’s critical to have open and honest discussions about these potential issues and to work together to find solutions that address both partners’ needs and desires.
Having your spouse continue to work outside the home can be beneficial for your family
Your spouse working outside the home is of great benefit to you and your family aside from the pay & benefits. He gets to be a provider and that is something he enjoys. Don’t make it a status symbol to take away from him, especially when it is only for show.
It also provides a second source of income, which can be a safety net if your business goes through a rough patch and allows your spouse to continue contributing to their career, maintain their professional network, and keep their skills up-to-date.
It is very toxic when you are being discouraged from pursuing your passions and multiple streams of income.
Whether it is your boss telling you what you can do on your own time, or you are being told to work from home and work to leave your full time job and you don’t want to, no matter how much money you’re making from other avenues.
Not leaning into your creative genius and allowing skills and passions you have to collect cobwebs in your head. It’s all wrong. All wrong for you, and all wrong for your ability to be financially secure and confident.
I could not be more proud of those within my team, leaning into their God given talent and not settling for mediocrity.
Limiting your creative potential and your income is one of the big reasons why you are struggling to not just make money, but actually be able to keep more money and spend more freely and confidently.
While the idea of “retiring your spouse” might sound appealing, it’s important to take a realistic look at what that would mean for your family and your business.
Building a successful online business as a mom is an incredible achievement in itself, and your success doesn’t have to be measured by your ability to retire your spouse.
No other business mentors help you make these decisions. I do, because I’ve been doing it for over a decade. Being smart now, will help you avoid embarrassment later.
Hey, I’m Maren,
As you can gather – I tell it like it is even when it stings. You won’t find sugarcoated fluff here. I do it because in the past decade while building my brand from the ground up I have watched too many women crash and burn by not understand how to make, keep and spend money for the purpose of creating a legacy for their family…
… Not to posture for strangers on the internet, but so their children have the security and predictability they deserve.
Business Opportunity
I want to offer you the opportunity to work with me so I can show you how you can have an online business that isn’t spammy.
Want to learn more about how I’m helping those I mentor stand out effectively online while creating financial flexibility with the available time in their schedule?
